Echoing the demands of the Occupy Wall Street protesters, Rep. Peter DeFazio (D-OR) is proposing to tax the trading of stocks, bonds, and derivatives. DeFazio, along with his Senate co-sponsor Sen. Tom Harkin (D-IA), has proposed the tax several times in the past. But this time around, the idea is getting a boost of momentum from the popularity of a similar measure in Europe, as well as renewed national media focus on Wall Street profiteering as a result of the 99 Percent Movement:
Declaring Wall Street a “gambling casino,” DeFazio said the new tax would “both raise needed revenue for the Treasury and rein in speculation on Wall Street.”
Already, the business community is mounting a counteroffensive. With the congressional supercommittee looking to trim at least $1.2 trillion in projected debt over 10 years, the tax could look tantalizing, despite public opposition from many Republicans and Treasury Secretary Timothy Geithner. [...]
MoreThe tax could help shrink the deficit — its previous iteration was estimated to add $150 billion a year to federal coffers — and spare Social Security, Medicare and other programs from jarring cuts.
4 comments:
jesus! thats their friggin answer to everything! lex luthor tries to kill superman, tax kryptonite sales! robbers taking out convenience stores, tax ski masks! flu epidemic, tax sneezes! F__ YOU AND YOUR TAXES!
Tax them like you tax tobacco products.
It is gambling, and a lot of times done with other peoples money.
Right on 9:58 but its always done with other peoples money
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