On Friday at midnight, the sequester kicked in, triggering $85 billion in deep, dumb budget cuts that sent “nonessential personnel”— such as air traffic controllers — packing.
Not to worry, though: Wall Street’s day was pretty much like any other. Billions of dollars in profits were made off of trillions of dollars in financial transactions. And the vast majority of those transactions were conducted tax-free.
This will hammer everyone with a 401(k) whenever they move their stuff around.
ReplyDeleteBe careful of what you ask for.
I'm not against this in principle but, as noted by 2:33, it could turn out to be problematic for the regular person just trying to make a modest investment for retirement.
ReplyDeleteYes, tax will be passed down to the saver; you can bet the investors' won't let it cut into their profits.
ReplyDeleteBad idea.
How about they start taxeing all the money people make in the usa then ship it back to their home countries. Western Union would collect a boat load of money to give to the government that way.
ReplyDeleteHow about taxing unions on their income?
ReplyDelete