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George II

(67,782 posts)
34. One of HIS best ideas? It was already introduced in the Senate back in March...
Fri May 24, 2019, 08:43 AM
May 2019

He's a Senator, why didn't he simply co-sponsor Van Hollen's bill?

Progressive Tax Takes Aim at Wall Street Transactions, Financial Crashes

March 05, 2019

Democrats on Tuesday proposed a tax on Wall Street transactions which could stop another financial crash and bring in $777 billion over the next decade.

"The Wall Street Tax Act would tax the sale of stocks, bonds, and derivatives at 0.1 percent," said Sen. Brian Schatz (D-Hi.), who introduced the bill with U.S. Senator Chris Van Hollen (D-Md.) as lead co-sponsor.

"A stock trade of $1,000 would incur a tax of just one dollar," Schatz added.

The bill was also cosponsored in the Senate by Sen. Kirsten Gillibrand (D-N.Y.), who is seeking the Democratic nomination for president, and Sen. Jeff Merkeley (D-Ore.), who is not.

The House version of the bill was introduced by U.S. Representative Peter DeFazio (D-Ore.) with the support of Representatives Rosa DeLauro (D-Conn.), Raul Grijalva (D-Ariz.), Pramila Jayapal (D-Wash.), Ro Khanna (D-Calif.), Grace Napolitano (D-Calif.), Alexandria Ocasio-Cortez (D-N.Y.), Chellie Pingree (D-Maine), Mark Pocan (D-Wis.), Jan Schakowsky (D-Ill.), and Peter Welch (D-Vt.).

https://www.commondreams.org/news/2019/03/05/progressive-tax-takes-aim-wall-street-transactions-financial-crashes

If I were to vote in a presidential
primary today, I would vote for:
Joe Biden
Undeniably one of Bernie's best ideas. The problem on Wall Street PatrickforO May 2019 #1
I certainly think HFTs should be taxed. It would reduce the incentive to attempt manipulation. oldsoftie May 2019 #3
"Progressive Tax Takes Aim at Wall Street Transactions, Financial Crashes" George II May 2019 #9
Senator Warren proposed taxing trading years ago. Blue_true May 2019 #22
Others have proposed similar penny-a-trade plans or even fractions of a penny. brush May 2019 #30
One of HIS best ideas? It was already introduced in the Senate back in March... George II May 2019 #34
whilst that is a good, albeit very small, start, those revenue numbers are a drop in the bucket Celerity May 2019 #39
"over 10 years". Always left out of headlines. Which means its STILL nowhere near whats needed. oldsoftie May 2019 #2
Don't know where those numbers came from, but as you point out it's really only $240B..... George II May 2019 #13
+1 Nuggets May 2019 #15
Activists around the world (including in the U.S.) have been working for this for over a decade. lapucelle May 2019 #4
I'm sorry, but won't fly calguy May 2019 #5
Instead of trading, why don't you do venture capital? Blue_true May 2019 #23
$10,000 IS very minor for a day trader calguy May 2019 #36
Bernie completely overstepped. Blue_true May 2019 #43
Sorry, but there aren't enough individual day traders to stop this tax. marylandblue May 2019 #35
You are right. There aren't enough day traders. calguy May 2019 #37
Well the money doesn't go straight to Bernie, you just say that for emotional reasons. marylandblue May 2019 #40
I agree on all counts marylandblue Uncle Joe May 2019 #41
It's really kind of ymoot point calguy May 2019 #42
The retirement account thing. Blue_true May 2019 #44
This will eat into people's 401K plans big time NYMinute May 2019 #6
Hillary Clinton proposed something like a 0.001% tax Blue_true May 2019 #24
Not his idea: George II May 2019 #7
But Senator Sanders proposed it and jacked up the numbers. Blue_true May 2019 #25
he was on w ali velshi the other day talking about this. mopinko May 2019 #8
Maybe he didn't want to get too deeply into it because it was already introduced back in March.... George II May 2019 #10
He didn't go into it because he's lazy crazytown May 2019 #11
👍🏼 Nuggets May 2019 #16
that's where he lost me in '16. mopinko May 2019 #18
That's true. He seems to acknowledge an interviewer's question... brush May 2019 #31
He's not the same guy as interviewed on 'Brunch with Bernie' crazytown May 2019 #32
Yep. nt Kahuna7 May 2019 #46
he was asked about schatz bill. his answer- mopinko May 2019 #17
.. George II May 2019 #19
he doesn't have much beyond the usual slogans from his stump speech. he is unable to answer JI7 May 2019 #28
i dont see him picking up any new voters. mopinko May 2019 #33
HRC suggested it in 2016 but only on high volume trading Fresh_Start May 2019 #12
I have pointed that out also. Her plan would have worked out adding a tiny amount Blue_true May 2019 #26
Exactly still_one May 2019 #29
Whether it's the lower Govt estimate of $78 Billion a year, or MIT's $200 Billion, it doesn't come Hoyt May 2019 #14
You make a good point. Blue_true May 2019 #27
.. George II May 2019 #20
Hillary Clinton proposed that in 2016. Senator Warren has long been an advocate for that. Blue_true May 2019 #21
This isn't Bernie's idea. NurseJackie May 2019 #38
Heck no. Honeycombe8 May 2019 #45
How about we just cancel the last 3 rounds of tax cuts for rich people and corporations? Persondem May 2019 #47
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