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senate Bill S. 805

Robin Hood Tax: Should Stock, Bond, and Derivative Transactions be Taxed?

Argument in favor

Some traders on Wall Street have gotten rich through high-frequency trades and risky, speculative investment decisions that endangered the economy. This tax would restore stability to financial markets.

Karan's Opinion
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04/26/2017
Honestly I'm a republican and I think this would be a good thing. It's not too high. Yeah it has some downsides but that's nothing compared to the potential benefits. Even if it generates an extra $150 billion or $200 billion then that's super good. Bernie says $300 billion and under Trump the economy is doing good so there's more trading and we can pull in more revenue.
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05/22/2017
This is a fair way to redistribute the huge financial windfall Wall Street has created with the invention of derivatives and the financialization of our economy. Unchecked, financialization will destroy our capitalist financial system. We need creative change in the regulation of the market to address the unequal distribution of our national GDP among all of the American people. This should also be accompanied by substantial but cautious alterations in our federal tax system. We need BOTH House and Senate, BOTH Democrats and Republicans involved in this! We need a serious national conversation about what is needed here, and we need ACTION to address it!
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04/26/2017
The only way for this nation to succeed in the long term is if we fund the education of our citizens. Millennials are practically indentured servants to student loans. They weren't educated on the realities of the job market after college. Many that I knew just got a statement showing their refund of the remaining loan, after grants and loans and thought that they had done well. Not that the money they were using was borrowed.
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Argument opposed

Speculation is an inherent part of financial markets, trying to reduce it through taxes just makes those markets work less efficiently -- which can create market distortions that this bill wants to avoid.

operaman's Opinion
···
05/19/2017
Since Seniors, retirees, 401K, IRA investors purchase these financial instruments to build portfolios because savings accounts earn about $0.025%. Our Federal Government wants your money when you earn it, when you spend it, when you invest it and finally wants it when you die. Maybe U.S. Socialism is quickly running out of money. Even the state of Connecticut is running out of rich taxpayers (the 1%) to support the socialist lifestyle. Maybe the Indians should buy the state back with casino winnings. Legend is Robbin Hood stole money from the tyrannical government and gave it back to the poor.
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TuckerWantsLiberty's Opinion
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05/20/2017
Where do you get the nerve to think that government has any rightful claim on asset transactions? I sell a stock to someone and you think you have a place in that transaction? You think you have a right to help yourself to a portion of my property just because I traded with someone else? You're the bully at the lunch table who sees kids trading their desserts and demands the first bite of each! There is nothing ethical about what you are calling for. Morality is not on the side of people supporting theft. And what's more, do you know on whose behalf these institutional investors usually trade? You say it's a tax on greedy wall street, but with whose money is wall street doing this trading? Pension funds. Endowments. 401(k)s and IRAs. College 529 plans. What do you have against the arts and education and retirees that you want to steal a portion of their returns? The percentage is irrelevant - if it's more than zero, you're stealing their money from them. AND LAST BUT NOT LEAST, what idiot equated this with Robin Hood?? Robin Hood stole from a tyrannical government practicing oppressive taxation and gave back to the people - i.e., the exact opposite of this bill.
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Loraki's Opinion
···
04/26/2017
You really gotta watch that Democommie Bernie Sanders! He is as sneaky as any shyster ambulance-chasing lawyer or unscrupulous used car salesman, IMO! He's all about redistributing the wealth! Promising free this and free that, knowing full well that taxes will have to be raised to PAY for all the "freebies"! So Uncle Sam would be in charge of giving out what he thinks you need or as little as he thinks he can get away with giving you. And we taxpayers would be struggling even more under a gargantuan burden of taxes! We'd pay more and get less and/or inferior products and services, kinda like slaves working for the master on a plantation! PLEASE JUST LOOK AT WHAT'S BEEN HAPPENING IN VENEZUELA 🇻🇪 TO SEE THE END RESULT OF SOCIALISM! According to Countable: "This bill aims to fund another bill from Sen. Sanders — the College for All Act —eliminating undergraduate tuition at 4-year public colleges and universities, reducing student loan interest rates, and refinancing student loans. Of Note: The European Union proposed a financial transaction tax, taxing stock and bond transactions at a 0.1 percent rate, and derivatives at a 0.01 percent rate -- but it has been met with resistance from some member countries and has been delayed until January 1, 2016. Additionally, there are many questions about whether such a tax could deliver the intended benefits." THESE ARE GOOD REASONS TO OPPOSE THIS BILL! Furthermore, how is it moral to take from the rich to give to the poor? Christianity teaches that we should help those in need, but GOD DOES NOT FORCE US TO DO WHAT IS RIGHT! Socialism and communism FORCE THE REDISTRIBUTION OF WEALTH, ROBBING PEOPLE OF THEIR FREEDOM TO CHOOSE WHAT COURSE OF ACTION THEY WILL FOLLOW (IOW, to exercise free will - something God permits us to do!). God does say, however: "Therefore, to him who knows to do good and does not do it, to him it is sin.” (James 4:17 NKJV) Christ Jesus teaches us how we should treat our fellow man: "And behold, a certain lawyer stood up and tested Him, saying, 'Teacher, what shall I do to inherit eternal life?' He said to him, 'What is written in the law? What is your reading of it?' So he answered and said, ‘You shall love the LORD your God with all your heart, with all your soul, with all your strength, and with all your mind, and your neighbor as yourself.’ And He said to him, 'You have answered rightly; do this and you will live.' But he, wanting to justify himself, said to Jesus, 'And who is my neighbor?' Then Jesus answered and said: 'A certain man went down from Jerusalem to Jericho, and fell among thieves, who stripped him of his clothing, wounded him, and departed, leaving him half dead. Now by chance a certain priest came down that road. And when he saw him, he passed by on the other side. Likewise a Levite, when he arrived at the place, came and looked, and passed by on the other side. But a certain Samaritan, as he journeyed, came where he was. And when he saw him, he had compassion. So he went to him and bandaged his wounds, pouring on oil and wine; and he set him on his own animal, brought him to an inn, and took care of him. On the next day, when he departed, he took out two denarii, gave them to the innkeeper, and said to him, ‘Take care of him; and whatever more you spend, when I come again, I will repay you.’ So which of these three do you think was neighbor to him who fell among the thieves?” And he said, 'He who showed mercy on him.' Then Jesus said to him, 'Go and do likewise.'” (Luke 10:25-37 NKJV) So I'm in favor of more Christianity and zero socialism/communism, which is a tool of Satan. I VOTE NAY ON BERNIE'S BILL!
Like (30)
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    Honestly I'm a republican and I think this would be a good thing. It's not too high. Yeah it has some downsides but that's nothing compared to the potential benefits. Even if it generates an extra $150 billion or $200 billion then that's super good. Bernie says $300 billion and under Trump the economy is doing good so there's more trading and we can pull in more revenue.
    Like (115)
    Follow
    Share
    Since Seniors, retirees, 401K, IRA investors purchase these financial instruments to build portfolios because savings accounts earn about $0.025%. Our Federal Government wants your money when you earn it, when you spend it, when you invest it and finally wants it when you die. Maybe U.S. Socialism is quickly running out of money. Even the state of Connecticut is running out of rich taxpayers (the 1%) to support the socialist lifestyle. Maybe the Indians should buy the state back with casino winnings. Legend is Robbin Hood stole money from the tyrannical government and gave it back to the poor.
    Like (55)
    Follow
    Share
    Where do you get the nerve to think that government has any rightful claim on asset transactions? I sell a stock to someone and you think you have a place in that transaction? You think you have a right to help yourself to a portion of my property just because I traded with someone else? You're the bully at the lunch table who sees kids trading their desserts and demands the first bite of each! There is nothing ethical about what you are calling for. Morality is not on the side of people supporting theft. And what's more, do you know on whose behalf these institutional investors usually trade? You say it's a tax on greedy wall street, but with whose money is wall street doing this trading? Pension funds. Endowments. 401(k)s and IRAs. College 529 plans. What do you have against the arts and education and retirees that you want to steal a portion of their returns? The percentage is irrelevant - if it's more than zero, you're stealing their money from them. AND LAST BUT NOT LEAST, what idiot equated this with Robin Hood?? Robin Hood stole from a tyrannical government practicing oppressive taxation and gave back to the people - i.e., the exact opposite of this bill.
    Like (39)
    Follow
    Share
    You really gotta watch that Democommie Bernie Sanders! He is as sneaky as any shyster ambulance-chasing lawyer or unscrupulous used car salesman, IMO! He's all about redistributing the wealth! Promising free this and free that, knowing full well that taxes will have to be raised to PAY for all the "freebies"! So Uncle Sam would be in charge of giving out what he thinks you need or as little as he thinks he can get away with giving you. And we taxpayers would be struggling even more under a gargantuan burden of taxes! We'd pay more and get less and/or inferior products and services, kinda like slaves working for the master on a plantation! PLEASE JUST LOOK AT WHAT'S BEEN HAPPENING IN VENEZUELA 🇻🇪 TO SEE THE END RESULT OF SOCIALISM! According to Countable: "This bill aims to fund another bill from Sen. Sanders — the College for All Act —eliminating undergraduate tuition at 4-year public colleges and universities, reducing student loan interest rates, and refinancing student loans. Of Note: The European Union proposed a financial transaction tax, taxing stock and bond transactions at a 0.1 percent rate, and derivatives at a 0.01 percent rate -- but it has been met with resistance from some member countries and has been delayed until January 1, 2016. Additionally, there are many questions about whether such a tax could deliver the intended benefits." THESE ARE GOOD REASONS TO OPPOSE THIS BILL! Furthermore, how is it moral to take from the rich to give to the poor? Christianity teaches that we should help those in need, but GOD DOES NOT FORCE US TO DO WHAT IS RIGHT! Socialism and communism FORCE THE REDISTRIBUTION OF WEALTH, ROBBING PEOPLE OF THEIR FREEDOM TO CHOOSE WHAT COURSE OF ACTION THEY WILL FOLLOW (IOW, to exercise free will - something God permits us to do!). God does say, however: "Therefore, to him who knows to do good and does not do it, to him it is sin.” (James 4:17 NKJV) Christ Jesus teaches us how we should treat our fellow man: "And behold, a certain lawyer stood up and tested Him, saying, 'Teacher, what shall I do to inherit eternal life?' He said to him, 'What is written in the law? What is your reading of it?' So he answered and said, ‘You shall love the LORD your God with all your heart, with all your soul, with all your strength, and with all your mind, and your neighbor as yourself.’ And He said to him, 'You have answered rightly; do this and you will live.' But he, wanting to justify himself, said to Jesus, 'And who is my neighbor?' Then Jesus answered and said: 'A certain man went down from Jerusalem to Jericho, and fell among thieves, who stripped him of his clothing, wounded him, and departed, leaving him half dead. Now by chance a certain priest came down that road. And when he saw him, he passed by on the other side. Likewise a Levite, when he arrived at the place, came and looked, and passed by on the other side. But a certain Samaritan, as he journeyed, came where he was. And when he saw him, he had compassion. So he went to him and bandaged his wounds, pouring on oil and wine; and he set him on his own animal, brought him to an inn, and took care of him. On the next day, when he departed, he took out two denarii, gave them to the innkeeper, and said to him, ‘Take care of him; and whatever more you spend, when I come again, I will repay you.’ So which of these three do you think was neighbor to him who fell among the thieves?” And he said, 'He who showed mercy on him.' Then Jesus said to him, 'Go and do likewise.'” (Luke 10:25-37 NKJV) So I'm in favor of more Christianity and zero socialism/communism, which is a tool of Satan. I VOTE NAY ON BERNIE'S BILL!
    Like (30)
    Follow
    Share
    This is a fair way to redistribute the huge financial windfall Wall Street has created with the invention of derivatives and the financialization of our economy. Unchecked, financialization will destroy our capitalist financial system. We need creative change in the regulation of the market to address the unequal distribution of our national GDP among all of the American people. This should also be accompanied by substantial but cautious alterations in our federal tax system. We need BOTH House and Senate, BOTH Democrats and Republicans involved in this! We need a serious national conversation about what is needed here, and we need ACTION to address it!
    Like (29)
    Follow
    Share
    The only way for this nation to succeed in the long term is if we fund the education of our citizens. Millennials are practically indentured servants to student loans. They weren't educated on the realities of the job market after college. Many that I knew just got a statement showing their refund of the remaining loan, after grants and loans and thought that they had done well. Not that the money they were using was borrowed.
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    Multi billionaires use this loophole to earn millions for themselves. Taxing these earnings is one way to make the system more fair and use the proceeds for a good purpose.
    Like (16)
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    This is the most reasonable of tax reform suggestions. The middle-class, or what's left of it, is carrying the burden under today's tax laws. If you make more, you should be taxed more.
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    THIS is what we have been waiting for...a tax that actually doesn't hurt anyone, and helps everyone!
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    What you can earn by investment or savings should not be taxed again! The investments are made with what is left after tax and I am retired and still paying taxes. Social Security should not be taxed, retirement income should not be taxed. Give people a few years without ripping them off!
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    First of all why does no one have an issue with paying a tax on something that you bought with income you were already taxed on. Stop taxing the same money over and over. Also we already have capital gains taxes so if anything you trade has increased in value since you bought it, it would presumably be taxed yet again. Secondly this would probably bring its greatest burden on people with retirement portfolios which constantly move money to ensure they gain value. Just remember everyone, taxation is theft!
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    I am a 70-year-old woman who has worked her entire life. I have a certified financial planner manage my retirement savings so I don't make the transactions. sometimes transactions are made with in the fund the different fund accounts and I have no control over that so the tax would really hurt me. The financial planner does a really good job so that my retirement savings will last my entire life but if it's tax that's just does not seem fair to me.
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    It seems fair that taxes should be higher for riskier trading options and the money collected would be going towards the greater good. That is the purpose of taxes: greater good.
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    STAND WITH BERNIE AND THE REST OF US!
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    Loraki is...just insane. Anyway, this is a good idea. Venezuela is not a socialist country...mind blowing I know.
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    Considering this isn't really "hard earned money" I don't mind investment transaction taxes, if we can raise these and lower income and sales tax that would be ideal. I'm a conservative free market leaning person, but this doesn't bother me. Get rid of the estate tax, lower income taxes, and keep raising investment transaction taxes. If trade slows because of it, at least more money will pour directly into the economy rather than sitting in some dusty old millionaires investment accounts.
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    Not only would the tax reduce risk and volatility in the market, but it would also raise much-needed revenue for public coffers while making it modestly more expensive to engage in a practice that brings little overall economic benefit. High-frequency trading is essentially “computerized scalping” that allows trading firms with the fastest algorithms and speediest machines to front-run other investors. The spreads are tiny, but multiplied billions of times those fractions of a cent add up rapidly, whether as a windfall for traders or slightly higher prices for ordinary investors. High frequency trading firms are notoriously silent when it comes to the in's and out's of how they do their business. MIT Tech Review had a long article discussing their role in the 2008 crash as well. Algorithms shouldn't be allowed to have such a prominent role in our daily stock trading. They also cater to the Uber wealthy.
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    If for no other reason then to cut down on the amount of hight speed electronic trading, which has no socially redeeming value whatsoever.
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    Nuts!!!! Who called this Robin Hood? It is exact opposite! At least 50% of our population is not smart enough to realize it! This does not speak well for our education system!
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    I think this adds bit of accountability to risky transactions that mostly just make the rich richer. It is no secret that our country is in massive debt and the extra tax income albeit a drop in the bucket will help.
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