Tax The Bastards
On Audit the Fed... Omark comments "get rid of the FED. An unsuccessful experiment. Let's try something new, something simpler, something more transparent, something more honest, something to help the 99% instead of the 1%. Anybody have some suggestions?"
Tom Gooch suggests aside from the Fed, that we are taxing the wrong thing, individual income, and that all movements of money by financial institutions should be taxed.
The Nattering One muses...
Unfortunately it is more likely that one would be simultaneously struck by a meteor and lightning, while being bit by a great white shark, on dry land... the same odds as the below occurring and the quick turnaround that it would facilitate..
As an adjunct to the existing individual and corporate income tax scheme... a FLAT 35% tax (no deductions, no loopholes) on all financial capital production income (individual and corporate money involved in financial engineering or money shuffling, derivatives, parked in the stock market, non durable economic bond issues, buybacks, dividends, etc.)
Tom Gooch suggests aside from the Fed, that we are taxing the wrong thing, individual income, and that all movements of money by financial institutions should be taxed.
The Nattering One muses...
Unfortunately it is more likely that one would be simultaneously struck by a meteor and lightning, while being bit by a great white shark, on dry land... the same odds as the below occurring and the quick turnaround that it would facilitate..
As an adjunct to the existing individual and corporate income tax scheme... a FLAT 35% tax (no deductions, no loopholes) on all financial capital production income (individual and corporate money involved in financial engineering or money shuffling, derivatives, parked in the stock market, non durable economic bond issues, buybacks, dividends, etc.)
AND
A FLAT 10% tax on domestic durable economic activity income (money involved in capex, R&D, domestic "animal spirits", manufacturing, energy and alternative energy production, durable economic bond issues - corp or public bond funding for any of the above).
In other words, discourage the passive money and encourage the hard working money. Not gonna happen in our lifetime.
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