Your assertions [that the wealthy pay a lower % of wealth in taxes than the poor or middle class] are mere repetition despite strong and clear evidence counter to what you want us to accept on the basis of your mere words.
Assertions? Mere repetition? You are denying the obvious! Show me ONE reputable source that even attempts to deny this. The “evidence” you offer uses the value of a person’s home as a proxy for his wealth. This would be laughable even if your calculations didn't stop at a $60,000 income level.
I suggest you take a good refresher course in economics… assuming of course that you have ever been exposed such a course in your experience.
Actually, I’ve read and written extensively on the financial sector.
Moving the finances in payment of production, may termed "unproductive" in terms of manufacturing. Its loss to the economy and ability to deliver payment for goods and services would be of great negative impact to any economy.
You don’t recognize a parasite when you see one.
Deuce: Some of the activity will be curtailed, while the rest of it will be taxed. I’m fine with that.
Geezer: Spoken as a true socialist.
Curtailing some activity that can’t bear a ½ of 1% tax while taxing that which can constitutes a socialistic position to you? What is your criteria for considering something socialist?
Curtailing some activity that can’t bear a ½ of 1% tax while taxing that which can constitutes a socialistic position to you? What is your criteria for considering something socialist?
Ever hear of truth in lending? I suggest you engage in a little truth in taxation.
That "½ of 1% tax" is compounded by the number of accounts & instuments the money must pass through to consumate the trade becoming a 365% tax on the basic value of the commerce being financed.
That is not only socialist it is down right usurous and confiscative.
As posted in a prior reply regarding the effect of the Tobin tax you advocate:
http://www.europarl.eu.int/workingpapers/econ/107_en.htm#chap3
Table 1: Simple annualised effective Tobin Tax rates for differing turn-around periods, assuming constant exchange rates (see also " Calculating equivalent annual tax rates"
Nominal Tax rate (%) Effective Tax rate (annual %) 1 day/ trading day* 1 week 1 month 3 months 1 year 10 years 0.01 7.3/4.8 1.04 0.24 0.08 0.02 0.002 0.05 36.5/24.0 5.2 1.2 0.4 0.1 0.01 0.1 73/48.0 10.4 2.4 0.8 0.2 0.02 0.15 109.5/72.0 15.6 3.6 1.2 0.3 0.03 0.2 148/96.0 20.8 4.8 1.6 0.4 0.04 0.25 182.5/120.0 26.0 6.0 2.0 0.5 0.05 0.5 365/240 52.0 12.0 4.0 1.0 0.1 1.0 730/480 104.0 24.0 8.0 2.0 0.2 * As formulated by Tobin, the annualised rate was calculated on the basis of what a round-trip would cost if carried out every day, on the basis of 240 trading days in the year.
You don’t recognize a parasite when you see one.
Transfer of payment across both time and space for goods and services without risk to those who it is due is parasitic?
Ever hear of a futures contract sold by a producer to remove risk of currency value, and price change of goods contracted for future delivery? Someone needs to take on that commercial risk or trade does not take place at the levels necessary to sustain our level of commerce, and that is the people who engage in your "unproductive", "parasitic" activity. That risk by the way is substantially induced by irratic government fiscal and monetary policies more than any other factor.
Government protection, of private property my eye. The market does the protect from the rapacious inroads of government manipulations of currency base and central banking control of intrest rates under government auspices.
The risk of price currency changes are spead among those who trade the contracts, an action which assures delivery of goods and services for a guaranteed payment not subject to manipulations of government monetary supply and other other intrusive factors external to trade.
Such is activity is the same activity as insurance plays on an individual level. That insurance requires the spread of risks among those willing to take the risk on for the possiblity of eaking out a profit with regard to unpredictable market changes across time .