Demand a Wall Street Sales Tax

BDBoop

Former Staff
Dec 2010
46,652
43,409
Twitter
#1
[h=4]WE PETITION THE OBAMA ADMINISTRATION TO:[/h][h=1]Demand a Wall Street Sales Tax[/h]Dear President Obama,
The fiscal problems of the United States are largely due to the fact that Wall Street pays no taxes. While working families pay on average 7% in sales tax for the necessities of life, Wall Street speculators pay no tax on a yearly turnover of over $5 quadrillion (5,000 trillion dollars) in derivatives, futures, stocks, bonds and other securities on US exchanges. A 1% sales tax on this turnover, equally divided between the federal and state governments, largely solves the budget deficit at all levels of government.
We ask you to put the Wall Street Sales Tax squarely on the table, to use the power of your office to mobilize the congress for this tax, and to fight for the American people against the interests of Wall Street speculators.

https://petitions.whitehouse.gov/petition/demand-wall-street-sales-tax/Wdq2Rz2Y

Think it's doable?


 
Nov 2008
62,950
4,840
Washington state
#4
A sales tax is collected on items sold at a state level if the state has sales taxes. Your proposing a sales tax be collected by the Feds on a national level with Wall street funds from all over the world. So far that hasn't been done. They have been trying to figure out how to charge taxes on internet sales and it gets cloudy because taxes are only collected on items sold within a state that collects taxes on sold items. To collect taxes on a national level a whole new form of taxation would need to be created. Not impossible but would be like another IRS leg of government that collects sales taxes rather then income taxes.
 
Likes: 1 person
Oct 2010
22,674
5,689
In the empty heads of the right wingers I own
#6
um....its called "capital gains taxes".
No it's not. It's called a Wall Street transaction tax. Capital gains is quite a bit different. Of course, I think that the US needs to treat capital gains the same as income, and tax it with marginal rates. If we did that, it might be the only way I'd be cool with lowering the income tax rates, if capital gains are taxed the same way, as even Ronald Reagan endorsed.
 
Likes: 1 person
Oct 2010
22,674
5,689
In the empty heads of the right wingers I own
#7
A sales tax is collected on items sold at a state level if the state has sales taxes. Your proposing a sales tax be collected by the Feds on a national level with Wall street funds from all over the world. So far that hasn't been done. They have been trying to figure out how to charge taxes on internet sales and it gets cloudy because taxes are only collected on items sold within a state that collects taxes on sold items. To collect taxes on a national level a whole new form of taxation would need to be created. Not impossible but would be like another IRS leg of government that collects sales taxes rather then income taxes.
Other nations have transaction taxes. It works pretty well for them. And raises a ton of revenue while keeping some kinds of speculation from becoming problematic.
 
Likes: 2 people

BDBoop

Former Staff
Dec 2010
46,652
43,409
Twitter
#8
Other nations have transaction taxes. It works pretty well for them. And raises a ton of revenue while keeping some kinds of speculation from becoming problematic.
Thank you. I knew if I just hung around long enough, a person or three would be around to explain the difference.
 
Likes: 1 person
May 2012
67,511
13,266
By the wall
#10
Other nations have transaction taxes. It works pretty well for them. And raises a ton of revenue while keeping some kinds of speculation from becoming problematic.
I get charged a fee everytime I do a transaction with my broker. Maybe you are talking about something else.

I sell one stock and purchase another I get charged.

Don't tell me you want to keep piling on the fees. Not all of us who actively trade in the market are rolling in millions of dollars you know.