Author Topic: And now: Obama's Transaction Tax  (Read 1836 times)

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Offline AzCat

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And now: Obama's Transaction Tax
« on: August 30, 2010, 12:16:00 AM »
Want to write a check?  The feds will subtract 1% of the amount from your account.
Want to use a credit card?  The feds will add a 1% fee to your tab.
Want to open a bank account?  The feds will be taking 1% of the funds you deposit.
Want to transfer a brokerage account?  The feds will be confiscating 1% of the assets you move.
Sell a stock?  The feds will be taking 1%.
Buy a bond?  The feds will be taking 1%. 
Depositing a paycheck?  The feds will be taking 1%.
Using an ATM?  Don't forget the shiny new 1% federal fee.

Read it and weep.   :users:

Any of you econ types want to dig deep into your cereal boxes for that junior decoder ring and take a stab at what happens when you tax the liquidity out of *all* financial markets in the US?   :facepalm:


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Offline 06wildcat

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Re: And now: Obama's Transaction Tax
« Reply #1 on: August 30, 2010, 01:42:02 AM »
A bill so popular it hasn't been voted on (it's essentially dead) in any of the committees it was referred to since it was introduced with exactly 0 co-sponsors.

I'm sure Obama would love to pass a federal VAT, but it's not something he's going to do while he can still be elected again, and he's certainly not going to tap a no-name Rep. to do it.

The guy who proposed it also thinks that after paying off the national debt in 7 years, it will abolish the personal income tax.
« Last Edit: August 30, 2010, 01:50:48 AM by 06wildcat »

Offline AzCat

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Re: And now: Obama's Transaction Tax
« Reply #2 on: August 30, 2010, 11:19:15 AM »
Rumblings are that Obama wants this badly in the lame duck session this fall and that the lack of action to date may be intentional.  I can definitely see Pelosi and Reid stampeding the Dems over a cliff on this post-election, "But it will pay off the national debt in seven years!  The voters will love you for it, they want someone to DO something about the debt!"  Should be abudantly clear to everyone by now that the Obama Administration and the present Congress simply lack the intellectual capacity to even begin to comprehend the destructive nature of their favored policies.  Not predicting passage, just sayin'. 

I'm not at all sure that Obama wants a second term.  He's gotten just about everything he wanted and it has failed miserably and the failures will mount as his new legislation comes on line in future years.  Has anyone told the emporer that he has no clothes?   Doubt it or at least I doubt that he's really understood the point, or that he ever will.  Ego driven narcissist that he appears to be I'd imagine his coping mechanism will, if it hasn't already, lead him to believe that he's simply too big for the office he holds and that the rabble simply are not sufficiently enlightened so as to truly appreciate his greatness.  Will Obama admit defeat?  That he was wrong?  That his policy failures are probably the worst in the history of the republic?  Voluntarily take his beating at the polls?  Doubt it.  A lot.  If his polls are as bad as I suspect they'll be in '12 he'll declare victory and walk. 

Offline 06wildcat

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Re: And now: Obama's Transaction Tax
« Reply #3 on: August 30, 2010, 12:48:54 PM »
Rumblings are that Obama wants this badly in the lame duck session this fall and that the lack of action to date may be intentional.  I can definitely see Pelosi and Reid stampeding the Dems over a cliff on this post-election, "But it will pay off the national debt in seven years!  The voters will love you for it, they want someone to DO something about the debt!"  Should be abudantly clear to everyone by now that the Obama Administration and the present Congress simply lack the intellectual capacity to even begin to comprehend the destructive nature of their favored policies.  Not predicting passage, just sayin'. 

I'm not at all sure that Obama wants a second term.  He's gotten just about everything he wanted and it has failed miserably and the failures will mount as his new legislation comes on line in future years.  Has anyone told the emporer that he has no clothes?   Doubt it or at least I doubt that he's really understood the point, or that he ever will.  Ego driven narcissist that he appears to be I'd imagine his coping mechanism will, if it hasn't already, lead him to believe that he's simply too big for the office he holds and that the rabble simply are not sufficiently enlightened so as to truly appreciate his greatness.  Will Obama admit defeat?  That he was wrong?  That his policy failures are probably the worst in the history of the republic?  Voluntarily take his beating at the polls?  Doubt it.  A lot.  If his polls are as bad as I suspect they'll be in '12 he'll declare victory and walk. 

Link?

Offline AzCat

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Re: And now: Obama's Transaction Tax
« Reply #4 on: August 30, 2010, 12:50:36 PM »
Sorry, from friends.  No link.

Offline Ghost of Stan Parrish

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Re: And now: Obama's Transaction Tax
« Reply #5 on: August 30, 2010, 03:43:52 PM »
lol @ this thread.  Take a loony (dead) idea and call it Obama's tax.

And actually, I've seen the stock transaction tax supported by such bastions of lefty radicalism as Forbes magazine.  So, yeah, it's all Obama's idea...

 :rolleyes:
"I'm thankful our MHK forefathers had the foresight to lynch white dudes so that we might be able to throw up the mob with a clear conscience."

Offline Dugout DickStone

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Re: And now: Obama's Transaction Tax
« Reply #6 on: August 30, 2010, 10:56:44 PM »
lol @ this thread.  Take a loony (dead) idea and call it Obama's tax.

And actually, I've seen the stock transaction tax supported by such bastions of lefty radicalism as Forbes magazine.  So, yeah, it's all Obama's idea...

 :rolleyes:

No F'ing way this will happen.  I saw the op-ed in Forbes but let's please not be stupid.  No chance.  No way. 

Obama is struggling but don't hang this idiocy on him.  He has some new middle east countries to bomb.  Let him focus.