Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
American Middle Class "Wealth" Worse Than Every Nation But Russia & Indonesia
Interesting comments following the billmoyers.com article. an "FTT" (Financial Transactions Tax) tax would be the end of retail trading as well. If the financial revolt comes, retail trading could be one of the first casualties, but I guess that would end the "snake oil" retail trading products industry also.
"
Anonymous
That’s it, Financial Transaction Tax. That would solve the Multi Trillion dollar wealth accumulated globally. It indiscriminately targets securities market under the assumption that the 1% make their money constantly buying and selling in financial services. Mr. Buchheit should get a better understanding of how the 1% make money before coming up with a solution. https://myioffice.com/ Tom Simon
Pray tell inform us vjmali how do the 1% make money?
HReardon
By first financing the reelections of candidates that make the laws.
Then they use their power to manipulate the regulatory and tax codes in
their favor. Finally they make sure that the new taxes target activity
such as earning income and transactions on your small brokerage account
instead of targeting accumulated wealth. If they are in banking they
have the added bonus of being able to borrow money from the privately
owned federal Reserve at near 0% interest with which they purchase rent
seeking hard assets that the middle class must use.
Anonymous
So many Americans don’t know what is going on. I think that deep down Americans realize that we’re being screwed, yet the coporate owned “librul media” will NOT tell the real truth about what’s been happening. The Plutocrats are draining US (& the world) and have the nerve to pretend “they earned it themselves”, and because Americans don’t yet have a clue as to the massive levels of welfare that these Plutocrats receive, the people fight against and vote against their own best economic interests! https://myioffice.com/ Tom Simon
Well stated sir. It would seem though the FTT would be a step in the right direction.
Anonymous
They rarely sell what they buy in the short run. mostly cause they don’t need to. Much of their wealth comes from Capital Gains. That is why capital gains are taxed much lower than income. (As eluded by HReardon). They have the advantage of getting information before others do. City council will let them know where are the plans for future development. People generally follow them, which puts them ahead of others. they are offered discounts just to put their name to a deal. People and govt officials do them favors just to get close to them. They have powerful lawyers to protect their interest. They don’t go to prison for crimes. All these things starts to generate wealth for them even if they did not try. Koch brother’s wealth did not increase by 12 Billion in 2013 by trading stocks. https://myioffice.com/ Tom Simon
Spot on – such a pleasure to find intelligent thinking delivered with such respect for others. Thank you both for renewing my hope that there is still an American electorate capable of speaking truth to power.
Michael R.
Capital Gains (CGs) and “carried interest”. But that is another tax / fee issue. The idea of a FTT is to tax continuous economic (global) activity that amounts to trillions of trades made daily (globally speaking). A 1%-er’s CGs can rise and fall, but the market peseveres. Consider how much will accumulate in a year with just 1/4 of a cent tax on every buy or sell order…! The money should then go into a global fund (or perhaps separate funds according to nation of origin of the investors) that is run by a public non-profit to administer zero % loans or grants to countries seeking sustainable solutions to poverty, energy needs (e.g., induction stoves to the 1.4 billion without access to electricity), sanitation engineering projects, climate change resilience/mitigation measures, ecological restoration, and job creation.
This is so obvious (even many wealthy folks would go along with it), it amazes me that there is any opposition or inertia to it; something happens to the brain when a person becomes rich (and super rich): they cease to feel needful of and connected to others (and thus responsible to or for others); a form of emotional detachment, I suppose…coupled with an addiction to wealth and power (the worst form of drug addiction).
GregoryC
Unregulated derivatives estimated at over $1.2 quadrillion globally within the shadow banking system. The same derivatives that destroyed the global economy in 2007-2008 requiring tens of trillions of dollars of guarantees for global banks.
"