Finally, the Dems have proposed a tax that is worthy of existence, a transaction tax on Wall Street stock trades!: ["AFL-CIO, Dems push new Wall Street tax"].
I'm on deadline so I won't go into why this is such a brilliant idea and way past its time. But simply put, it's a 0.1 percent tax on every stock transaction. Meaning, for every $1,000 in transactions, $1 is taxed.
Frankly, this is too small. Ralph Nader and others have suggested 0.25 percent which would be about $2.50 per $1,000 or more than $500 billion, will no adverse affect on regular folks or the economy [I think the estimates in the article are too low]. Combined with a nice 100 percent tariff on all imports, the United States could eliminate the income tax entirely ... although that would never happen. One can wish though ...
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