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financial transaction tax

  #23 (permalink)

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canoekoh View Post

This trend of increasing populism is partially the wealthy's fault. One cannot deny that the ridiculously increasing wealth gap in the US and globally has been due to the top 0.01%'s greed squeezing out the middle class. Can you really blame the average folks making 30-50k a year for believing in the premises of this bill and supporting it? The top 0.01% continue to bite the hand that feeds them and people are losing hope and think erroneous platforms like Bernie/AOC are proposing are the real solution.

Personally, the best solution would be to enact a high estate tax. FTT and too high capital gains tax hurt capitalism and the economy (and us retail folks). 70% highest bracket tax on personal income is just pure stupidity since almost no one making that much earns it from personal income.

A high estate tax for high income brackets means the gov't isn't going to tax-rape you while you're alive so you still get to enjoy all the QoL that comes from successful capitalism. You will still be able to pass along millions to your children, instead of billions. I am not a major fan of generational wealth, as it only exacerbates wealth gaps in society.

Agree with you on all this. Problem is once the pendulum swings all the way in one direction, it tends to swing back way past the balance point and all the way in the other direction.

From what I've read, those pushing for a financial transaction tax have their eyes fixated on high frequency trading first and foremost, not realizing that without the HFTs, liquidity and volatility would both become huge problems, as HFTs are the new market makers.

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