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View Diary: CBO: Deficit will tumble this year, but obsession with fiscal tightening will hurt economic growth (67 comments)

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  •  Cutting is not the answer. Tax the banksters. (3+ / 0-)
    Recommended by:
    Eric Nelson, xxdr zombiexx, Calgacus

    The banksters are the ones who wrecked the world economy (through their decades-long efforts in lobbying for financial-sector deregulation, which brought about the housing/real-estate bubble, then the crash), then we rescued them (when they should’ve been jumping out of skyscrapers, or in jail) at an undisclosed cost of countless trillions, mainly because of their dire economic warnings (threats) if we didn’t ‘rescue’ them (too big to fail), which still hasn’t (and won’t ever) trickle down to the general economy.
    The simplified version is: Banksters wrecked the world economy and got rewarded (‘rescued’) for it, now they want everyone else to pick up the tab (i.e. austerity).
    If there ever was an industry that needs (and deserves) the shit taxed out of them, it's the *^&%@#%$! Banksters.

    •  Tax the gambling (3+ / 0-)

      Bernie Sanders

      ..impose a financial transaction tax on the trading of stocks, bonds and derivatives. The measure would reduce gambling on Wall Street, encourage the financial sector to invest in the productive economy, and significantly reduce the deficit without harming average Americans. "This bill offers us a clear choice.  We can balance the budget on the backs of working Americans and senior citizens on fixed incomes or we can ask the gamblers on Wall Street to pay a little bit more in taxes," said Sen. Bernie Sanders,  a cosponsor of the bill.  
      Some of the largest and most profitable financial institutions in this country now pay little or nothing in federal income taxes.   Last year, Bank of America received a $1.9 billion tax refund from the IRS, even though it made $4.4 billion in profits and received a bailout from the Federal Reserve and the Treasury Department of more than $1 trillion.  Citigroup made more than $4 billion in profits last year but paid no federal income taxes, even though it received a $2.5 trillion bailout from the Federal Reserve and U.S. Treasury.  And, in 2008, Goldman Sachs paid only 1.1 percent of its income in taxes even though it earned a profit of $2.3 billion and received a bailout of more than $800 billion from the Federal Reserve and U.S. Treasury Department
      Not only would this add billions to the treasury, but it would incentivize real investment in tangible form.

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