Lawmakers introduce bill to tax financial transactions:
https://finance.yahoo.com/news/lawma...211353714.html
Quote:
A group of lawmakers wants to tax financial transactions -- a move they argue will generate billions of dollars in revenue and reduce the risk of another financial crisis.
On Tuesday Sen. Brian Schatz (D-Hawaii) introduced the Wall Street Tax Act in the Senate, while Rep. Peter DeFazio (D-OR) introduced legislation in the House.
Sen. Kristen Gillibrand (D-NY), a 2020 presidential contender, Rep. Alexandria Ocasio-Cortez (D-NY), and other progressive lawmakers have signed on as co-sponsors.
The plan would tax the sale of stocks, bonds and derivatives at 0.1%. (A stock trade of $1,000 would incur a tax of $1.)
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Have to admit I'm a little lost here --
Wouldn't taxing the dollar proceeds of selling (say) 100 shares of AAPL discourage middle class investors like myself from funding an IRA or buying shares of (say) AAPL in the first place?
Imo, the Federal Government needs to be encouraging saving and investing for retirement -
not taxing it.
-jp
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