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Team Sergeant
09-02-2009, 19:54
Wow, this is amazing, a labor union pushing for a "stock transaction" tax. Soon I'll be dumping "union" tea leaves into the ocean. IMO labor unions should be stumping for their union members and not engaging in socialist politics.
I am now going to do everything in my power to purchase non-union products. I have purchased my last "union" automobile. I'll be at Wal-Mart tomorrow doing my "shopping". I'll always attempt to buy American, but I sure as hell ain't buying union anymore.

(Guess who gave billions to the dem's party this year....... unions.)

Anyone else see a problem with the AFL-CIO pushing a tax agenda?

Team Sergeant


The AFL-CIO reportedly is promoting a proposal to tax every single stock transaction, and it's gained some support among Democrats.
FOXNews.com
Wednesday, September 02, 2009

After the federal government put up hundreds of billions of dollars to bail out Wall Street, the largest labor union in America wants those firms to return the favor.

The AFL-CIO reportedly is promoting a proposal to tax every single stock transaction, and it's gained some support among Democrats.

According to The Hill, the tiny tax would be about a tenth of a percent -- but it could mean a lot of money for companies, like Goldman Sachs, that are making billions and conducting a high volume of trades.

Union policy director Thea Lee told the newspaper that the tax could raise between $50 billion and $100 billion annually for the federal government, but also serve to discourage "speculative financial activity." In other words, the kind of lightning-fast trading conducted by mega-firms which critics say leads to volatility.

The idea reportedly is gaining some support in Congress and among top officials in London.

But Mark Calabria, director of financial regulation studies at the Cato Institute, said such a tax would not be a big enough deterrent to change Wall Street behavior in any significant way.

"The gamblers out there, the speculators, I don't think it's going to necessarily deter them," he said. "It's just another way to raise revenue. It really has no other value."

http://www.foxnews.com/politics/2009/09/02/report-afl-cio-pushes-tax-stock-transactions/

Defender968
09-03-2009, 06:58
This is more class warfare plain and simple just being pushed by a third party IMO to shelter politicians from the left from the heat it’s going to generate. I also have a pretty big problem with this as unions are supposed to promote the interests of their constituents with management not lobby to raise taxes on anyone.

The reality is this is not a tax on Wall street, it's a tax on every day Americans, I am a middle class American who works hard for a living, but I do trade several stocks, this would raise my taxes and I don't make anywhere near 250K, hey Mr. President what about that not raising taxes on the middle class?

Personally I think unions are an outdated concept that are no longer needed but that's a whole different argument.

Team Sergeant
09-03-2009, 09:14
I don't think most individuals realize that much of their retirement funds are made up of many stocks.

We (the AMERICAN taxpayers) bail out the unions, save the unions retirement plans, ensure the union worker without a high school diploma makes $70 an hour and now they want more.

I'm sick of unions. I'm also sick of unions feeding the far-left.

Funny how most socialist movements involve unions and left-wing political leaders.

Defender968
09-03-2009, 11:32
I don't think most individuals realize that much of their retirement funds are made up of many stocks.

You're spot on TS, if the one were true to his word on now new taxes on the "middle class/<$250K crowd" he would immediately come out against this idea, but I guess if it doesn't deal with a local member of LE it's not really on his scope. :D

We (the AMERICAN taxpayers) bail out the unions, save the unions retirement plans, ensure the union worker without a high school diploma makes $70 an hour and now they want more.

I'm sick of unions. I'm also sick of unions feeding the far-left.

Funny how most socialist movements involve unions and left-wing political leaders.

Completely concur, how much power they wield in politics and specifically over the left today is sickening, the fact that the current administration completely violated/trampled the constitution by giving the UAW a 70% stake in Chrysler and Chevy while giving the bondholders (who are guaranteed by the constitution to be paid first) pennies on the dollar when they should have received 100% before the unions got .01 is shocking and disturbing, not to mention completely unconstitutional.