Posted on 09/01/2009 6:24:00 AM PDT by Jabrown
From Local, to State, to the Federal Government, every day brings the introduction of a new taxing proposal. In Illinois, September 1st marks a rise in taxes on Alcohol, Candy, Soft Drinks and even Personal Hygiene products, as the state follows the lead of other governments taking the same action. At a federal level, income tax hikes, the sunset of multiple tax breaks, proposals for new taxes on energy, health care and even the food you eat are gaining momentum. Yesterday was no different as The Hill reported on a bold new initiative launched by the AFL-CIO and some congressional Democrats calling for a new tax on every stock and investment trade recorded. The measure, which would include not only institutional transactions, but also every purchase made within an IRA, 401(k) or other individual investment plan would raise an estimated $50-$100 billion in additional revenue.
Under the proposal first suggested by the AFL-CIO, the tax would...
(Excerpt) Read more at politicallydrunk.blogspot.com ...
Oh yeah, that will be real stimulative to the economy.
Oh yeah, that will be real stimulative to the economy......................... Hopefully it will stimulate the downfall of the current Congress. Vote the SOB’s out, elect Congressmen who will vote for low taxes and term limits.
It might have little direct effect on me, although I wouldn't be wild about paying the money and it will be a drain on my mutual funds. What it will do is affect day traders and various speculators who would be more than glad to do their trading in London, Hong Kong or Tokyo instead of New York and Chicago. Poof, no tax. The volume of trades in the US would go from $50-$100 trillion per year to a small fraction of that focused mostly on retail investors. Any effort to collect the tax based on who is still in the US will just result in more of the trading companies moving overseas only leaving the "advisors" and "research" (i.e. those who choose the trades to make) here in the US.
Why don’t we tax union activities?
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