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You Pay Your Fair Share. Shouldn’t Wall Street?


#1

You Pay Your Fair Share. Shouldn’t Wall Street?

Sarah Anderson

Did you pay all of your taxes this April?

Wall Street banks typically pay much less than the official 35 percent corporate tax rate. And yet after attacking Hillary Clinton for her ties to Wall Street, President Donald Trump is pushing reforms that would make it even easier for big banks to rig the tax rules and skip out on paying their fair share.


#2

AMEN!!  Kill two birds with one stone!*  Do an even better job of reducing speculation by making the tax rate inverse to the length of time the investment is held – 10% on stocks held less than one day, 7.5% if held less than one week, 5% if held less than one month, 2.5% if held less than one year, and %1 on sales of any stocks sold more than one year after purchase.  Apply the tax on a last-bought / first sold basis for stocks of the same class (common / preferred / etc.) for the same company.

* Or stone two birds with one kilo . . .     :sunglasses:


#3

The answer to this article's headline question is: no, because as Senator Dick Durbin reminded us more than a decade ago, Wall Street owns the Congress that makes tax policy and directs its pit bull (IRS) to implement and enforce Congress' tax policy. You and I do not own Congress so they don't care what our opinion is on this matter.

Taxing banks to discourage reckless behavior would simply result in banks figuring out how to game the tax. FDR's New Deal regulations made such reckless behavior illegal and bankers were being put in jail as late as the 1980s for failing to comply. Decriminalization of the New Deal regulations since Saint Ron's revolution and the concurrent Democratic leadership Council (DLC) formation condones reckless behavior and creation of too-big-to-fail banks that controlled 25% of US banking assets when they crashed the economy in 2008 and now control 50% with no end to their march to monopoly in sight.

The first step to turning Wall Street's decriminalized criminal behavior around is to restore New Deal regulations.


#4

"Wouldn’t it be nice if you could just send Uncle Sam an IOU every year?"

A lot of us do, by stashing tax free money in 401k funds and Roth IRAs.


#5

Most people that I've spoken with are surprised to learn that Wall St. pays no Sales Tax.

I see them, merely, as victims of what our, now, Unregulated and Captured Media choose to either Report or Suppress at their Owner's discretion.


#6

Wouldn't be nice if you could create all the money you wanted and buy politicians with it?


#7

This idea would tax the investor (and hedge funds) but not wall street banks. Banks are no longer allowed as per Dodd Frank to trade for their own account.


#8

I don't think anyone pays a federal sales tax. However there is a SEC fee associated with most transactions.


#9

Welcome aboard, Wall St. apologist.