Lawmakers to Propose Transaction Tax for Financial Firms Modeled on Europe

[johnhp]

How are you so certain John

Because i know what i am talking about.  Over a week ago, i stated that by the end of the evening Mr. Cain would call into question his remarks about not having information about the settlement in the sexual harassment case against him.  Like clockwork Cain did EXACTLY what i said he would.  i know this stuff because i pay attention and i do things like evaluate sources.  And i read things.  Like your first post which said this tax was unlikely to pass.  Too bad you don't do these things.

[dustup]

Its a Global Tax and will be used to.......According to Dr. Stephen Spratt, "the revenues raised could be used for....international development objectives...such as meeting the [ Millennium Development Goals ]." These are eight international development goals that 192 United Nations member states and at least 23 international organizations have agreed (in 2000) to achieve by the year 2015.
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Article
Two U.S. lawmakers will introduce measures to impose a transaction tax on financial firms that resembles a proposal released by the European Union.

Senator Tom Harkin, an Iowa Democrat, and Representative Peter DeFazio, an Oregon Democrat, will introduce the bills tomorrow in their respective chambers. The bills will give the United States an increased role in the international debate over a transaction tax, which is likely to be discussed at the Group of 20 summit this week in Cannes, France.

Read More Here: http://www.bloomberg.com/news/2011-11-01/lawmakers-to-propose-transaction-tax-for-financial-firms-modeled-on-europe.html

IMO, this new Tax will not benefit American Citizens in any way..........yet another foreign country welfare ploy to move more wealth from America.....

i know that the bill will not become law, so harping on it is ridiculous.  But that is what happens when you idiots repeat these talking points and you shit out your politics of outrage.

How are you so certain John

DEFAZIO INTRODUCES LEGISLATION INVOKING WALL STREET 'TRANSACTION TAX'
   
HARKIN TO INTRODUCE SIMILAR LEGISLATION IN THE SENATE NEXT WEEK
 November 03, 2011


WASHINGTON, DC— Representative Peter DeFazio (D-OR), Chairman of the House Subcommittee on Highways and Transit was joined by 22 of his House colleagues today in introducing new legislation that assess a miniscule tax on Wall Street securities transactions.  The money it generates will be used to rebuild Main Street.  The legislation, Let Wall Street Pay for the Restoration of Main Street Act, has powerful support from the economists, Wall Street investors, labor organizations, and consumer groups.

“Our nation continues to be crippled by a struggling economy which has resulted in an astronomical unemployment rate of 10.2%.  The American taxpayers bailed out Wall Street during a crisis brought on by reckless speculation in the financial markets.  This legislation will force Wall Street to do their part and put people displaced by that crisis back to work,” DeFazio said.

“I voted against the absurd bank bailout and the Bush Administration’s cowboy capitalism, markets know best, deregulation at all cost policies.  Our stunning unemployment rate is clearly a result of the failure of those policies.  We cannot wait for the next bubble to pull us out of the recession.  We must invest in our future, our infrastructure, and our middle class now.  This legislation will ensure Wall Street pay for needed investment to get our country back on track,” DeFazio continued........

Harkin intends to introduce similar legislation in the Senate next week.

“It is time to raise revenues, pay the bills and create jobs in America, and the most painless way to do this is by imposing a modest tax on financial transactions,” Senator Harkin said.  “There is no question that Wall Street can easily bear this tax.  Last year, the U.S. taxpayer bailed out Goldman Sachs to the tune of $10 billion.  This year, Goldman Sachs has set aside nearly $17 billion for bonuses.  We need a shift in priorities in this country to ask not what America can do for Wall Street, but ask what Wall Street can do for America.”

The legislation assesses a small securities transaction tax on Wall Street.  . A securities transaction tax is applied to:

    Stock transactions (tax rate will be 1/4 of 1 percent--0.25%),
    Futures contracts to buy or sell a specified commodity of standardized quality at a certain date in the future, at a market determined price (tax rate will be 0.02%)
    Swaps between two firms on certain benefits of one party's financial instrument for those of the other party's financial instrument (tax rate will be 0.02%)
    Credit default swaps where a contract is swapped through a series of payments in exchange for a payoff if a credit instrument (typically a bond or loan) goes into default (fails to pay) (tax rate will be 0.02%)
    And options, which are contracts between a buyer and a seller that gives the buyer the right, but not the obligation, to buy or to sell a particular asset on or before the option's expiration time, at an agreed price (at the rate of the underlying asset)

 

A transaction tax has the support of over 200 economists, including Paul Krugman business leaders like John Bogle, the founder of Vangard, and labor and consumer organizations such as AFL-CIO and Americans for Financial Reform.  It will provide a disincentive for excessive speculation.  Much of the excessive risk on Wall Street is in the form of high-volume short-term speculative trading. The tax could raise approximately $150 billion a year.

To ensure the tax is appropriately targeted to speculators and has no impact on the average investor and pension funds, the tax will be refunded for:

    tax-favored retirement accounts
    mutual funds
    education savings accounts
    health savings accounts
    the first $100,000 of transactions annually that are not already exempted

 

Half the revenue generated by this transaction tax (approximately $75 billion) would be deposited in a Job Creation Reserve to fund the creation of good paying jobs and put Americans back to work rebuilding our nation’s infrastructure.  Each $1 billion of Federal infrastructure investment creates or sustains over 34,000 American jobs and $6.2 billion in economic activity.  The Surface Transportation Authorization Act of 2009, which would will create or sustain over 12.5 million family wage jobs, would be partially funded through this tax.

The second half of the revenue generated by this transaction tax (approximately $75 billion) would be used to directly reduce the deficit.

http://www.defazio.house.gov/index.php?option=com_content&view=article&id=531:defazio-introduces-legislation-invoking-wall-street-transaction-tax&catid=60
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Sarkozy Pledges Fight to Make Financial-Transaction Tax Reality

Nov. 4 (Bloomberg) -- French President Nicolas Sarkozy said Group of 20 nations made progress on a future financial- transaction tax that might be used to finance poverty reduction and help the environment.

“The principle of a tax moved forward to the point that we can discuss how its receipts will be used,” Sarkozy said in his closing remarks at the G-20 summit in the southern French resort of Cannes today. “France will fight for this tax to become a reality. We will not wait for the rest of the world to implement it to start doing it.”

Because i know what i am talking about.  Over a week ago, i stated that by the end of the evening Mr. Cain would call into question his remarks about not having information about the settlement in the sexual harassment case against him.  Like clockwork Cain did EXACTLY what i said he would.  i know this stuff because i pay attention and i do things like evaluate sources.  And i read things.  Like your first post which said this tax was unlikely to pass.  Too bad you don't do these things.

John....you are loosing it pal....I didn't say anything about Cain...... .....you need to call 911 and tell them you are having a stroke!!!  of course knowing your history it could simply be a............. "Brain Fart" 

[johnhp]

John....you are loosing it pal....I didn't say anything about Cain...... .....you need to call 911 and tell them you are having a stroke!!!  of course knowing your history it could simply be a............. "Brain Fart" 

You missed the point of the post.  You asked me how i know.  i read a lot, i am pretty good at coming to conclusions about this.  The Cain thing was an example of my ability.

[ivanm]

You missed the point of the post.  You asked me how i know.  i read a lot, i am pretty good at coming to conclusions about this.  The Cain thing was an example of my ability.

As to your ability.  Those who can't do, teach.   

John, you may have a lot of formal schoolingf but you are severly lacking in social skills.  Suppose we all came here to brag about our IQs?  Now wouldn't that be a cat fight?
There is noting like a bunch of educated idiots trying to show their expertise at nothing.

You remind me of some old retired AF officers I used to work for in civilian life, and my super, a retired sergeant, likened their little fights to a pissing contest.  That is where men face the wall and urinate. The one that makes the highest mark on the wall wins the argument.

[johnhp]

As to your ability.  Those who can't do, teach.   

You somehow think that is clever?

John, you may have a lot of formal schoolingf but you are severly lacking in social skills.

Yes.  i have never proposed the murder of people on a message board.  The horror of not having YOUR social skills.

Suppose we all came here to brag about our IQs?  Now wouldn't that be a cat fight?

i am not bragging about my iq.  i answered a question about how i know that this tax will not become law.  Part of my response, which you obviously missed, is that it was in the original post made by dusty.  Hence, the mocking.

As for you comparing your iq, and those of your fellow righties to cats, i think you have done a major disservice to felines.

There is noting like a bunch of educated idiots trying to show their expertise at nothing.

From what i can tell, your experience of this last is limited by your ability to understand what others are discussing.  You amusing belief recently that i referred to Observer's alleged military service as "fallacious", for instance.

You remind me of some old retired AF officers I used to work for in civilian life, and my super, a retired sergeant, likened their little fights to a pissing contest.  That is where men face the wall and urinate. The one that makes the highest mark on the wall wins the argument.

i understand that you believe that to be a waste of urine.

[dustup]

from: foodserver on Yesterday at 01:30:07 PM
John has no idea what a "Right" is and is therefore unable to answer your question.  To John, a right is just an issue to stoke the fires of class warfare.  Nothing more nor less...

from: johnhp on Yesterday at 05:12:15 PM
Hey slavie.  Can you sing me a few bars of Camp Town Lady?

from: dustup on Yesterday at 07:15:09 PM

That is very racist John......now you are openly displaying your Racist mind set.....We all knew you were a bigot.......but now this....that would make you a "Racist Bigot" !!!!!

Racist Bigot!