If Obama can’t get his trillions in tax increases through Congress, he’ll find a way through his SuperCommittee who are considering a transaction tax.
This is what the OWS have been demanding.
Bloomberg reports: 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…
…Harkin and DeFazio are proposing a lower rate for the U.S. While the EU proposal would apply a tax of 0.1 percent on trades of stocks and bonds, the U.S. tax would be “about three basis points” or 0.03 percent, Harkin said. (EDITOR’S NOTE: THEY’RE DOING GREAT, THEY’RE SO SUCCESSFUL)
“We’re simplifying it, looking at a lower rate and actually substantially mirroring the proposal in Europe,” DeFazio said in an interview.
“It’s a significant way to raise some needed revenue,” Harkin said in an interview today in Washington. “Quite frankly, I bet nobody would even feel it.”
The European Union in September proposed a financial- transaction tax that would take effect in 2014 and raise about $57 billion euros ($78 billion) a year. Germany and France have led a push for global implementation.
The lawmakers have the backing of union groups and associations that fought for tighter regulations in the wake of the 2008 financial crisis. The AFL-CIO and National Nurses United, a professional association and union for nurses, have scheduled a rally in front of the Treasury Department on Nov. 3 in support of the fee.
Americans for Financial Reform, an umbrella group of unions, civil rights lawyers and consumer advocates, is circulating petitions in support of the measure.
Easy for DeFazio to say no one would even feel it, and they do say that about every slimy backdoor tax they pass. We would feel it. Understand taxes like this are passed down to us in the middle class, and we will end up paying it. All our pension funds will get hit. The market will tank.
AND Europe wants a global tax. We don’t give enough money to bail out their countries who won’t even trade fairly with us, so, of course, we would want all-in on that one.
It is unlikely this will pass since we fortunately have some slight balance of power with a Republican House. I am Independent. I believe in a balance of power between the two parties. Transaction tax
In the past, the President and the Democratic Congress have considered a transaction tax of 1% on all bank transactions, that means a 1% charge every time you write a check or deposit money. I think people will end up keeping their money in their mattress because they are not going to want to pay these endless fees which will be our responsibility through higher costs. The banks won’t have a choice.