From Fox News: The AFL-CIO reportedly is promoting a proposal to tax every single stock transaction, and it's gained some support among Democrats.
According to The Hill, the tiny tax would be about a tenth of a percent -- but it could mean a lot of money for companies, like Goldman Sachs, that are making billions and conducting a high volume of trades
http://www.foxnews.com/politics/2009/09/02/report-afl-cio-pushes-tax-stock-transactions/?test=latestnews
We don't need more taxes- we need to cut expenses of the federal government.
This is just another liberal temper tantrum. The union is a full of a bunch of jealous union thugs.
Of course, an unintended consequence that it will hurt union members. Every union member that has a stock plan, has a pension, every government employee who has a pension will see lower pension payments because of the tax.
What a bunch of morally bankrupt union thugs.
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Actually, I suspect that institutional investors (like pension funds) will be affected to a much lesser degree than speculators and day-traders. I also suspect that is the real purpose of the proposed tax -- to discourage short-term buying and selling and thus make stocks less volatile for long-term investors.
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