And in Stock Markets where a billion shares a day trade, often the same contract changing hands several times, 0.1% would become several percent a month. The gain that drives the market has been 10% a year over time, but not the last decade, we are flat, and the tax would have made that a 10% decline.
It has no chance, it is a tax on assets, not income.
I happen to favor a tax on assets, at 3% we would need no other taxes.
The idea of world taxation? Run by The European League of Nations?
First it is a tax to cover the Banks making them failsafe, even if they do lose money, now it is to end world hunger?
How about closing banks that are bankrupt, and nations, and selling off the assets?
It is, Privatize the earnings and Socialize the losses, and if there are funds, the losses will never stop.
The 1/10% that have most of the assets do not trade, they own, so the tax would fall on the people who are building income, not a good place, as it will destroy the incentive to invest.
What we need is an accounting of assets at current market value, Mark to Market, and a small flat tax with no deductions.
When every $1,000,000 is taxed $30,000 a year, Capital will become productive.
All taxes on income and transactions cost most of the tax in processing. It also keeps the poor poor.
11 Dec 2009, 9:39 am
