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How to "Stop the Violence": March Up the Steps of the Traders Who Pay No Sales Tax


#1

How to "Stop the Violence": March Up the Steps of the Traders Who Pay No Sales Tax

Paul Buchheit

The rallies in Chicago and around the country evoke passion and sympathy from most of us, but just a shrug of the shoulders from those ultimately responsible for the carnage on our streets. These are the leaders of finance who use our infrastructure, technology, security, law, location, and especially our people to make billions in profits while paying almost nothing in return.


#2

Sorry, you're dimming a good and valid point by equating its apples with both oranges (sales tax) and watermelons. And those false equations particularly damage the witness against direct violence within people's communities. A transaction or speculation tax is no magic bullet for the ills of society.


#3

That was harsh. A FTT may not be a 'magic bullet', but the funds it could generate and return to society (after school programs? art and vocational classes? better teacher/class ratios? affordable higher education?) would certainly be a step in the right direction. Not to mention just plain fairness.


#4

Consider the FTT the minimum starting point for a complete restoration of all the New Deal financial industry regulations that were jettisoned during the past four decades.


#5

We give money to the banks; they give us debt in return. Alas.


#8

George Carlin: "Conservatives say if you don't give the rich more money, they will lose their incentive to invest. As for the poor, they tell us they've lost all incentive because we've given them too much money.”


#9

Please provide links to the analyses for the specifics to your claims of 'false equations'. Also, please be specific about what you regard as 'violence'.


#10

Links??? It's just my own opinion. And I accept the definitions of violence of the marchers over the weekend (referenced in the OP) and Paul Buchheit. For me to provide my definition would be pointless as a comment on this article commenting (according to not much more than the headline, I'll admit) on "The rallies in Chicago and around the country."


#11

Most of the profits of the U.S. economy go to waste, they are stuffed by millionaires into the stock markets where they moulder to no ones benefit. It's time to recycle this wealth for the benefit of most Americans, who created it. Most Americans work in large corporations, 2/3rds work in firms with more than 100 employees, half in firms with more than 500 -- half is about 60 million workers (this is from a USCensus report) . These firms make huge profits, which mostly, about 91% according to professor Wm. Lazonick, corporate boards designate for stock buybacks and dividends to shareholders --- not to wage gains. This huge $$$ amount goes into the stock exchanges who pay no taxes on their transactions. There is over $88 trillion in private net worth, call it wealth or savings -- and 71% is in financial assets (Flow of Funds, Table 101.B I think). In contrast, the public part of the national debt is a paltry $14 trillion, and Social Security's trust fund is less than $3 trilliion. It makes more sense to have a direct tax on financial assets, as proposed by James Kwak. A tax on wealth could easily eliminate the income, the payroll and sales taxes -- easily. $88 trillion. The U.S. government expends about $4 trillion each year, state governments about $2 trillion. We need, at the least, a sales tax on financial transactions.


#12

And then there are the family-held corps, which have some of the worst records of wage slavery. Walmart, for instance, is publicly traded, but Walton family members may hold at least half of the shares.


#14

Taxation

Or termination?


#15

Of course those money magicians who get rich off the labor and sacrifices of the working poor, who do pay taxes, even before most other needs. They should pay taxes and they should be held ACCOUNTABLE when they break laws and cheat, just like the real working class do. But greed and corruption is what rules. steal a candybar from a wealthy biz and any average citizen is immediately arrested, but if the rich cheats you out of your home, too bad for you, the laws are to protect the elite, not the average citizen, just like taxes


#16

there will be no change because the ppl that would vote on changing the system are the same ones that benefit from the system as it is now


#17

"A tax on securities trades would...create large economic & societal distortions"? By that do they mean that the 1%, that seem to think they should own the whole damn planet might have to pay some tiny little bit of the LOOT they've stolen from the regular people of this planet for so long? We're not suggesting that maybe they might even pay a PORTION of their fair share of taxes! Of course not! Societal distortions?? They don't mean like when entire cities are labeled "The Rust Belt" or "sacrifice zones " so that they can indulge in their greed? Or when hundreds of schools are closed down supposedly due to "budget restrictions." Societal distortions? Is that like what happens when the children who should be going to those schools now end up in the School to Prison Pipeline? ( Oh sorry! That's Ok the private prison industry makes LOTS of money which makes more money for these scumbags.)