For the investor (the person who risks the capital to create real live self-sustaining jobs), every investment, whether it results in a profit or not, would be taxed two more times.
What is near certainty is that this bill will succeed at driving traders to international markets that are escaping the stilted centralized economy that DeFazio and Perlmutter feel the need to champion.
It's a given that this misguided vengeance against Wall Street is comfort food for populist legislators, but "Wall Street" isn't stocked exclusively with revolting would-be criminals. It is made up of retirees, small-business owners, entrepreneurs and parents who invest in their kids' college funds. At last count, nearly 50 percent of Americans are, on some level, invested in the stock market.
If one was a hopeless skeptic, he might believe these legislators were trying to undermine private sector growth by re-appropriating wealth in such a ham-handed way. Even reliable liberal Sen.Chuck Schumer said that a Wall Street transaction tax had the potential to "harm economic recovery efforts by deterring capital investment."
Read it all.
Filed under: * Culture-Watch Globalization * Economics, Politics Economy Stock Market Taxes The U.S. Government Budget The National Deficit Treasury Secretary Timothy Geithner Politics in General House of Representatives Office of the President President Barack Obama Senate
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