Democrats push $150B stock tax per year on Wall Street

Democrats push $150B stock tax on Wall Street
By Silla Brush - 11/24/09 12:05 PM ET


A House bill still being drafted aims to raise $150 billion each year to pay for new jobs.

Under a bill being drafted by Democratic Reps. Peter DeFazio (Ore.) and Ed Perlmutter (Colo.), the sale and purchase of financial instruments such as stocks, options, derivatives and futures would face a 0.25 percent tax.

The bill, a copy of which was obtained by The Hill, is titled the “Let Wall Street Pay for the Restoration of Main Street Act of 2009.”

Half of the $150 billion in tax revenue would go toward reducing the deficit, while the other half would be deposited in a “Job Creation Reserve” to support new jobs.

The job fund would be available to offset the additional costs of the 2009 highway bill and other legislation that creates jobs.

The Obama administration and congressional Democrats are looking for ways to create jobs after the nation’s unemployment rate hit 10.2 percent in October and job losses are expected to rise.

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http://thehill.com/homenews/house/69295-dems-push-wall-street-150b-stock-tax

I'm all for more taxes, starting with Wall Street

Call me simple on this issue, I do think the rich owe us. There, I f'n said it!

I believe that stock trades are taxed in England. It is a small tax, around 1/4% per $1000, or something like that. It adds up.

0.25%, nothing compared to fees that the managers charge me for the same activity

in the first place.

Let's reinstate Glass-Steagall while we're at it.

without some exemptions. Lets say you are 70 1/2 years old and finally ready to retire. You check out your 401K and see you have $100,000.00 in it. you want to take it all out - so you will have to pay taxes on it + the new 25% tax on the stock transfers which amounts to $25,000. Not much left now.

On second thought after my math error was pointed out (I am tired and overworked) Full steam Ahead tax the mother!
Thanks for the correction.

A whole 'nother kettle of fish. Your 70 year old would have to pay $250 tax.

Just looking at Health Care Reform the past oh 2 months.

Many Trading Companies are hurting right now. This will sink them a little further.