Sunday, October 02, 2011
You Pay Sales Tax - Why Won't Wall Street? #occupyWallStreet
You pay sales tax on stuff you need, but Wall Street doesn't pay sales tax on stocks.
A 1% sales tax on stocks, derivatives and so forth would eliminate our budget deficits AND reduce market volatility. People who hold stock for retirement would not be affected since over the course of 20 or 30 years, 1% of the stocks initial value is nothing.
Lots of politicians have talked about replacing the income tax with a national sales tax -well fine, extend it to stock sales and it's a deal!