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Have Americans moved on from holding Wall Street Accountable for its actions?

No! 83% Say DO MORE up from 77% in 2011! Nearly Five Years After the Financial Meltdown, Support for Wall Street Reform is still overwhelming and growing

A new national survey shows overwhelming support across all lines of age, race, geography, and political party for tougher regulation of Wall Street and financial companies.

Nearly five years after the financial crisis, Americans come down strongly in favor of tougher regulation of Wall Street and financial companies. In fact, that sentiment appears to have intensified slightly, according to a survey conducted by Lake Research Partners on behalf of Americans for Financial Reform and the Center for Responsible Lending.

Regulators have been slow to implement key provisions of the 2010 financial reform law known as Dodd-Frank, and some in Congress have pushed for exemptions and rollbacks. By contrast, 83% of likely voters support stronger rules and enforcement, compared to just 9% who believe that the financial world has changed its practices and doesn’t need more reform. In 2012, the pro-reform position was favored by 73% of those surveyed; in 2011, the figure was 77%.

After crashing the world's economy we have yet to see anyone on Wall Street be held accountable. If they can’t pay criminally then at least they can pay monetarily. And it will help undo some of the damage that they have done.

For more info see: http://ourfinancialsecurity.org/...

The Robin Hood Tax on Wall Street can be a game changer start towards a fairer, more democratic, more humane, more balanced, and more moral American Tax System.

This tiny sales tax on Wall Street is:
.5% on stocks, just $.50 (50 cents) for each $100 of stock trades;
.1% on bonds, just $.10 (ten cents) for each $100 of bond trades;
.005% on derivative speculation in currencies, commodities, or other trades, just $.005 (half a penny) for each $100 of trades

The revenue generated is estimated by economists to be up to 350 billion each year!

The Robin Hood Tax can be a game changer for a fairer, more democratic, more humane, more balanced, and more moral American Tax System.

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Comment Preferences

  •  that's a lot of bold text. (2+ / 0-)
    Recommended by:
    VClib, ManhattanMan
  •  The "Transaction Tax" is a horrible bad idea (0+ / 0-)

    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 Bank of America (for example) had been based in Dubai, they would not be getting sued today. The SEC has no authority in Dubai. We would 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 continue to focus on two things:

        1) Raise high-bracket income taxes
        2) Raise Capital Gains taxes.
    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.

  •  Don't tax the trade -- tax the trader. (0+ / 0-)

    The real drag about this tax is that you must pay even if you lose money on a trade! We need to increase taxes on winners, not impose new taxes on losers.

    Imagine the stupidity if:

     -- Instead of taxing a rock-star's income, we taxed each note he played?

     -- Instead of taxing a pro athlete's income, we taxed each pass he threw or each ball he caught?

     -- Instead of taxing a landlord's income we taxed him each time he fixed water pipe or patched a leaky roof?

    That's the kind of mad, crazy thinking that underlies the Transaction tax.

    We should tax the rich more. This means we take their income and demand a larger percentage of it in taxes. But the Transaction Tax doesn't tax income, it taxes an activity. And sadly, it taxes an activity that creates value, and one we need more of not less of.

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