If you are in the stock market you may see increased taxes soon to fund a new job program Congress is trying to pass before the end of the year. The legislation is currently being drafted in the House by Democrats and they are seeking to place a tax on stock market investors in order to create badly needed jobs.
Now that the $787 billion stimulus package has failed to ease the unemployment numbers facing the country, Democrats will now reach into their playbook and raise stock market taxes. The .25 percent tax is part of the “Let Wall Street Pay for the Restoration of Main Street Act of 2009,” and will give Congress the new power to create jobs.
The bill doesn’t come without skeptics and Americans aren’t convinced the federal government is able to take on this noble challenge. The bill is deceiving from the get go as it hopes to raise $150 billion, half of which will pay down the deficit and then create a new jobs reserve. This sounds vaguely similar to another bureaucratic entity which requires money and produces little results.
The White House is facing declining poll numbers and insiders point to the rising unemployment numbers as the main reason lawmakers are so unpopular. However, House leader Nancy Pelosi raised some concerns about the tax hike on Wall Street and said the only way this new program will work is if other countries pursue similar tactics.
According to the sponsors of the bill Rep. Peter DeFazio-D OR and Rep. Ed Perlmutter-D CO, the program would need to create jobs that pay at least the median wage in the U.S. Also the proposed legislation would prevent recipients of stimulus money from returning to the cookie jar.
Legislator’s claim the new tax wouldn’t hurt Wall Street and said it was about time they ponied up to the table and supported Main Street. Among the leading groups who support the new tax are the Service Union Employees International (SEIU) and the AFL-CIO union.
It looks like all those White House visits by Andy Stern, SEIU's front man, are about to pay off in the form of more wealth redistribution.
For more stories; http://www.examiner.com/x-10317-San-Diego-County-Political-Buzz-Examiner
Comments
Democrats like to think of themselves as smart/intellectuals, but the only solution that they could come up with to all our problems is raise taxes.
Guess who owns most of the stocks? Retirement plans, with much in underfunded pension plans. So who pays most of the tax? Not Wall St. Main Street gets most of the bill.
And who makes up the deeper pension shortfall? Taxpayers.
Not to mention the problem of more investors (U.S. and international) looking to overseas exchanges to handle their transactions.
Yup. Some stimulus package!
Aren't they sweetheart, working so hard to take our money at every turn while making the dolts think it's only those bad RICH that will be affected. Even if it were so, which it's not, why would there continue to be jobs if they are driven out and penalized for being successful. Everyone with a 401k or pension will be hurt. The SEIU is the biggest pig at the trough. They are the winners - collecting from the stimulus with varying grants; they are pushing health care to get their people and illegals employed and covered so that they will collect more membership revenues, ditto the cap & trade for those 3 green jobs created they are probably part owners of some of the companies on the list to benefit from that bill, and last but not least that infamous card check bill trying to push everyone into a union. I wonder how much working people will be left with after union dues and taxes? I thought slavery was abolished. Guess not.
Tax wall street? The truth is our government is way out of control.With an authoritarian model government thats disguised as a democracy, we should be a repubic. Change is not what we were looking for as it stands. the people of germany wanted change and got what they voted for.Social reform is not the answer.Freedom and capitalism is what we need to bring back our dear republic.Our policy of mismanagement of our countrys domestic and foreign policys are horrible at best. We need to change alright but not us them.
James Madison said ,The people are right to take alarm at the first advance on their liberties. A.D. Flynn said : The haves and the ,have nots can often be traced back to the dids and the did nots. We can not have a government, thats takes from those who work, and give to those who don't. What is the use of working if we all get paid the same??? Why not join them and all of us quit our jobs and join the band wagon. Free stuff for all who don't work. Great.
Hugo Chavas the biograghy read it . It's just like you were reading Obamas. Word for word. Socialism at its best.It's a guide for our current government. Dictatorship 101.It tells how to control all people. By taking from those who work and giving to those who don't,it's a novel story of where we are going.Redistbrution of wealth and all the glory.Kind of scary when you compare the two.They could be brothers.
I wrote a critique of this policy: Representative DeFazio: Taxing Wall Street Won't Work
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