Making Wall Street Pay
Sometimes Jstegma likes to know what the left is talking about:
The logic of a financial transactions tax is simple. It would impose a modest fee on trades of stocks, futures, credit default swaps and other financial instruments. For example, the UK puts a 0.25% tax on the sale or purchase of shares of stock. This has very little impact on people who buy stock with the intent of holding it for a long period of time.
For example, if someone buys $10,000 of stock, they will pay $25 in tax at the time of purchase. If they sell the stock 10 years later for $20,000, they will have to pay $50 in tax. The total tax would be equivalent to an increase of 0.8 percentage points in the capital gains tax....
...A national sales tax will primarily hit the consumption of ordinary workers. People will pay for it in all of their everyday purchases. Food, clothing, medicine - everything will cost a bit more as a result of a sales tax. Poor and middle-class people will end up paying a larger share of their income in this tax. This is both because they spend a larger share of their income than the wealthy and also because they spend a larger share in the United States.
As reported by a NY Times editorial:
Last Friday, a huge crowd of fans marched in a ticker-tape parade in downtown Manhattan to celebrate the Yankees’ World Series championship. More than once, as the fans passed through the financial district, the crowd erupted in rhythmic, echoing chants of “Wall Street sucks! Wall Street sucks!”