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Thread: A tax on trades?

  1. #1
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    A tax on trades?

    I'm a champion of the idea of taxing stock trades - saw this idea both here: http://www.nytimes.com/2009/01/13/op...bert.html?_r=1 and in the book Thinking Big - basically just put a small fee on the transfer of stocks. In the essay by Dean Baker in Thinking Big he says that "A modest set of taxes (e.g., 0.25 percent on a stock trade or 0.02 percent on the sale or purchase of a future or option) could easily raise more than $100 billion in annual revenue." I think that with a crisis like we have we could use that $100 bil.

  2. #2
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    Quote Originally Posted by spicylemonade View Post
    I'm a champion of the idea of taxing stock trades - saw this idea both here: http://www.nytimes.com/2009/01/13/op...bert.html?_r=1 and in the book Thinking Big - basically just put a small fee on the transfer of stocks. In the essay by Dean Baker in Thinking Big he says that "A modest set of taxes (e.g., 0.25 percent on a stock trade or 0.02 percent on the sale or purchase of a future or option) could easily raise more than $100 billion in annual revenue." I think that with a crisis like we have we could use that $100 bil.
    While we are at it, let's tax internet sales as well.

  3. #3
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    Quote Originally Posted by chester View Post
    While we are at it, let's tax internet sales as well.
    Almost every state does tax internet sales (well the ones that have a sales tax)...just no one pays them.

  4. #4
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    Quote Originally Posted by Steeeeve View Post
    Almost every state does tax internet sales (well the ones that have a sales tax)...just no one pays them.
    OK, how about this for states which find themselves in financial difficulty.

    I prpose an immediate ban on all interscholastic athletics.

    In my state, the highest paid public employee is the Head Football Coach at the state university.

    ABSURD!!

  5. #5
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    Quote Originally Posted by chester View Post
    OK, how about this for states which find themselves in financial difficulty.

    I prpose an immediate ban on all interscholastic athletics.

    In my state, the highest paid public employee is the Head Football Coach at the state university.

    ABSURD!!
    Athletics are generally self supported and do not use state funding. NCAA Schedule of Revenue and Expenses are generally audited (probably by the state if it is a state school) and you can view them online to make sure. This is required by the NCAA! There should be a line item that says "Direct State or other government support" or similar if they are getting this kind of funding (normally 0). The revenue is normally ticket sales.

    This would save the school nothing and probably would cost the school since many schools rely on athletics to get donations and develop a loyal alumni base.

    I thought about giving you grief about this but this is a normal and understandable mistake on your part. Now you know.

    EDIT: I think you are in Michigan. I briefly looked at a 2005 NCAA Schedule for Univ of Michigan and they had $0 as government support, $31 million ticket sales, $16 million donations, $10.6 NCAA distrubutions, and $9.7 million in advertising revenue. Those were the most significant.

  6. #6
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    Quote Originally Posted by chester View Post
    While we are at it, let's tax internet sales as well.
    Hm - see - one of the byproducts of taxing stock trades (at least as outlined by the guy who wrote the essay in Thinking Big) is that it discourages non-productive market activity (day trading, basically). I'm not sure that taxing internet sales has the same effect, though yeah, I guess most of them are already taxed.

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