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Response to Tansy_Gold (Original post)

Mon May 21, 2012, 11:01 PM

9. How the Ultra-Rich Betray America

 

http://buzzflash.org/node/13507

The ultra-rich betray America and it comes in many forms. Here are a few of the more outrageous, and destructive, examples:

Evasion: Corporations Suddenly Stopped Meeting Their Tax Responsibilities

Delusion: Technology Companies Won't Admit That Much of Their "Innovation" Is Due to Public Assistance

Desertion: The People Who Benefit Most from Government Are Renouncing Their Citizenships to Avoid Taxes

Denial: Traders Feel It's Inappropriate to Pay Even a Tiny Tax on a Quadrillion Dollars in Sales A quadrillion dollars sounds like a fake amount. But it's all too real. That's a thousand trillion dollars of derivatives transactions which, along with the high-frequency computer-generated transactions (5,000 per second) that make up over half of U.S. stock trades, contributed to a financial meltdown and a $3 trillion bailout for reckless trading.

But there's no tax on these transactions.

While average Americans pay a 10% sales tax on necessities, millionaire investors pay just a .00002% SEC fee (2 cents for every thousand dollars) for a financial instrument. And their supporters claim, inexplicably after the disastrous trading frenzy in 2008, that a tax would increase volatility.

Illusion: The Media Leads Us to Believe We Should All Be Cheering When the Stock Market Is Booming



Conclusion

The issues are difficult to address with Congress largely on the side of the wealthy. At the very least:

(1) Eliminate the tax break on unearned income (capital gains). The richest Americans, who own most of the stocks, should not pay a smaller tax than everyone else.

(2) Implement a small financial transactions tax. It would be easy to administer on computer trades, it would generate hundreds of billions of dollars in revenue, and it would help guard against the reckless speculation that devastated the financial markets and our country.

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