How about a Financial Transaction Tax?

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Would this be a good idea finance/economic heads?

Ive been thinking about this a while, and did a little research. Ive heard varying proposals, but according to one source, even a tax of one half of one percent would amount to $350 billion dollars a year.

Im not a guru or anything on the matter, but Id assume that this could curtail speculation a bit in addition to providing much needed tax revenue to the gov't, which could use every penny they get.
 
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The government doesn't need more money. It needs less spending and more accountability on where our tax dollars are going. The amount of waste is probably bigger than the GDP of some countries. I was a federal worker in a previous life and it made me sick to think I paid federal taxes to people like myself and my colleagues.
 
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Brady Hoke's Artery said:
The government doesn't need more money. It needs less spending and more accountability on where our tax dollars are going. The amount of waste is probably bigger than the GDP of some countries. I was a federal worker in a previous life and it made me sick to think I paid federal taxes to people like myself and my colleagues.
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I definitely agree with that. But thats not necessarily realistic. They will almost always be wasteful and hesitant to cut significant spending.
 
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VMR said:
I definitely agree with that. But thats not necessarily realistic. They will almost always be wasteful and hesitant to cut significant spending.
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True. . . and that's the fault of the American public. There aren't enough people who care to change the status quo.
 
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Brady Hoke's Artery said:
True. . . and that's the fault of the American public. There aren't enough people who care to change the status quo.
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Agreed again. But you have to admit that even if there were enough people that cared to change the status quo, it would probably only be temporary and may not really result in significant legislative change anyway. The politicians could just filibuster and mill around until the outcry died down and then still utilize earmarks to sneak things through.
 
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The modern day investment banksters/gangsters would murk the political careers of any elected official that had the cajones to push such legislation into law.


thread related ....

 
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Italy is first country to impose a levy on derivatives deals. Photo: ehnmark/Flickr.
Italy imposes tax on high-frequency trading
Published: 02 Sep 2013 17:04 GMT+02:00
Updated: 02 Sep 2013 17:04 GMT+02:00
Italy implemented a new tax on high-frequency trading on Monday, becoming the first country to impose a levy on an opaque and little-regulated market.

The 0.02-percent levy applies to derivatives deals lasting less than half a second and is the second part of new financial transaction taxes being imposed in Italy.

It applies to transactions involving Italian stocks or indices and is calculated based on the product's overall value.


http://www.thelocal.it/20130902/italy-imposes-tax-on-high-frequency-trading
 
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