Posted on 09/02/2009 6:19:11 PM PDT by Red in Blue PA
After the federal government put up hundreds of billions of dollars to bail out Wall Street, the largest labor union in America wants those firms to return the favor.
The AFL-CIO reportedly is promoting a proposal to tax every single stock transaction, and it's gained some support among Democrats.
According to The Hill, the tiny tax would be about a tenth of a percent -- but it could mean a lot of money for companies, like Goldman Sachs, that are making billions and conducting a high volume of trades.
Union policy director Thea Lee told the newspaper that the tax could raise between $50 billion and $100 billion annually for the federal government, but also serve to discourage "speculative financial activity." In other words, the kind of lightning-fast trading conducted by mega-firms which critics say leads to volatility.
(Excerpt) Read more at foxnews.com ...
Let me tell you how it will be;
There’s one for you, nineteen for me.
‘Cause I’m the taxman,
Yeah, I’m the taxman.
Should five per cent appear too small,
Be thankful I don’t take it all.
‘Cause I’m the taxman,
Yeah, I’m the taxman.
(if you drive a car, car;) - I’ll tax the street;
(if you try to sit, sit;) - I’ll tax your seat;
(if you get too cold, cold;) - I’ll tax the heat;
(if you take a walk, walk;) - I’ll tax your feet.
Taxman!
‘Cause I’m the taxman,
Yeah, I’m the taxman.
Don’t ask me what I want it for, (ah-ah, mister Wilson)
If you don’t want to pay some more. (ah-ah, mister heath)
‘Cause I’m the taxman,
Yeah, I’m the taxman.
Now my advice for those who die, (taxman)
Declare the pennies on your eyes. (taxman)
‘Cause I’m the taxman,
Yeah, I’m the taxman.
And you’re working for no one but me.
It’s time for the commies down at the AFL-CIO to get the hell out of my government. If they don’t, I would think an investigtion would be in order.
I’ll go for this tax, if in return there is also a tax levied on all politicians - 5% of their annual salary for every vote in favor of a tax increase, for life, and retroactive to their 18th birthday.
Like this is any of their damn business.
At what point did the AFL-CIO become the shadow government?
I think taxes on union dues, collective bargaining and socialist rhetoric would make more sense.
Right on and since when has raising revenue for the federal government been a concern for the AFL-CIO?
Perfect!
Who gives a rat’s ass what the unions want. They represent less than 10% of the people in this country, and yet they are allowed to influence politics with huge donations to the democrats. That needs to end.
If this happens, I think one could comfortably short the DJIA to about 2000. I guess we’ll find out if Goldman Sachs rules the universe by how this one comes out.
I am convinced this is part of a barrage of stupidity aimed at overwhelming oppositition to health care and cap & trade, their core issues.
Monday is piss on a unionist day
If you see some one in a union, yank their chain
Make them lose what little self esteem they have.......
attack attack attack
Well which is it? Get $50b to $100b in taxes on $50 trillion to $100 trillion of transactions (0.1% tax) or cut down the number of speculative transactions. If you cut down the transactions so people aren't buying and selling stocks multiple times a day, then the tax will not get the amount desired.
The most likely result is that the trading will just leave New York and Chicago to go to London and Hong Kong.
Obviously, more taxes is always bad. But our tax system would be much improved if we substantially reduced income taxes in favor of a financial transaction tax.
When they won
Don’t forget, they won.
Listen up..... there was no mention of tax reduction. This tax is purely income redistribution. It is payoff.
They aren’t proposing tading one tax for the other they want more taxes period. Personally I am tired of the social engineering via taxes and deductions and want to take the power away from Congress and the special interest groups that own them.
“At what point did the AFL-CIO become the shadow government?”
With all his “Czars”, a shadow government is what he is creating.
This is exactly what Saddam Hussein did when he assumed the Presidency in Iraq (after assassinating his predecessor). He set up a shadow government, with officers loyal to him, in every department. When all his guys were in place and functioning, he sacked the “official” government, and consolidated his power.
Coming soon to an executive branch near you.
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