The nation’s largest labor union and some allied Democrats are pushing a new tax that would hit big investment firms such as Goldman Sachs reaping billions of dollars in profits while the rest of the economy sputters.
The AFL-CIO, one of the Democratic Party’s most powerful allies, would like to assess a small tax — about a tenth of a percent — on every stock transaction.
Small and medium-sized investors would hardly notice such a tax, but major trading firms, such as Goldman, which reported $3.44 billion in profits during the second quarter of 2009, may see this as a significant threat to their profits.
(Excerpt) Read more at thehill.com ...
So the little guy that day trades trying to make a couple of bucks won’t be affected byb this insidious tax.
Steam is coming out of my ears! Since when does the AFL-CIO have the power to tax? Who are they to assert this?
I am so sick of the 0zer0 tyranny!!!