Tax Lawyer's Blog

“Socialism is a philosophy of failure, the creed of ignorance, and the gospel of envy, its inherent virtue is the equal sharing of misery.”

- Winston Churchill -

David Goldman of CNN.Money tells us of yet another way Democrats have take property away from successful and productive Americans:

A growing chorus of Democratic lawmakers and liberal economists are pushing hard for a tax on stock trades to pay for job creation.

By levying a small fee when stocks, futures, swaps, options and other securities are bought and sold, supporters of the tax believe the government can take in between $120 billion and $240 billion annually. That money could be used to fund additional government stimulus to help put the nearly 16 million unemployed Americans to work.

“Financial transactions number in the many trillions of dollars every year, so if you take a small fraction of that, you are going to be raising a lot of money,” said Ann Lee, economics professor at New York University. “That can be used for things like paying down debt or creating jobs.”

But the idea faces staunch opposition among Republicans and even from some Democratic lawmakers. Treasury Secretary Tim Geithner has also voiced his disapproval of the idea.

Here’s a partial list of the tax hike proposals made by Democrats since President Obama swore on January 20th to uphold the constitution so help him God:

• 4.9% increase in top income tax rates for Americans earning more than $235,000
• 5.4% surtax on single Americans earning more than $500,000 and married Americans earning more than $1,000,000
• Tax on the purchase of medical devices
• Tax on the purchase of plastic surgery
• Soda and bad foods taxes
• War tax
• Reduction of benefit of charitable contribution deductions
• Tax on stock trades
• Increase medical expense deduction floor from 7.5% of AGI to 10% of AGI
• 40% excise tax on Cadillac health plans

As Obama and the Democrats continue their profligate spending of our money this list will surely continue to grow.

Related Posts:

• Senate Healthcare Bill is also a Big Tax Increase Bill
• Obama’s Tax the Rich Plan Won’t Work, Tax Analysts Say
• Harry Reid Proposes More Confiscation Via Taxation

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