Posted on 02/19/2020 11:35:25 AM PST by Oldeconomybuyer
WASHINGTON - Presidential candidate Michael Bloomberg’s decision to back a tax on trades marks a blow for Wall Street lobbyists which had seen the moderate Democrat as a potential ally, said analysts and lobbyists.
On Tuesday, the former New York mayor and Wall Street investment banker, who made his $60 billion fortune in finance, proposed imposing a 0.1% tax on trading stocks, bonds and derivatives as part of a broader financial services agenda.
Bloomberg’s decision to back the tax is likely to bring him into conflict with Wall Street firms that are fighting the policy, many of which are the very same clients that helped him make the fortune with which he is funding his campaign.
A spokeswoman for Bloomberg did not immediately provide comment.
“It is notable that a candidate who bills himself as a centrist businessman has moved so far left,” said Brian Gardner, a managing director at brokerage Keefe, Bruyette & Woods in an analyst note. He added that Bloomberg’s decision to endorse the tax meant it had become a more mainstream idea in Democratic circles. “It is likely to stay in headlines beyond the 2020 election.”
Long seen as a radical non-starter, a trading tax has gained momentum due to the rise of progressive firebrands including Senators Bernie Sanders and Elizabeth Warren who have pledged to fund social policies with a “tax on Wall Street.”
Former Indiana Mayor Pete Buttigieg also lists the tax among his policies, while former Vice President Joe Biden has voiced tentative support.
That leaves Wall Street with few obvious allies on an issue that some firms regard as an existential threat.
(Excerpt) Read more at reuters.com ...
ALL Democrats back this transaction tax.
At the end of the day it’s how they’ll bail out Social Security while at the same time hiking benefits.
It will get a high approval rating among the great unwashed out there.
Wall Street is about to start paying the price for 40+ years of backing Democrats and Globalists.
Big money will flee the markets...........................
I suppose this will include ETFs too.
Let Bloomie just send all of his dough to the Treasury, for the children, and as an example for the others...
“it’s how they’ll bail out Social Security”
I don’t think so. Instead it will be used to fund new programs.
More taxation with pi— poor representation.
And go where???
“I see you have some money there. Give it to me.”
401K’s and Pension Funds hit hardest.
Nikkei, DAX, Hang Sen..................
The average marginally engaged person out there will look at it this way:
“I am taxed 6-9% every time I buy something at Walmart. So why should Wall Street pay NOTHING?”
They’ll win this on the “fairness” issue.
I’m just the messenger, guys.
Really.....moderate Democrat?
Pahleeeease.
Really.....moderate Democrat?
Pahleeeease.
The biggest obvious ally is Donald Trump.
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