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"Every government interference in the economy consists of giving an unearned benefit, extorted by force, to some men at the expense of others."

Ayn Rand

Nobody's listening.

TAXING THOSE EVIL PROFITS

By
Neal Boortz
@ August 31, 2009 8:16 AM
Permalink | Comments (20) | TrackBacks (0)

The AFL-CIO has come up with a brilliant plan to reap billions of dollars ... tax evil corporation profits. The plan is to tax every stock transaction. While they call it a "small" tax (about a tenth of a percent) the tax would generate $50 billion to $100 billion a year. Policy director for the AFL-CIO, Thea Lee, says there are two reasons for imposing the new tax: raising revenue and discouraging speculative financial activity. She explains, "The big disadvantage of most taxes is that they discourage some really productive activity ... This would discourage numerous financial transactions. People flip their assets several times in an hour or a day. They make money but does it really add to the productive base of the United States?" Now, what might this money be used for? The goal would be to use the tax revenue on infrastructure projects (for unionized employees, obviously). And get this, the tax could be applied nationwide or internationally.

Question: Who should make the decision as to when to buy or sell a stock? The government? Some union hack? Hey! Here's an idea! Let the person who owns the stock decide when to sell it! And let the person with money decide when to invest! I think there's a word for that ... "freedom," I think. But then we're talking about unions, aren't we?

Government wants back in. The Democrats want the government back in. In where? To our financial institutions, that's where. Make no mistake, the looters are more than a little upset that companies like Goldman Sachs have not only repaid their loans but are now making billions in profits. That drives them wild! What in the hell are those companies and the people who invest in them doing with all of that money that we could be using to buy votes .. or that could be spent to employ union workers. Well ... since these companies and their investors have broken free and are once again thriving, let's just levy a little tax against trading in their stock.

But hold tight, my friends. You ain't seen nuttin yet. Wait until the looters propose going after your pension funds, your IRAs and your 401Ks. It just not fair that you should have a comfortable retirement when so many people are going to have to rely on the busted Social Security system.

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What others are saying

  • Enron wasn't in Bush's pocket
    "Republicans are probably still investing Enron since they were big Bush supporters"

    Are you talking about the same Enron that actually asked the Bush administration for a handout, and got none? And didn't they ask because they previously had received a handout from Clinton? Please, know your facts before you start spouting junk, okay?

    Oh yeah, didn't Enron get eliminated from market completely due to their actions? In this day and age, they would still be on life support with bailout money!
  • it's monday damn it!!!.......................................
    taxes? we don't need no stinkin' taxes....oh wait.....it's a patriots duty to pay taxes........rite????
  • ?
    Isn't "profit" that thing that happens after expenses and taxes? I mean, are they going to be taxed twice? And then, isn't that illegal?
  • Taxing stupidity
    "Maybe we need to tax stupidity...to pay for our trillion dollar debt."

    Kevin, that's already being done. It's called the Lottery.
  • there oughta be a law...............................
    ok here it is........let's have less biznesses and more gubmint......then the unions will have less jobs and the illegals will be taken care of by our great union brothers and sister....'specially them teachers.....

    whada ya'll think????
  • Taxes
    Other than being a military pensioner, I have no retirement savings. Now I know Clark Howard will blow a gasket about this, but I pay my taxes on my income and invest it in the normally taxed investments because I know that government set these retirement schemes up and when the government decides they want that money, they’ll just reach in and take it. So I just said no to IRA’s because they were set up as part of the tax code. I run my finances to make it impossible to make a mistake that some IRS bureaucrat can put me in jail for or charge me some outrageous fine. Yes, I miss out on some extra profits, but until the tax code is rewritten to something less than two semitrailers worth of paper, I will stay conservatively invested. The worst part is that the economy is missing out on my money, and the money of the thousands like me who won’t put money in any of these schemes. Think of the growth that would happen if we weren’t afraid of the mountainous tax code. Now I just have to worry about the government nationalizing the businesses I am invested in and destroying that part of my finances.
    On another note, wouldn’t it be nice if the congress would go back to writing bills that could be published in their entirety on a single newspaper page? I was reading some 1820’s newspapers the other day and was astonished to find the complete text of the bills passed in congress that week in each issue. These days the congressmen are too busy hiding what they are doing from their constituents to allow such a thing.
  • Gigantic Profits??
    Umm...I doubt it..
    BUT, lets say for a second there are huge profits being made....
    Who are the Dumb@sses who keep buying into the system. People love to complain about the record profits made by evil corporations, but no one ever looks to themselves as part of the equation.
    I doubt Banks would make alot if people didn't feel the need to live in a 500k house, or finance that really expensive car, put that large screen tv on a credit card, etc..
    People are crying, because they have no self control, no one MADE them buy anything, only their huge egos ( vanity..keeping up with the jones).
    At the end of the day realize they did nothing but purchase a ton of debt. ( that debt = Profit for those companies) and they are stuck with it.

    Point being ( free market right) if you want to buy it, they will sell it to you....
    Maybe we need to tax stupidity...to pay for our trillion dollar debt.
  • OH How The Game Is Played
    Thank you Snerdley, you are a poet!

    Joyce you are right, but have you noticed in history, how much you have to repeat yourself when it comes to the left and taxes?

    DUDE- its people like you that are the reason we pay so many taxes now. Just to get even with some group you will go along with the "Ya HIT'em where it hurts!" BS....and your too dumb to figure out that the same politicans you support are laughing at you!

    OH and BTW! Just to bring you and others up to speed- "WE ARE DEALING WITH A DEMOCRATE CONTROLLED GOVERMENT, Bush and the republicans are not in charge. Just because they screwed up, this somehow justifies OBAMA's BS?

    AND IT KEEPS GETTING FUNNIER!
  • Goldman Sachs
    Well I know this much, as long as Harry Paulson is Treasury Secretary, no one is going after G/S. These guys are as mush a part of the problem as the rest of Obama's crooks.
  • What is YOUR personal Profit?
    Here's a question for all of you Leftists complaining about profits:
    What does it cost you to do your job(if you have one).
    What do I mean by that question? What costs do you incur going to work and doing your job – example: gas and maintenance for you car, cost for clothing or name tags, whatever.
    Total up those costs and subtract them from your pay – that's your personal profit.

    Let's say it costs you $200 a month in fuel and maintenance costs to get to work, and maybe $25 a month for clothing work clothing. That would yield a cost of $225 a month to do your job.

    Let's also say that you make $800 a month, subtract you costs and your now have your personal profit.

    Using those numbers yields a personal profit of 72%

    Pretty big profits there!
  • Distraction
    Just to take our minds off health care.

    How about government quit spending?
  • Tax stock transactions?
    Don't these (expletive deleted) idiots realize stock transactions are already taxed?

    They're going to tax international transactions? That'll be a hoot. I want to watch them collect a transaction tax from the Chinese exchange. Not only do the Chinese have more soldiers and guns than we have - and they already own the US government, they also own the US national debt - be a real hoot if the Chinese decided to call their markers.
  • Dude
    You're still an idiot.
  • Already taxed
    You already pay a tax on a profit from a stock sale. It's called a capital gain. Also, if it is a loss, you can deduct it (up to certain maximum per year). With a lot of stocks worth less than they were a few years ago, this would be an extra penalty on top of the money you lost when you sold it. The government should tax union dues!
  • If the dimocraps so much as touch our 401K's or pensions
    there WILL be blood. That's just my prediction......
  • Bad Policy
    This is bad policy but this is unlikely to go anywhere. Gov't is needed to make sure that everyone has a fair shot to enter and exit the markets and prevent insider trading, however, the gov't needs to quit trying to manipulate the markets through legislation.
  • correct link
    http://thehill.com/homenews/house/56789-afl-cio-dems-push-new-wall-street-tax
  • Make no mistake
    They are out to destroy capitalism plain and simple.

    Just look at the policies coming out of DC. We got into this mess because we encouraged people to borrow more money than they could possibly pay back. Their idea of how to fix it? Multiply this exponentially. Have the federal government borrow more money than we could ever possibly pay back. Add to this they want another MASSIVE government entitlement program, health care.

    BOHICA
  • Idiots
    If you dont know how to invest your money wisely to avoid taxes then you deserve to have it taken from you. Republicans are probably still investing Enron since they were big Bush supporters
  • gotta give her credit
    she got this part right: ""The big disadvantage of most taxes is that they discourage some really productive activity ... " Too bad she doesn't understand what it means
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