Haven’t We Had Enough?
One of our own congressional representatives wants a tax on our stock transactions in hopes of raising $150 billion.
Under a bill being drafted by Democratic Reps. Peter DeFazio (Ore.) and Ed Perlmutter (Colo.), the sale and purchase of financial instruments such as stocks, options, derivatives and futures would face a 0.25 percent tax.
Half of the $150 billion in tax revenue would go toward reducing the deficit, while the other half would be deposited in a “Job Creation Reserve” to support new jobs.
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“Your bill would put Wall Street to work for the public good, by placing a modest securities transaction tax on trades of stocks, options and swaps. A tax on these trades has little impact on the average investor or pension fund because they hold their investments for the long term, but it does disincentivize Wall Street gambling and high-volume short-term speculative trading,” the organizations wrote.
The taxpayers bail out Wall Street after Congress and Wall Street were responsible for the credit disaster that threw millions out of work. Now you want to penalize us some more with a transaction fee that will help job creation. You should at least kiss us or take us to a dinner and a show before trying to make sex with us. (Hat tip to SNL.)
Let’s get over this idea that government creates jobs. Only entrepeneurs willing to lose everything create jobs. Their incentive is unlimited wealth if they succeed. Governments only TAKE money from one taxpayer pocket and give it to another and taking a fee for its efforts.
Let’s get over this idea of making sex with one person in the name of the public good. Hasn’t the eminent domain fight proved anything?
Let’s get over the idea that money raised by a tax will reduce the deficit. As long as we have the current Congress, there will be no reduction of the deficit. They will find innumerable ways to spend more money until there is no more. That day is rapidly approaching.
My fellow Oregonians. it’s time to vote Democratic Rep. Peter DeFazio (Ore.) out for the public good!
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Mike Landfair
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