Eight Congressional Democrats propose 0.25% transaction tax on stocks

(5) The easiest method to raise the money from Wall Street is a securities transfer tax, a tax that has a negligible impact on the average investor.

(6) This transfer tax would be on the sale and purchase of financial instruments such as stock, options, and futures. A quarter percent (0.25 percent) tax on financial transactions could raise approximately $150 billion a year.

(7) The United States had a transfer tax from 1914 to 1966. The Revenue Act of 1914 (Act of Oct. 22, 1914 (ch. 331, 38 Stat. 745)) levied a 0.2 percent tax on all sales or transfers of stock. In 1932, Congress more than doubled the tax to help overcome the budgetary challenges during the Great Depression.

(8) All revenue generated by this transfer tax should be deposited in the general fund of the Treasury of the United States, scaled to meet the net cost of these bailouts, and phase out when the cost of the bailouts are repaid.

“...Anyone with any sense would either get an offshore account or invest in mutual funds that trade only in offshore markets ..” ~ KarlInOhio

Too late! bttt

Listen to Obama talking about closing offshore tax havens in his own voice in October 2008 here: http://www.panamalaw.org/obama_and_the_tax_havens.html

Rush “How Many Dems Evaded Taxes in Swiss Banks?” 2/19/09
http://www.rushlimbaugh.com/home/daily/site_021909/content/01125104.member.html

Stack of Stuff Quick Hits Page
February 19, 2009
Story #1: How Many Democrats Evaded Taxes in Swiss Banks?
http://www.reuters.com/article/americasRegulatoryNews/idUSLJ53205620090219

RUSH: This just in. The Obama administration is now going after Swiss bank accounts. “The curtain is being peeled back on the infamous secrecy of Swiss banks. The largest bank in Switzerland, UBS, agreed Wednesday to reveal the names of wealthy Americans whom the authorities suspect of using offshore accounts to evade taxes. The change in policy is the result of UBS’ admitted role in conspiring to defraud the Internal Revenue Service. As part of the agreement, the bank will pay $780 million in damages, and also close all offshore accounts of its American clients. It is not clear how many names will be divulged, but the Feds have been looking into roughly 19,000 accounts, according to the New York Times. The deal could mark the end of Swiss banking as we know it, as many offshore clients may no longer trust the anonymity of the country’s banking system. Prosecutors suspect that UBS helped its American clients hide $20 billion from the government, or about $300 million a year in taxes, from late 2002 to 2007. UBS has admitted that some of its employees “participated in a scheme to defraud the United States” They didn’t volunteer here; they were forced to admit it.

Now, the thing I’m going to be looking for, how many members of the Obama administration, how many high-ranking Democrat, high profile Democrat or Democrat supporter’s names will be on the list of UBS account holders who tried to evade US taxes? We know that Tom Daschle tried to evade taxes. We know that Geithner didn’t pay taxes. This guy down in Houston, this Stanford guy, this guy was all over the Democrat Party. His level of fraud may be between eight billion and $50 billion. This guy had banks all over the world and clients were lined up at these banks to try to get their money out yesterday in the Caribbean, in Venezuela, Mexico City. They were shut down. This guy’s picture was taken with Nancy Pelosi at the Democrat convention. This guy underwrote some program they had that was chaired by Bill Clinton. Pelosi and Bill Clinton both praising this guy Stanford. The level of financial corruption that has become the Democrat Party is breathtaking. Even those who are corrupt and found guilty of it, some have ended up in Barack Obama’s cabinet.

But there was no anger from the Drive-By Media. There was just, “Their people are, too, important, Mr. Limbaugh. We can’t really get rid of Geithner and Daschle, he’s the only guy that knows what to do with health care; he wrote the book on it. We can’t get rid of these people; it’s too crucial of a time in America.” So now the Swiss banking industry probably changed forever, no secrecy, if Obama gets his way on this. It’s an all-out assault, folks. It is an all-out assault. But I just want to see, 19,000 accounts at the United Bank of Scotland. Well, wait a minute. I’m not right when I say United Bank of Scotland. Obviously I’m wrong. UBS is a Swiss bank. I take it back. I watch golf tournaments and I’m getting caught up with the confusing initials for a bank in Scotland. I apologize. I caught my own error. Note that none of my staff caught it, I caught it myself. As far as my staff concerned, I could be left out there dangling all by myself.

I don’t have a Swiss account, either, but 19,000 accounts in this Swiss bank, and will we find out if there are prominent Democrats among these people? ‘Cause you know there have to be. We know prominent Democrats evade taxes. They sit on Obama’s cabinet. This is not a stretch. It’s a good thing that Obama is going after these tax evaders, folks, I just have to tell you. I question, will Obama’s new attorney general be going after onshore tax cheats, like Geithner, Tom Daschle? Or will Eric Holder, the new attorney general, be a coward like the rest of us Americans, will they be going after Charles Rangel and his tax violations? Will you authorize that, Mr. Holder, are you going to chicken out going after Democrat tax cheats?

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.