Libertarian's Forum
Libertarian Forum to discuss politics and free market economics.
Libertarian's ForumLibertarian's ForumFreedom Forum › Bernie Sanders Introduces A New "Wall Street" Tax
Page Index Toggle Pages: [1] 2  Send TopicPrint
Hot Topic (More than 10 Replies) Bernie Sanders Introduces A New "Wall Street" Tax (Read 802 times)
SkyChief
Libertarian Freedom Member
*****
Online

Libertarian's Forum

Posts: 10883
Location: California Coast
Joined: Aug 18th, 2014
Bernie Sanders Introduces A New "Wall Street" Tax
May 22nd, 2019 at 4:28pm
Print Post  
Today, Bernie Sanders introduced legislation that would impose a tax on trades of all stocks, bonds and derivatives in the U.S., a move he says would help curb Wall Street speculation.

The plan would apply a 0.5% tax rate for stock trades, a 0.1% rate for bond trades, and 0.005% for derivatives transactions.

Sanders claims that revenues generated by Taxes on high-volume trading could then be redistributed to help pay for "free" college.

He also claims that it will curb high-volume trading which causes wild fluctuations in the stock market.  He said the new Tax will have a "calming effect", and promote stability.

Pundits agree that this new Tax will also hurt the occasional stock traders, too.   It is expected the Wall Street Tax will not pass in the Senate.  Were it to somehow pass the Senate, The president would certainly veto it.

"America will never be a socialist country." - D. J. Trump

https://www.bloomberg.com/news/articles/2019-05-22/sanders-revives-plan-to-tax-s...
  
Back to top
 
IP Logged
 
EWS
Libertarians Full Member
***
Offline

Libertarian's Forum

Posts: 103
Location: Idaho
Joined: May 6th, 2019
Re: Bernie Sanders Introduces A New "Wall Street" Tax
Reply #1 - May 22nd, 2019 at 4:34pm
Print Post  
Big difference between the Left and the Right. The left wants to make the rich poorer, the right wants to make the poor richer
  
Back to top
 
IP Logged
 
SkyChief
Libertarian Freedom Member
*****
Online

Libertarian's Forum

Posts: 10883
Location: California Coast
Joined: Aug 18th, 2014
Re: Bernie Sanders Introduces A New "Wall Street" Tax
Reply #2 - May 22nd, 2019 at 4:40pm
Print Post  
EWS wrote on May 22nd, 2019 at 4:34pm:
Big difference between the Left and the Right. The left wants to make the rich poorer, the right wants to make the poor richer

But both the left and the right want to redistribute my wealth.   Angry

  
Back to top
 
IP Logged
 
EWS
Libertarians Full Member
***
Offline

Libertarian's Forum

Posts: 103
Location: Idaho
Joined: May 6th, 2019
Re: Bernie Sanders Introduces A New "Wall Street" Tax
Reply #3 - May 22nd, 2019 at 5:51pm
Print Post  
SkyChief wrote on May 22nd, 2019 at 4:40pm:
But both the left and the right want to redistribute my wealth.   Angry



True. I am sick and tired of having to choose the lesser of two evils
  
Back to top
 
IP Logged
 
Jeff
Libertarian Freedom Member
*****
Offline

Libertarian's Forum

Posts: 45043
Location: USA
Joined: Feb 26th, 2014
Re: Bernie Sanders Introduces A New "Wall Street" Tax
Reply #4 - May 22nd, 2019 at 7:50pm
Print Post  
EWS wrote on May 22nd, 2019 at 4:34pm:
Big difference between the Left and the Right. The left wants to make the rich poorer, the right wants to make the poor richer
Bernie is clueless. He thinks Marx and Lord Keynes figured out economics... Cheesy

The key is to allow people who want to get rich to give it a try, to make it easy for them to try.

And of course to not pick crony business and make sure they get rich.

A free economy with a rule of law protecting property rights and punishing thieves of all sorts is proven to work pretty well.

BTW, Bernies plan will make it harder for working people to save and invest towards their retirement. He should figure out who will be funding Social Security 20 years from now before he starts wanting to impose a sales tax on stock trades, which incidentally is an Indirect tax and must be uniform.
  

"Free hate speech"
Back to top
 
IP Logged
 
EWS
Libertarians Full Member
***
Offline

Libertarian's Forum

Posts: 103
Location: Idaho
Joined: May 6th, 2019
Re: Bernie Sanders Introduces A New "Wall Street" Tax
Reply #5 - May 23rd, 2019 at 6:39pm
Print Post  
Jeff wrote on May 22nd, 2019 at 7:50pm:
He should figure out who will be funding Social Security 20 years from now before he starts wanting to impose a sales tax on stock trades, which incidentally is an Indirect tax and must be uniform.


Why should he care? He is part of that 1% he rails against and will likely be dead before the system goes tits up.  That's the problem with these politicians today, they are only concerned about today. No worries for what our kids and grand kids will have to deal with. Just keep kicking the can down the road, someone else will figure it out.

All those assholes that cheered for Obama's "stimulus package" (the millennials specifically) haven't stopped and realized that they are the ones who will end up paying for that in the end.  Not Obama, not Bernie, they will all be dead and gone when that particular shit hits the fan.
  
Back to top
 
IP Logged
 
Jeff
Libertarian Freedom Member
*****
Offline

Libertarian's Forum

Posts: 45043
Location: USA
Joined: Feb 26th, 2014
Re: Bernie Sanders Introduces A New "Wall Street" Tax
Reply #6 - May 23rd, 2019 at 7:23pm
Print Post  
EWS wrote on May 23rd, 2019 at 6:39pm:
Why should he care? He is part of that 1% he rails against and will likely be dead before the system goes tits up.  That's the problem with these politicians today, they are only concerned about today.
And themselves and their own families. They are just humans...

But Bernie should care because if he actually crappity smacks up the economy even worse, his reputation as a Man of the People will be ruined. Cry
  

"Free hate speech"
Back to top
 
IP Logged
 
SkyChief
Libertarian Freedom Member
*****
Online

Libertarian's Forum

Posts: 10883
Location: California Coast
Joined: Aug 18th, 2014
Re: Bernie Sanders Introduces A New "Wall Street" Tax
Reply #7 - May 23rd, 2019 at 8:37pm
Print Post  
EWS wrote on May 23rd, 2019 at 6:39pm:
All those assholes that cheered for Obama's "stimulus package" (the millennials specifically) haven't stopped and realized that they are the ones who will end up paying for that in the end. 

+1    Smiley

EWS wrote on May 23rd, 2019 at 6:39pm:
Not Obama, not Bernie, they will all be dead and gone when that particular shit hits the fan.
Me too.

Thankfully, I'll be dead by the time the USA goes full socialist. But I worry about the grandkids... I picture them waiting in long soup kitchen lines, or standing in a crowd behind a truck with their arms raised hoping to catch a small sack of rice or corn. . . so sad.

I drew them a treasure map which shows the location of the PM cache. It will get them in the general vicinity - they'll still need a metal detector to find it. I drew a picture of a metal detector instead of an X. . . .

These kids are pretty smart. . . They'll figure it out.
  
Back to top
 
IP Logged
 
Jeff
Libertarian Freedom Member
*****
Offline

Libertarian's Forum

Posts: 45043
Location: USA
Joined: Feb 26th, 2014
Re: Bernie Sanders Introduces A New "Wall Street" Tax
Reply #8 - May 27th, 2019 at 7:46pm
Print Post  
EWS wrote on May 23rd, 2019 at 6:39pm:
Why should he care? He is part of that 1% he rails against and will likely be dead before the system goes tits up.
You're pretty optimistic... When do you think the shit will hit the fan?
  

"Free hate speech"
Back to top
 
IP Logged
 
SkyChief
Libertarian Freedom Member
*****
Online

Libertarian's Forum

Posts: 10883
Location: California Coast
Joined: Aug 18th, 2014
Re: Bernie Sanders Introduces A New "Wall Street" Tax
Reply #9 - May 31st, 2019 at 1:50pm
Print Post  
Death by a thousand cuts . . . a little here, a little there, who’s gonna know?

Bernie's new Wall Street Tax is a brilliant socialist pyramid scheme!

"An individual might sell a stock worth $100 to diversify her portfolio and then purchase stock in a new company with that same $100.   The $100 is being taxed twice: first, when the individual sells the stock, and then again when the money is used to buy the new security. Imagine this happening thousands of times a day. The tax pyramiding quickly adds up. That is why this tax would generate nearly $770 billion over a decade.”

The University of Massachusetts estimates the Tax could generate as much as $2.4 trillion over the same 10-year period.

https://401kspecialistmag.com/just-say-no-to-the-wall-street-tax-nonsense/
  
Back to top
 
IP Logged
 
Page Index Toggle Pages: [1] 2 
Send TopicPrint
 
Libertarian's ForumLibertarian's ForumFreedom Forum › Bernie Sanders Introduces A New "Wall Street" Tax
Libertarian's Forum

Libertarian's Forum Information Rules, Agreement and Privacy Policy