Archives for posts with tag: Economy

Britain already has a tax on share trading. France has just proposed a new tax for every stock trade in their country, excepting bonds. It is time that the US set a miniscule tax on each Wall Street trade, raising tens of billion dollars annually with little impact on actual investment. Such a tax would reduce speculation and outrageous bankers’ bonuses. Only 1/20th of 1% on each Wall Street trade is proposed by the American Dream Movement. The resulting income could then be used toward Main Street job creation, i.e. benefiting the rest of us 99%.

The extra money that the very wealthy get through the Bush tax cuts does not, as claimed by those who fund right-wing causes, create jobs in the U.S. through investment. In fact, a large proportion of these funds are invested overseas, where they create jobs for people in India and China (and some elsewhere too) – jobs that compete with Americans, and encourage more U.S. companies to move overseas.

In other words, rich Americans – the 1% – are betting against their own country. And against American workers. Not only is the tax credit undeserved and unneeded, but it noticeably hinders the recovery of our economy. So much for the loud-mouthed patriotism of the Koch brothers, Newt Gingrich and other GOP Presidential hopefuls, and the Republicans in the House and Senate who steadfastly kill any attempt to get the 1% to pay their fair share.

Check out Paul Sullivan’s column about this. He writes about strategies that the wealthy use to manage their money and their overall well-being.