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  1. #1
    Atomic Punk rocknblues81's Avatar
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    Default How Bernie Sanders’ Wall Street Tax Hurts the Middle Class

    How Bernie Sanders’ Wall Street Tax Hurts the Middle Class

    Juliegrace Brufke



    Presidential hopeful Sen. Bernie Sanders suggested implementing a financial-transaction tax to raise funds for his plan to provide free college education – a proposal many economists feel could have a detrimental effect on the economy.

    While Sanders says the levy will “reduce risky and unproductive high-speed trading and other forms of Wall Street speculation,” critics say his policies will lead to fewer people investing altogether.

    Under the Vermont politician’s plan, introduced in the upper chamber last May, stocks would see a 0.5 percent tax rate, bond trades would get a 0.1 percent rate and derivatives would see a 0.005 percent tax rate, MarketWatch reports.

    According to Chris Edwards, the director of tax policy studies at the Cato Institute, the high rates could exacerbate the problem of corporations and high-income earners investing out of the United States.

    “Sanders new financial tax would push financial activity offshore, and the U.S. financial industry would lose jobs,” he told The Daily Caller News Foundation. “Foreign financial centers, such as London and Hong Kong, would gain at our expense. Sanders needs to realize that we live in a global economy, so raising taxes on mobile activity like stock trading just makes the tax base vanish—we would shoot ourselves in the foot.”




    Edwards added that college tuition, which the revenue raise would be put toward, is already heavily subsidized and could lead to issues for the working class.

    “More subsidies would boost tuition inflation at colleges in a vicious spiral upwards,” he said. “Besides, more college subsidies would increase income inequality by aiding future lawyers and accountants at the expense of people who don’t attend college, such as truck drivers.”

    Adversaries of the tax fear it could lead to turmoil in the markets – but depending on how much it would cut down on volume, it could cause a different set of issues.

    “If it cuts volume a lot, it could reduce volatility,” Curtis Dubay, a research fellow specializing in tax policy at the Heritage Foundation, told TheDCNF. “But that will be a secondary issue because if the tax is onerous enough to reduce volume that much, it will have greatly reduced asset prices.”

    According to a May anaylsis by the Tax Policy Foundation, a Washington, D.C.-based research group, after the senator introduced his proposal in Congress, the levy would not generate as much revenue as he anticipates for his education plan.

    “Since the financial transaction tax is a tax on trades, the number of taxable trades would decline. The smaller tax base would mean lower revenue from the financial transaction tax,” the findings read. “In addition, the reduced trade volume would result in fewer people making money from the stock market and could push down capital gains tax revenue.”

    According to the International Business Times, the tax increase could lead to 24 percent drop in trading volume.

    “Sanders might think his new financial tax would just hit high earners, but middle-class savers would also be hit because their mutual funds buy and sell securities, and the tax would reduce stock prices and harm the overall economy,” Edwards said told The Daily Caller News Foundation.
    http://thelibertarianrepublic.com/he...-middle-class/
    Michael Caine on Jaws: The Revenge:

    "I have never seen it, but by all accounts it is terrible. However, I have seen the house that it built and it is terrific."

    Samuel Johnson 1775 : “Patriotism is the last refuge of a scoundrel”

    "McDonalds is The Antichrist" - Bill Hicks

    http://www.youtube.com/watch?v=jSH6ofHbeUw

  2. #2
    Atomic Punk rocknblues81's Avatar
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    BERNIE SANDERS DIDN’T MAKE A PAYCHECK UNTIL HE TURNED 40

    http://spectator.org/blog/65498/bern...l-he-turned-40
    Michael Caine on Jaws: The Revenge:

    "I have never seen it, but by all accounts it is terrible. However, I have seen the house that it built and it is terrific."

    Samuel Johnson 1775 : “Patriotism is the last refuge of a scoundrel”

    "McDonalds is The Antichrist" - Bill Hicks

    http://www.youtube.com/watch?v=jSH6ofHbeUw

  3. #3
    Atomic Punk edwardv's Avatar
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    You have to say this about Bernie. He's a die hard socialist he does not try to hide it at all. He came up as a dirty hippie in a VW and he never worked at a real job then was elected to public office all the way to the US Congress. Now he's on the verge of actually being in the race for the nomination against another women from the Woodstock generation who never worked a real job either but lies for years about everything she's ever done in life. Her for only political purposes husband who also served 2 terms as POTUS never worked a day in his Woodstock life either. Trump most likely never had a real job too maybe he did some gofer work for daddy? But he did actually run his fathers company as a capitalist and made it bigger and more profitable than pop did. Do you see a trend here?
    Last edited by edwardv; 02.17.16 at 05:37 AM.
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  4. #4
    Hang 'Em High Hurricane Halen's Avatar
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    Quote Originally Posted by edwardv View Post
    You have to say this about Bernie. He's a die hard socialist he does not try to hide it at all. He came up as a dirty hippie in a VW and he never worked at a real job then was elected to public office all the way to the US Congress. Now he's on the verge of actually being in the race for the nomination against another women from the Woodstock generation who never worked a real job either but lies for years about everything she's ever done in life. Her for only political purposes husband who also served 2 terms as POTUS never worked a day in his Woodstock life either. Trump most likely never had a real job too maybe he did some gofer work for daddy? But he did actually run his fathers company as a capitalist and made it bigger and more profitable than pop did. Do you see a trend here?
    Found a old pic of Bern.......




    His ex.....




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  6. #5
    Atomic Punk rocknblues81's Avatar
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    Bernie Sanders’s Brother: He Backs ‘Class Warfare,’ Bill Clinton Was Worse Than Bush

    http://www.thedailybeast.com/article...than-bush.html
    Michael Caine on Jaws: The Revenge:

    "I have never seen it, but by all accounts it is terrible. However, I have seen the house that it built and it is terrific."

    Samuel Johnson 1775 : “Patriotism is the last refuge of a scoundrel”

    "McDonalds is The Antichrist" - Bill Hicks

    http://www.youtube.com/watch?v=jSH6ofHbeUw

  7. #6
    Atomic Punk rocknblues81's Avatar
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    [BSanders Admits A $15 Minimum Wage Will Increase Prices
    [/B]

    http://thelibertarianrepublic.com/sa...crease-prices/
    Michael Caine on Jaws: The Revenge:

    "I have never seen it, but by all accounts it is terrible. However, I have seen the house that it built and it is terrific."

    Samuel Johnson 1775 : “Patriotism is the last refuge of a scoundrel”

    "McDonalds is The Antichrist" - Bill Hicks

    http://www.youtube.com/watch?v=jSH6ofHbeUw

  8. #7
    Atomic Punk rocknblues81's Avatar
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    Paul Krugman: For wonks like me, Bernie Sanders is frankly horrifying

    http://www.salon.com/2016/02/19/paul...ying/#comments

    It doesn't speak well for progressives when even a weasel like Krugman isn't on board.
    Michael Caine on Jaws: The Revenge:

    "I have never seen it, but by all accounts it is terrible. However, I have seen the house that it built and it is terrific."

    Samuel Johnson 1775 : “Patriotism is the last refuge of a scoundrel”

    "McDonalds is The Antichrist" - Bill Hicks

    http://www.youtube.com/watch?v=jSH6ofHbeUw

  9. #8
    Forum Frontman It's Mike's Avatar
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    I like Krugman and he's right.

    Sent from my Z10 using Tapatalk

  10. #9
    Atomic Punk rocknblues81's Avatar
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    Quote Originally Posted by It's Mike View Post
    I like Krugman and he's right.

    Sent from my Z10 using Tapatalk
    Krugman thinks debt is good.
    Michael Caine on Jaws: The Revenge:

    "I have never seen it, but by all accounts it is terrible. However, I have seen the house that it built and it is terrific."

    Samuel Johnson 1775 : “Patriotism is the last refuge of a scoundrel”

    "McDonalds is The Antichrist" - Bill Hicks

    http://www.youtube.com/watch?v=jSH6ofHbeUw

  11. #10
    Forum Frontman It's Mike's Avatar
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    Quote Originally Posted by rocknblues81 View Post
    Krugman thinks debt is good.
    It can be. Depends why you have it.

    Sent from my Z10 using Tapatalk

  12. #11
    Atomic Punk rocknblues81's Avatar
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    Quote Originally Posted by It's Mike View Post
    It can be. Depends why you have it.

    Sent from my Z10 using Tapatalk
    On housing bubble:

    "To fight this recession the Fed needs more than a snapback; it needs soaring household spending to offset moribund business investment. And to do that, as Paul McCulley of Pimco put it, Alan Greenspan needs to create a housing bubble to replace the Nasdaq bubble.". - Paul Krugman, August 2nd, 2002.
    http://www.nytimes.com/2002/08/02/op...ouble-dip.html
    Michael Caine on Jaws: The Revenge:

    "I have never seen it, but by all accounts it is terrible. However, I have seen the house that it built and it is terrific."

    Samuel Johnson 1775 : “Patriotism is the last refuge of a scoundrel”

    "McDonalds is The Antichrist" - Bill Hicks

    http://www.youtube.com/watch?v=jSH6ofHbeUw

  13. #12
    Forum Frontman It's Mike's Avatar
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    Quote Originally Posted by rocknblues81 View Post
    And .....

    Post has nothing to do with government debt.

    Sent from my Z10 using Tapatalk

  14. #13
    Atomic Punk rocknblues81's Avatar
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    Quote Originally Posted by It's Mike View Post
    And .....

    Post has nothing to do with government debt.

    Sent from my Z10 using Tapatalk
    That destroy's any notion that he is a good economist.

    He is a shifty-eyed dirt bag.

    Yeah, I know that I'm no economist either. Far from it, but I'm not sure that I've seen much evidence of his greatness. I know... I know... He is a Nobel Prize winner, but so is Obama.

    You think that it's a good idea that we're trillions in debt?
    Last edited by rocknblues81; 02.21.16 at 01:04 PM.
    Michael Caine on Jaws: The Revenge:

    "I have never seen it, but by all accounts it is terrible. However, I have seen the house that it built and it is terrific."

    Samuel Johnson 1775 : “Patriotism is the last refuge of a scoundrel”

    "McDonalds is The Antichrist" - Bill Hicks

    http://www.youtube.com/watch?v=jSH6ofHbeUw

  15. #14
    Forum Frontman It's Mike's Avatar
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    Quote Originally Posted by rocknblues81 View Post
    That destroy's any notion that he is a good economist.

    You think that it's a good idea that we're trillions in debt?
    Have you read anything I've ever posted about debt levels?

    Sent from my Z10 using Tapatalk

  16. #15
    Atomic Punk rocknblues81's Avatar
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    Quote Originally Posted by It's Mike View Post
    Have you read anything I've ever posted about debt levels?

    Sent from my Z10 using Tapatalk
    I don't think I've paid that much attention. So I'll say no.
    Michael Caine on Jaws: The Revenge:

    "I have never seen it, but by all accounts it is terrible. However, I have seen the house that it built and it is terrific."

    Samuel Johnson 1775 : “Patriotism is the last refuge of a scoundrel”

    "McDonalds is The Antichrist" - Bill Hicks

    http://www.youtube.com/watch?v=jSH6ofHbeUw

 

 

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