Forum Post: TAX WALL ST. NOW!!
Posted 13 years ago on Oct. 5, 2011, 10:43 a.m. EST by seaglass
(671)
from Brigantine, NJ
This content is user submitted and not an official statement
We need a transaction tax on Wall st. ASAP! We also need regulation of the super high speed trading devices.
A Tobin Tax is based on a percentage of the transaction and would only need to be about one twentieth of one per cent. The two benefits of this small tax are that it would, of course, generate income for the Treasury, but what makes it a good idea to push for is that it would eliminate most of the high-speed computer trading that the big banks use to manipulate the markets. Most of the high-speed stuff doesn't make one twentieth of one per cent on each trade. They make much less, but trade at rates of thousands of trades an hour. It distorts the market. A small Tobin tax would make this unprofitable.
So, although some would complain of being taxed, the markets would be more fair for the common people.
Why are taxes always the answer?
And also, why are we following Europe's example?
Why? what does it repair or how does it help the majority? how would it be implemented?
Or charge like $0.50 to $2.00 per transaction...
But not to redistribute to the tax payers... but to protect the tax payers by making the financial sector financially insure itself.
And the super high speed trading devices would make bank for at least the US coffers.
Ok, sounds good. I hear the Europeans are developing a system right now.
What is the system they have in mind right now? got a link?