Quote:
Originally Posted by djplong
I peek in here while on vacation and it's still the same "make up stuff to make bad things seem worse" thing going on.
I read the article - it's on FINANCIAL INSTRUMENT trades. Swaps, futures, etc. Not "every time you make a deposit" or buy something at a store.
I agree that this is NOT a good idea because it WILL affect 401K accounts which have already taken a beating. But you don't have to make stuff up to make it seem worse.
The article *specifically stated* what kinds of transaction would be subject to the new tax that the G(FillInTheBLank) are proposing. I understand the sentiment behind it but I disagree with the methodology proposed.
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Of course, you're right that the tax is aimed at stock purchases and transfers and not, as yet under this proposal, on normal banking transactions. I should have clarified it myself earlier, but the scheme still affects most people in today's market. Almost all of us have 401Ks, like you mentioned, and some sort of stock portfolio and will have to figure the cost of this new proposed tax into every action we take with these accounts.
But you have to admit, some taxes we pay today were expansions of modest tax proposals we at one time thought were not too much of a burden. A transaction tax, once implemented, will give a sort of "precedence" mentality to enacting the taxes that the original poster jumped the gun on. It's the old "slippery slope" effect.