How likely is it now that a financial transaction tax will pass?

ajcrshr said:
Here is what the incoming VP said in 2019:

“Harris says her plan — including taxing stock trades at 0.2%, bond trades at 0.1% and derivative transactions at 0.002% — would raise “well over $2 trillion” over 10 years.”

https://www.marketwatch.com/story/2...-tab-for-her-medicare-for-all-plan-2019-07-29
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And Trump said he was going to build a wall and make Mexico pay for it. And eliminate the trade deficit with China. And end conflict in the middle east. And reduce the budget deficit. And.....well hopefully you get the idea that it's a long way from campaigning on something and actually making it happen, even if you are the President which Harris will not be. Especially if you're doing something that hurts NYC which happens to be the constituency of the incoming Senate Majority Leader. And you control the Senate by a single vote.
 
Sig said:
And Trump said he was going to build a wall and make Mexico pay for it. And eliminate the trade deficit with China. And end conflict in the middle east. And reduce the budget deficit. And.....well hopefully you get the idea that it's a long way from campaigning on something and actually making it happen, even if you are the President which Harris will not be. Especially if you're doing something that hurts NYC which happens to be the constituency of the incoming Senate Majority Leader. And you control the Senate by a single vote.
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J Kuch got this done.
 
Sig said:
And Trump said he was going to build a wall and make Mexico pay for it. And eliminate the trade deficit with China. And end conflict in the middle east. And reduce the budget deficit. And.....well hopefully you get the idea that it's a long way from campaigning on something and actually making it happen, even if you are the President which Harris will not be. Especially if you're doing something that hurts NYC which happens to be the constituency of the incoming Senate Majority Leader. And you control the Senate by a single vote.
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Well I certainly hope you are right. With the Dems in full control Schumer and Pelosi are going to face heavy pressure from the further left to implement things like student loan forgiveness, medicare 4 all and UBI, and paying for them by taxing Wall street and the wealthy. I wouldn't be too surprised if we at least see cap gains being treated more like ordinary income, if not the catastrophic FTT in the next 4 years.

Ocasio-Cortez’s and Schakowsky’s Proposal
Rep. Alexandria Ocasio-Cortez (D-NY) and Rep. Jan Schakowsky (D-IL) previously indicated that they plan to introduce a bill that would implement a mark-to-market system and increase the capital gains tax rate to match ordinary income tax rates.[17] Ocasio-Cortez’s and Schakowsky’s bill would also increase the top marginal individual income tax rate to 59%. The details of the proposal have not yet been released.

Financial Transaction Taxes
There have been several proposals to impose a financial transactions tax on trades of stocks, bonds, and derivatives. The Wall Street Tax Act of 2019, sponsored by Sen. Brian Schatz (D-HI) and Rep. Peter DeFazio (D-OR), would to impose a 0.1% a tax on securities transactions.[18] Sen. Bernie Sanders (I-VT) and Sen. Kirsten Gillibrand (D-NY) previously introduced a bill that would apply tax of 0.5% for stocks, 0.1% for bonds and 0.005% for derivatives and would provide an income tax credit to offset the financial transaction tax for taxpayers with income of less than $50,000 (or $75,000 for couples).[19]

https://www.natlawreview.com/articl...ent-elect-biden-and-other-prominent-democrats
 
takeprofitsalways said:
The democraps have control of everything now. I make a ton of trades a day. To put this in perspective, I made several mill last year, but if the FTT passes, I will owe money and declare bankrupcty. Is there a chance that this will pass since Kamala is pushing it and with the democraps have the majority, that they can pass any bill at will or is it not that easy? And if it passes, would it be possible for them to do it retroactively?
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FTT is guaranteed but probably not for 4-6 years; Wall Street invested heavily in Biden and they will be expecting a return. It'll likely come in after the next crash wipes out millennial Robinhood traders en masse.
 
ajcrshr said:
Well I certainly hope you are right. With the Dems in full control Schumer and Pelosi are going to face heavy pressure from the further left to implement things like student loan forgiveness, medicare 4 all and UBI, and paying for them by taxing Wall street and the wealthy. I wouldn't be too surprised if we at least see cap gains being treated more like ordinary income, if not the catastrophic FTT in the next 4 years.

Ocasio-Cortez’s and Schakowsky’s Proposal
Rep. Alexandria Ocasio-Cortez (D-NY) and Rep. Jan Schakowsky (D-IL) previously indicated that they plan to introduce a bill that would implement a mark-to-market system and increase the capital gains tax rate to match ordinary income tax rates.[17] Ocasio-Cortez’s and Schakowsky’s bill would also increase the top marginal individual income tax rate to 59%. The details of the proposal have not yet been released.

Financial Transaction Taxes
There have been several proposals to impose a financial transactions tax on trades of stocks, bonds, and derivatives. The Wall Street Tax Act of 2019, sponsored by Sen. Brian Schatz (D-HI) and Rep. Peter DeFazio (D-OR), would to impose a 0.1% a tax on securities transactions.[18] Sen. Bernie Sanders (I-VT) and Sen. Kirsten Gillibrand (D-NY) previously introduced a bill that would apply tax of 0.5% for stocks, 0.1% for bonds and 0.005% for derivatives and would provide an income tax credit to offset the financial transaction tax for taxpayers with income of less than $50,000 (or $75,000 for couples).[19]

https://www.natlawreview.com/articl...ent-elect-biden-and-other-prominent-democrats
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What's interesting is that conservatives are just days away from caring about deficits again and accusing Democrats of not caring about them. But, if they don't care about deficits than you don't have to worry about them increasing taxes to pay for the spending programs you listed, why would they care about increasing revenue to pay for them if they don't care about deficits. Interesting.....

That said, I think reimposing SS tax once your income get's beyond $X has a high likelihood of passing. After that simply repealing the Trump tax cuts seems like the obvious next thing to do. Followed by an increase in capital gains tax for those with income over a certain amount. An FTT is about 10 steps further down the likelihood chain.
 
Sig said:
What's interesting is that conservatives are just days away from caring about deficits again and accusing Democrats of not caring about them. But, if they don't care about deficits than you don't have to worry about them increasing taxes to pay for the spending programs you listed, why would they care about increasing revenue to pay for them if they don't care about deficits. Interesting.....
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Yup everything's a little backwards right now. Libertarians are saying big social media companies should be subject to antitrust laws while progressives are saying private companies are free to ban whoever they want. Trump was more fiscally liberal than Biden since Trump increased massive spending while reducing taxes. Biden will increase massive spending while raising taxes, which is actually more conservative. Weird times..
 
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