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How tiny tax on [NYC] stock sales could coin billions for [NY] city [not]
NY Daily News ^
| 4/20/3
Posted on 04/20/2003 5:48:05 AM PDT by NativeNewYorker
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Of course, all trading would instantly move elsewhere the morning the tax came into effect. The pols know this. They aren't THAT stupid.
But this allows them to bang the CLASS WARFARE drum.
Happy Easter.
To: NativeNewYorker
Agreed. Wall street will be in Delaware.
To: NativeNewYorker
Here in Georgia, we are faced with the same problem most other states have- the governments expanded recklessly during the phony "boom" of the nineties, relying naively on an ever-expanding economy to cover their endlessly-growing expenditures.
Then the bubble burst...
Suddenly, the hue & cry is raised ( at city, county, and state level ) "Hey, we need more money from you taxpayers! You aren't forking enough over to pay for all our 'needs!'"
And of course the Spectre of Slashing Vital Services is trotted out to spook the citizens into handing over more money- you know, police, fire departments, schools-- the whole old worn-out "for the sake of The Children" shibboleth.
They never seem to consider what any business of family would, however-- just spend less money...
3
posted on
04/20/2003 6:03:21 AM PDT
by
backhoe
(The 1990's will be forever remembered as "The Decade of Fraud(s)...")
To: backhoe
Indeed.
Were any such tax implemented, those funds would be wasted too, and then when the next downturn arrived, the cycle of looking for a new source of lucre would start up.
To: NativeNewYorker
it could raise a whopping $3.8 billion - most from people outside New York. Taxation without representation. Didn't we settle this issue back around 1776?
To: NativeNewYorker
Bloomberg's first choice, a commuter tax,...This always pisses me off!!!! Pass it on to the commuter, who already pays NY and NYC income taxes, who gets very little services from his taxes and NYC, who doesn't educate his kids in NYC schools, etc.
Just a way to subsidize the tax-and-spend liberals, and to pay for all the human welfare scum sponging off the workers.
Screw the bastards, screw them all. In any event, I predict in the future some terrorist will explode a dirty bomb in NYC, and everybody will be forced to vacate in any event.
To: NativeNewYorker
You poor New Yorkers. When are you going to wise up and overthrow the ridiculous government you have in place? Hillarity, Chuckie Cheesy, Bloomie and George the Imitation Republican? Time for insurrection, if you ask me.
7
posted on
04/20/2003 6:28:21 AM PDT
by
Glenn
(What were you thinking Al?)
To: NativeNewYorker
Isn't there a saying about the best way to get rich being to steal a small amount from each of a very large number of people? It adds up to a large amount, but is not worth the effort, to each individidual from whom you steal to try to get it back.
To: NativeNewYorker
And atop the recent charges of "front-running" by a few trader at the NYSE, THIS insanity would probably be the bullet in the head for Grasso et al.
To: NativeNewYorker
"All it requires is a brokerage firm to throw one switch and the transaction takes place in London, or in a computer in New Jersey, rather than here, and we can't tax it," Bloomberg said. At least Michael is right about one thing.
To: NativeNewYorker
Wall Street should move from New York to Florida like everybody else with a lick of sense is doing.
11
posted on
04/20/2003 7:22:50 AM PDT
by
E. Pluribus Unum
(Drug prohibition laws help support terrorism.)
To: backhoe
Ever notice that when it comes to new spending, it is always for tattoo removal programs, and expansion of some welfare benefit? Then when it comes time to tighten the belt, those new and expanded welfare programs that were unneeded for the entire history of mankind and are a major part of the government deficit are never the ones that are threatened to get the ax, but it is always the "police and fire departments" who get the knife to the throat whenever the demand for even more blood from the taxpayer turnip is demanded.
Now since the police and fire departments are symbols of protection and "the proper role of government", what exactly are they telling us? "Hand over your wallet, or we will expose you to danger."
The politicians who trot out the "police and firedepartment" line need to be viewed no differently than a criminal with a gun, since their collection methods begin with the threat of violence (we will send police over to evict you out of your house and seize your goods), and end with the threat of violence. (we will make cuts in the police department so we won't answer your calls for help)
12
posted on
04/20/2003 7:23:40 AM PDT
by
Dr Warmoose
(Just don't leave any brass with your fingerprints on it behind, OK?)
To: NativeNewYorker
TAX! TAX! TAX!
CUT! CUT! CUT!
Lotsa talk about increase, nothing about fiscal responsibility. SHAME!!
13
posted on
04/20/2003 7:54:40 AM PDT
by
upchuck
(Sadamn: Deadman... no longer walking.)
To: NativeNewYorker
If I buy 1,000 shares of Microsoft, I'm not buying a stock certificate, or an electronic data entry which will show up on my brokerage statement. I am, rather, buying .0000935% of a corporation domiciled in Redmond, Washington. The fact that part of the transaction may have taken place in New York is utterly moot. I bought no tangible goods in New York.
"It certainly seems like a great idea," said Alex Marshall, who has studied the tax for the nonpartisan Regional Plan Association. "You could raise a lot money from it very easily without hurting people or companies."
Oh, boy. Where does one begin in responding to such a statement? How about -- Alex, you're a goddam idiot. Alex, taxation of this nature is pretty much a zero-sum game. Let me make it very simple, to accommodate your simple mind. If one party (in this case, New York) gets a big bagful of cash, Alex, that cash came from somewhere. It didn't materialize out of thin air. Immediately, I suppose, it would come from the brokerage houses, but ultimately, it would come from the investors. And inevitably, my confused little Alex, more money will be extracted from the investors than will be delivered to the New York Treasury, because you will have, of course, created another bureaucracy to feed.
But the real problem here is the absolute inevitability of incrementalism. Once that camel's nose gets under the tent, what do you think the odds are that the rate will start creeping up? I'd say about 100%. Federal income tax was implemented as a "temporary" measure, at something like 2%. My, how we've persisted, and my, how we've grown.
To: E. Pluribus Unum
Many back office functions have moved to Florida, as have some "portable franchise" type businesses like boutique money managers.
To: NativeNewYorker
btt
To: southernnorthcarolina
Marshall began his career as a staff writer at the Virginian-Pilot in Norfolk, where he covered politics, local government, and suburban and urban development. In 1999-2000, he was a Loeb Fellow at Harvard University's Graduate School of Design, where he studied urban design, architectural history, political philosophy, law and economics. In 1994, Marshall studied European city and suburban development as a German-Marshall Fund Fellow. He holds a master's degree in Journalism from Columbia University in New York, and a bachelor's in Political Economy and Spanish from Carnegie-Mellon University in Pittsburgh. He resides in New York City, where he is senior editor at Regional Plan Association and at the Institute for Urban Design. He has spoken around the United States and in Europe.
http://www.citistates.com/assocspeakers/alex_marshall.html
To: glockmeister40
Or in "cyberspace" as the NASDAQ already is.
To: NativeNewYorker
Mr. Marshall is, then, an educated fool. They are ubiquitous.
To: NativeNewYorker
Who here would like to support a news reporter tax, where by each reporter has to pay a tax on any article they are paid for making that supports a tax or taxes?
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