Proposal Would Increase Taxes On All Investors
Excise tax would cover entire transaction, regardless of profit or loss
RALEIGH (Carolina Journal Online) — A bill being considered in the U.S. House Ways and Means Committee would impose an excise tax of 0.25 percent on the purchase and sale of all stocks, options, and futures. The tax would apply to the entire transaction amount, regardless of whether the trade results in a profit or a loss.
Democrats pushing the bill want to make Wall Street pay for the $750 billion bailout of the financial industry. By imposing the tax at the exchange level, the bill’s sponsor, U.S. Rep. Peter DeFazio, D-Ore., and 13 Democratic co-sponsors believe it will have “a negligible impact on the average investor.”
But tax analysts and industry experts say such a tax would punish all investors by doubling the cost of a completed transaction at a time when many Americans have seen the value of their investment portfolios fall by 40 to 60 percent.
RALEIGH (Carolina Journal Online) — A bill being considered in the U.S. House Ways and Means Committee would impose an excise tax of 0.25 percent on the purchase and sale of all stocks, options, and futures. The tax would apply to the entire transaction amount, regardless of whether the trade results in a profit or a loss.
Democrats pushing the bill want to make Wall Street pay for the $750 billion bailout of the financial industry. By imposing the tax at the exchange level, the bill’s sponsor, U.S. Rep. Peter DeFazio, D-Ore., and 13 Democratic co-sponsors believe it will have “a negligible impact on the average investor.”
But tax analysts and industry experts say such a tax would punish all investors by doubling the cost of a completed transaction at a time when many Americans have seen the value of their investment portfolios fall by 40 to 60 percent.
posted by BP News Bureau | 9:42 AM
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