Even a 1 or 2% per trade would bring massive amounts of money, not even trying to make it progressive or anything.
Comment on Is it really possible to tax the rich?
Boozilla@lemmy.world 2 months ago
I like Bernie’s idea of taxing every trade on the stock market.
BestBouclettes@jlai.lu 2 months ago
givesomefucks@lemmy.world 2 months ago
Years ago they tried to pass a minimum amount of time you had to hold a stock before selling…
It was a fraction of a second and neoliberals and Republicans immediately united to tell everyone how antithetical to America that was.
For some reason, that wasn’t enough to show people that both groups have the same priorities and we can’t fight an oligarchy with fucking oligarchs.
We’ll never win if only a handful of politicians are actually on our side.
But it’s almost impossible to compete against dark money in a primary, and the people running the DNC know that. So they’ll never agree to get dark money out of primaries. It’s the only reason they’re still holding back progressives.
AllNewTypeFace@leminal.space 2 months ago
Not even that; 0.1% per trade would bring in a huge windfall. Even something negligible like 0.01% would bring in nontrivial amounts of revenue.
The problem is that being above paying tax has become part of the identity of being rich, and the very idea of even a negligible amount of one’s wealth being taken away to be given to your inferiors is unacceptable, and the rich will defend every fluctuating cent of their wealth as a non-negotiable matter of honour, even if it means burning down the world.
givesomefucks@lemmy.world 2 months ago
Why that would be huge:
It would incentize the rich to hold stocks long term, this would lead to corporations thinking more than what profits are in 3 months.
Which translates to greater stability for other investors and job security for the people who work there.
But it’s never going to happen as long as
SmaugPelosi and people like her who’s main priority is personal wealth is running the Dem party. Because we all know Republicans will never support it.But if we don’t purge the Dem party of neo liberals, and fast, we’re all fucked. We can’t keep walking down the path of “the rich always get richer” like nothing is wrong.
Wealth is finite. And with taxes and regulations the people who already have a lot will always accumulate more faster than they can spend it.
With them hoarding all that wealth, no one has any.
aStonedSanta@lemm.ee 2 months ago
Not only that. It stops a lot of the AI micro trading bullshit
deafboy@lemmy.world 2 months ago
Meanwhile down on earth, you’ve just caused an entirely new class of derrivatives traded on sketchy and unregulated markets, increasing the risk of fraud to all, including small individual investors.
The size of the observable universe is ~93 billion light-years. So, you’re technically right, but…
givesomefucks@lemmy.world 2 months ago
I don’t understand what you’re trying to say, but I’m not expecting you clarifying to help
Takumidesh@lemmy.world 2 months ago
Well, a lot of stock trading isn’t as simple as just stock picking, buying and selling individual stocks.
Much of the market is made up of derivatives trading, such as options, where you aren’t trading the stock itself, instead you are trading the option to buy the stock.
The value of the option is derived from the value of the underlying asset, but it is not absolutely coupled to it (this is how a lot of the money is made, by finding market inefficiencies and capitalizing on things like slippage, where there is a mismatch in the value of the derivative and it’s underlying)
What the person above is saying is that, when it becomes no longer profitable to trade underlying assets directly, new derivative markets will be invented that trade around other underlying assets.
Think about unregulated Bitcoin trading for example, while contrived, imagine a crypto currency that is coupled with the price of another asset (these exist, like USDcoin) such as a stock, future, option, or something else.