Why does Harkin want to enact yet another tax on the middle class, which is what this is?

By the way, Sweden tried it and had to abandon it after just 7 years when they found that volume move to foreign countries. The same thing would happen here.

Finally, what planet is Harkin from where he thinks that Wall Street won’t pass along these to the middle class and the little guy?

Are you aware that by trying to curtail active trading while promoting long-term investing with this new tax you are actually decreasing the tax revenue received by the Treasury? A buy and hold investor pays taxes on his/her profits when they sell their holdings and are taxed at the capital gains level, currently 15%. A short term trader does not get this treatment and his taxes are calculated as income, with rates as high as 35% (soon to raise to 39.6%). So who pays more? The buy and hold guy at 15% or the active trader at 39.6%?

Peronally, if I were a smart Congressman looking to increase revenue for the FEderal government then I would look at the behavior which would tax at higher rates than lower rates.

This tax is just a punitive measure RE-introduced by the Congresman from Oregon against an industry HE is appalled by. This is punitive and petty and beneath that of an official we elected to represent us and our needs, noit his own biases.

How many bills with a punitive, highly destructive tax against the financial sector of this country does this incompetent Congressman have to introduce? Every one of his bills has been either defeated or not even brought to a vote by his own Congressional brethren. The Treasury Secretary emphatically says that such a tax is unworkable. Yet Defazio continues to try to introduce this tax, every year since 2001 with a pretext that ANYONE who would trade a stock for their personal gain or for their savings plan is evil. What has this politician done for his constituents or the country he represents?

In the past year, he wanted a Make Wall Street Pay for Wall Street Bailout bill, but the banks who borrowed money to avoid economic collapse have been repaying these loans with interest, thus earning money for the American tax-payer. OK, that failed, let’s try a tax derivatives after the run-up i oil, but that went no where. This fall he introduces a Let Wall Street Pay For Main Street Restoration bill, which languishes in the House. And now we have Make Wall Street Pay for Transportation funds bill. Does anyone see a pattern here?

And news flash – Wall Street pays significant tax revenue to the government, bothe on a corporate level and on the salaries of the hundreds of thousands of individuals either directly employed by these Wall Street firms or firms who would do business with these financial firms. The US Gov’t is ALREADY paid significant tax revenue, and yet people like DeFazio, who obviously display a personal VENDETTA against the financial firms in this country would tax punitively these firms because, why, he does not like them? Mr Congressman, read your constitution – such punitive taxation is known as a Bill of Attainder. You would think someone we elect to represent us should know this.

The obvious solution is to get rid of all, taxes, cease subsidies to those socialist transportation modes and fund interstate travel entirely off of user fees.

Would make rail a lot more competitive and growth a lot smarter wouldn’t it?

You can find out how many citizens have already spoken out against this burdensome tax. We need to get Americans out of trouble, not further into it.

Show your support here:

http://www.rallycongress.com/greentradertax-traders-association1/2644/view_all/