From WisPolitics.
Will anyone call Kagen out on this and ask him why he wants to tax everyone's retirement accounts? Wouldn't this tax all Americans and not just the rich? Your retirement account could trade stocks dozens of times a week and you will pay taxes on it? Let's run some numbers on your retirement if it was worth a $100,000.00 and $250,000.00.
What is .25% of $100,000.00, answer Kagen wants to take $250.00 in taxes.
What is .25% of $500,000.00, answer Kagen wants to take $1250.00 in taxes.
Let's the take the $250 tax. If that stock trades 25 times in one year, Kagen wants to tax you $6,250.00. He would get that money even if you lose in the market.
Wake up people, look what he is saying here with your money. He say's, "Wall Street should participate in the recovery", Wall Street is you and I! He wants to tax you and I! Steve Kagen is insane! We need to find a conservative to replace Steve Kagen in 2010!
Second, he touted jobs in Wisconsin from the stimulus? He can only tout thousands of jobs? Congressman Kagen, where are all the jobs you promised? He touted his paybacks to the public and teachers unions!
How can he say these things and the media doesn't question him on it?
"Wednesday, October 14, 2009
11:00 AM Kagen:
Wall St. tax should help fund health care
U.S. Rep. Steve Kagen said Wednesday he favors a tax on Wall Street transactions -- rather than on medical devices or other businesses -- to fund part of the massive health care reform bill.
"I think that Wall Street should participate in the recovery of the American economy," the Appleton Democrat told reporters during a conference call, arguing that questionable practices by those investors sparked the economic collapse last year.
Kagen said a fee of 0.25 percent on all trades would generate more than $100 billion annually, providing critical access to citizens in need of health care.
Kagen said he couldn't speculate on the fate of a public option after the Senate Finance Committee approved their version of the health care bill Tuesday, without a public plan. But as House and Senate leaders work to merge the bills in the coming weeks, Kagen said, "I think there has to be something like a public option, regardless of what you call it."
Kagen also touted yesterday's report on the impact of federal stimulus spending in Wisconsin, saying that the thousands of jobs created by the spending included "putting money where it really belongs" -- into public safety and education." WisPolitics DC Wrap: Kagen: Wall St. tax should help fund health care
Will anyone call Kagen out on this and ask him why he wants to tax everyone's retirement accounts? Wouldn't this tax all Americans and not just the rich? Your retirement account could trade stocks dozens of times a week and you will pay taxes on it? Let's run some numbers on your retirement if it was worth a $100,000.00 and $250,000.00.
What is .25% of $100,000.00, answer Kagen wants to take $250.00 in taxes.
What is .25% of $500,000.00, answer Kagen wants to take $1250.00 in taxes.
Let's the take the $250 tax. If that stock trades 25 times in one year, Kagen wants to tax you $6,250.00. He would get that money even if you lose in the market.
Wake up people, look what he is saying here with your money. He say's, "Wall Street should participate in the recovery", Wall Street is you and I! He wants to tax you and I! Steve Kagen is insane! We need to find a conservative to replace Steve Kagen in 2010!
Second, he touted jobs in Wisconsin from the stimulus? He can only tout thousands of jobs? Congressman Kagen, where are all the jobs you promised? He touted his paybacks to the public and teachers unions!
How can he say these things and the media doesn't question him on it?
3 comments:
This US proposed stock transaction tax surely must be intentional wealth destruction of the middle class and poor. We should learn from Taiwan and many other countries. 10-14-09: Taiwan tax commission is discussing a stock transaction tax again. 1973 was the first time they introduced the tax, result: the market fell 63% within a year. In 1988 they reintroduced the tax for a second time, result: 19 consecutive losing days, down 43% in less than 3 months. source: taiwannews.com.tw
The Independent Budget Office of New York City considered a much smaller transaction tax on just the NYSE and AMEX exchanges and found it would result in Net Negative Revenue. The higher the tax, the lower the revenue with hundreds of thousands of jobs lost, most not related to finance. There would be millions of jobs lost if all US exchanges were taxed.
And everyone should read about what happened to Sweden when they tried the trans tax for six miserable years.
Tax, thanks for the info.
It's a net loss for everyone in this country and we have a congressman that wants to implement it.
Is Steve Kagen insane?
Have a GREAT week.
The tax won't apply to pension, education, or health savings accounts. So no, Kagen does not want to tax anyone's retirement. He wants to tax the huge firms that are basically stealing your money, while you are too busy getting in the way of the people trying to stop them.
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