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  •  The Transaction Tax is a horrible idea. (0+ / 0-)

    It is good to see the 99% organized and getting a message out. It is sad to see such a misguided message.

    Transaction Taxes are a very bad idea.

    One reason why is that it will force trading to move overseas, where we cannot regulate it. If JPMorgan had been based in Dubai, Jamie Dimon would not be in the hot seat today. The SEC has no authority in Dubai. We also lose the income taxes we collect on trader's salaries.

    Another is that the people pushing it don't seem to understand Finance, which is scary. For example: The "$350 billion/year" number is highly suspect. How can a transaction tax raise that much? Total profits for all Wall Street firms were only $61.4 billion in 2009.  How can you cut a $350 billion steak from a $61 billion cow?

    The biggest reason is that it takes us off message. We need to raise high-bracket income taxes and we need to raise Capital Gains taxes. That's the message.

    Don't tax the trade -- tax the trader.

    I hate big banks as much as anybody. I hope they die. But this is not the way to do it. Even if we can pass it, it will hurt more than it helps.

    There are two types of people who support this tax:

    1) People who don't know how much it will hurt the US but assume that anything banks hate must be good.

    2) Foreigners (like Oxfam) who don't care that it will wreck the US financial industry because they aren't Americans.

    •  BS. This is a (0+ / 0-)

      GLOBAL campaign. Not aimed at US transactions only. And it is hardly the idea of financial naifs or scary furriners who hate US like,gulp,OXFAM!

      The Robin Hood Tax campaign is coming to America.
      We're committed to rebuilding America by introducing a small tax on Wall Street transactions.
      We believe it's time to rewrite the contract between banks and society.
      We are charities, green groups, trade unions, community organisations, celebrities, religious leaders and politicians.
      We are businesspeople – Microsoft founder Bill Gates, financier George Soros, entrepreneur extraordinaire Warren Buffet
      We are economists – Nobel Prize winners Joseph Stiglitz and Paul Krugman, Earth Institute Director Jeffrey Sachs and 1,000 other economists from across the world.
      We are thought leaders - the Vatican, Archbishop Desmond Tutu, Al Gore, Jesse Jackson and Ban Ki-Moon.
      We are world leaders – President Hollande of France, Chancellor Merkel of Germany, among others.

      We are part of a global movement representing over 220 million people in 25 countries.
      We are a force to be reckoned with, and we're demanding justice.
      Are you?

      "George RR Martin is not your bitch" ~~ Neil Gaiman

      by tardis10 on Sat May 19, 2012 at 01:08:40 AM PDT

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      •  The "international" nature of... (0+ / 0-)

        ...the T-Tax is part of the problem.

        There are two countries that earn a significant amount of foreign exchange (aka "money") from being trading centers. One is the USA. The other is London.

        A lot of jobs, tax revenue, and international influence depend on the fact that we are a financial center. It is one of the reasons why the Dollar is a reserve currency and why our government pays such low interest rates on our debt.

        The countries scheming for the T-Tax don't have big stock, bond, and currency exchanges. They don't care if the T-Tax destroys ours.

        •  Scheming against the reserve currency (0+ / 0-)

          or Wall St. or London has nothing to do with this campaign and you know it ;)
          Look,your post that only finance dumbos & OXFAM!!!! are on board with this was way off the mark. No point trying to defend it or move into CT land.
          Your other point,that we need to ALSO craft better individual tax policies is right on. Although I am not seeing much of a pathway to achieve that.

          "George RR Martin is not your bitch" ~~ Neil Gaiman

          by tardis10 on Sat May 19, 2012 at 07:01:53 AM PDT

          [ Parent ]

          •  I am not accusing... (0+ / 0-)

            ...the Robin Hood guys of hating the US.

            I'm just saying that they don't care about the US. We have a financial industry that provides jobs, taxes, and national power. France and Germany don't.

            My statement that these guys don't know much about finance is based on the nonsense idea that they will raise "$350 billion/year in the US". Do the freakin' math!.  That is $1,000 per person, kids and pets included! Where do they get these numbers???

            We already have a growing consensus in the US that we need to tax the rich more. We have a growing consensus that we need to raise capital gains taxes. Now is not the time to get distracted with this Internationalist Kum-Bye-Yah stuff.

            •  Yeah,that growing concensus is working so (0+ / 0-)

              well re: tax policy these days. Why the wildly popular Buffet Rule just...............failed.
              Don't know where the number comes from. I do know that last year approx. $38 billion (€29bn) was raised by FTTs in the 40 countries that have them.
              So I'll keep singing for the Tobin (err,Robin Hood) tax and much more.
              How goes your landlording these days? We are doing fine with ours but I think the kumbayyahyahyah of how I run it would amuse you no end.

              "George RR Martin is not your bitch" ~~ Neil Gaiman

              by tardis10 on Sat May 19, 2012 at 09:09:50 AM PDT

              [ Parent ]

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