Advisers to presidential candidate Joe Biden are weighing the introduction of a new tax on Wall Street, reports The Washington Post.
The plan under consideration from Biden’s advisers would tax financial transactions such as the sale of stocks and bonds. Such a tax is often referred to as a "Tobin tax."
The billionaire crony, George Soros, has been promoting the tax for decades. The lefties Bill Gates, Paul Krugman and Joseph Stiglitz are all supporters of the tax.
Soros, who is always holding some cards he isn't showing, wrote in his 2005 book George Soros On Globalization:
So because someone is not taxed in some manner that person has an "unfair advantage," according to the billionaire. Why not fix the problem by, instead, eliminating the VAT?
This is serious big government type thinking on the part of Soros.
As for Biden, don't forget he has already called for raising the tax rate paid by corporations from 21 percent to 28 percent and has also proposed raising capital gains taxes on millionaires, ending incentives to move corporate profits abroad, and eliminating a loophole that allows heirs to receive capital gains tax-free.
Remarkably, amongst the Democratic candidates, he is considered a moderate compared to Bernie Sanders and Elizabeth Warren who both have even more aggressive tax plans.
It's a damn attack on the capital structure of America.
-RW
"It's a damn attack on the capital structure of America."
ReplyDeleteNot at all. Over the course of the 110 years of central banking in the USA it has done much to centralize wealth in the hands of fewer and fewer people. The masses are beginning to realize that something is very unfair. They may not have read Rothbard or know the Austrian Business Cycle or even what central banking is but they know they are being screwed.
Those on top of the pyramid would like to stay there. The villagers coming in mass with torches and pitchforks isn't good for them. So what do they propose? A tax on themselves. See it will make things more 'fair'. But of course it will be an illusion.
A financial transaction tax will in the net be unlikely to hurt those at the top of the pyramid. For starters once a person's wealth reaches a certain point his ownership of assets benefits more from government than he is taxed (provided he plays ball and arranges it properly). Every dollar he pays in taxes comes back with more through the corporations he owns stock in. Another war, government contracts, environmental policy, fed money tap, security equipment, new laws, regulations, whatever. They'll get it back. Soros will get every nickel he pays back and then some.
Who will pay the financial transaction tax? You, me, the others reading here, everyone with a 401K, etc. Us little people. We'll pay these taxes in the net.
It's not an attack on the capital structure of the USA, it is the capital structure of the USA working exactly the way it has been designed to work over the last century. It's about sticking it to those of us who can't buy senators as usual. Meanwhile the poor (and those in the middle duped by this) cheer the new taxes and keep themselves aligned with the ruling and political classes against the middle (even if they are the middle).