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Autumn

(44,765 posts)
6. No one has to divest their portfolio to take on Wall Street, everyone knows that.
Fri Aug 23, 2019, 09:28 AM
Aug 2019
Bernie Sanders has a way to raise $2 trillion -- tax Wall Street trading

https://www.cbsnews.com/news/bernie-sanders-taxing-wall-street-trades-will-raise-2-trillion/

. Sen. Bernie Sanders has introduced a bill that would tax trading of stocks, bonds and derivatives at rates ranging from 0.005% to 0.5%.
. A so-called financial transactions tax could raise between $776 billion and $2.4 trillion over 10 years, economists estimate.
. The U.S. hasn't taxed financial trades since the 1960s, although the 2008 financial crash brought the idea back in vogue.

Sen. Bernie Sanders has put "Medicare for All" and free public college at the center of his 2020 presidential campaign, and he knows just who should pay for the federal programs: Wall Street. The Vermont independent this week proposed a bill that would impose a small tax on trades of stocks, bonds and derivatives.


Under the measure, any stocks traded would be taxed at a rate of 0.5%, bonds at 0.1% and derivatives at 0.005%. So selling $1,000 of stock would incur a tax of $5. Such a tax could conservatively raise tens of billions of dollars per year, according to the Congressional Budget Office, which estimated the potential revenue at $776 billion over a decade. A 2017 study by the University of Massachusetts concluded a so-called financial transactions tax could yield a far bigger bounty -- $2.4 trillion over 10 years.


If I were to vote in a presidential
primary today, I would vote for:
Undecided
Kicked and recommended. Uncle Joe Aug 2019 #1
I'm glad Bernie pointed out that the whole point of the election is to defeat the other guy, Autumn Aug 2019 #3
not recommended by me katmondoo Aug 2019 #15
Trump is a symptom, not the disease. Uncle Joe Aug 2019 #23
"We have to take on Wall Street".... George II Aug 2019 #2
No one has to divest their portfolio to take on Wall Street, everyone knows that. Autumn Aug 2019 #6
"The U.S. hasn't taxed financial trades since the 1960s" - hmmm. George II Aug 2019 #8
Well, the message is still on spot! Newest Reality Aug 2019 #4
Still don't know what "take on" means. betsuni Aug 2019 #5
Tax Wall Street trading. Capital controls that would regulate the flows of financial assets Autumn Aug 2019 #7
Why not just take everything and give everyone an allowance? George II Aug 2019 #9
Really George? Where have I heard that before... hmmm. nt Autumn Aug 2019 #10
I don't know where you've heard that before, why not tell us. George II Aug 2019 #20
I will settle for defeating Donald Trump.. for now. honest.abe Aug 2019 #11
Why do you think we have about 21 candidates running? They all want to defeat Trump, Autumn Aug 2019 #12
I get the feeling Bernie is more focused on forcing his issues on the Democratic Party.. honest.abe Aug 2019 #14
Ditto nt Fresh_Start Aug 2019 #16
I get the feeling that some are just focused on being tougher than Trump instead Autumn Aug 2019 #17
110% of Tom Steyer's campaign is focused on beating trump. George II Aug 2019 #21
His issues are my issues. roody Aug 2019 #26
Look for right wingers to say "duRr hE oWnS sTOcKs!" Hassin Bin Sober Aug 2019 #13
nO. HE sHoUlD TakE eVERytHiNG aNd gIvE uS aN alLOoWaNce!!!!! Autumn Aug 2019 #18
He doesn't own any stocks, but half of his reported net worth is invested in "Wall Street". George II Aug 2019 #22
Feels like Lordquinton Aug 2019 #24
Yep, 'zactly. JudyM Aug 2019 #25
"We must reduce CO2 emissions," he said, while breathing. Beartracks Aug 2019 #29
Only if he is the nominee -- if he is not .... (whistles) nt NYMinute Aug 2019 #19
He's right, you know... myohmy2 Aug 2019 #27
Defeat Republicans up and down the ballot... Beartracks Aug 2019 #28
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