Posted on 08/22/2010 1:39:47 PM PDT by GailA
A tax on currency transactions could both stablize our finanical system and pay for investments in global health, climate change mitigation and affordable child care, according to Rep. Pete Stark.
“Every day, there are $4 trillion worth of currency transactions,” Stark, D-Fremont, said in a news release. “The vast majority of these are speculative – banks trying to make a buck by out-guessing the system. This speculation contributed to the last Wall Street crisis and makes our financial system less stable.”
“The proceeds of a new tax on currency speculation will be used to provide billions in new funding for important global and domestic priorities. At home, this bill will give more money to affordable child care programs. Globally, it will contribute billions to climate change and world health programs,” added Stark, chairman of the House Ways and Means Health Subcommittee.
It’s not a new idea; the late Nobel Laureate economist James Tobin was talking about something like this almost 40 years ago.
(Excerpt) Read more at ibabuzz.com ...
Keep your eyes and ears open, you will be amazed at what you learn.
Stark, raving mad. Get this senile old coot out of Congress.
stealth VAT
Are you suggesting that Barry will impose this through executive fiat (executive order)?
ALL of TV will support it and will call you a racist if you don’t.
STOP SPENDING OUR F***ING MONEY!!
CALIFORNIA! PLEASE DO SOMETHING! AMERICA NEEDS SOME RELIEF FROM THESE KOOKS!
People will then demand payment in cash.
These bozos are real good at dreaming up new taxes.
How do we allow the criminally insane to run our country into the ground while we sit and watch.
Kick them out of the union.
I am not kidding either. If we the conservatives states dont stand up to this BS then we deserve what we get.
What? 48 percent of what I earn isn’t enough? I presume this is a tax on incoming AND outgoing funds, which makes “1%” a lie. It’s already double that if you take your money out. All I would do is cash my check. I have enough well-armed family for security.
Stark seems bound and determined to get to the very top of the proscription list, if he isn’t already!
Time to charge these loons with treason for deliberately trying to destroy the United States. They know better. These schemes are NOT done in ignorance, but with malice aforethought.
The UTTER LIE is the concept that these Brokers and Bankers will ‘pay’ that tax.
It will be passed on to the consumer, as it always is.
After all, decades of buying votes gets expensive!!
If anything could turn a recession into a Mega-Depression, that would be it.
How about we eliminate 50% of federal government jobs and eliminate all pensions that would pay retired govt employees more than $35K per year?
I think it would be a good start.
“How do we allow the criminally insane to run our country into the ground while we sit and watch.”
That’s been the problem. Us normal folks go about our lives, jobs, families, etc., while these parasites dig in and do their damage unnoticed.
Well, the spotlight has been turned on them and they are running for cover.
May we run these maggots to the ends of the earth in November and again in 2012.
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