Has Bernie Ever Provided More Of An Explantion As To What A Tax On Wall Street Speculation Means...

[global1]

and how much money even a small fractional speculation tax could raise?

I'm going to go out on a limb here - but I think most Americans don't know much about the stock market and investment and have no idea what a speculation even means.

This speculation tax on Wall Street needs to be explained in a simple manner so people understand what the $ potential is. I also think it will help Bernie's presentation if he includes a simple definition or explanation.

I was able to find this article from 2013 that talks about the speculation tax. I'm providing a link here: http://www.usnews.com/opinion/blogs/economic-intelligence/2013/08/21/a-wall-street-transaction-tax-would

This article is worth visiting even though its back from 2013 and if anyone has a better or more current explanation - please post here.

Here's one passage from this link:

It's a tax – no getting around that. But it's also a way to help close what amounts to a huge tax loophole. Americans pay sales taxes on all manner of goods and services. Wall Streeters don't pay sales taxes when they buy and sell securities. That fact helps explain why the financial sector, which generates some 30 percent of the nation's total corporate profits, pays only about 18 percent of corporate taxes.

Here's another which they describe the small tax on sales of stocks, bonds, and complex financial instruments:

How small? Really, really small. A bill co-introduced by Sen. Tom Harkin, D-Iowa, and Rep. Peter DeFazio, D-Ore., calls for a tax of 0.03 percent – that's 30 cents per $1,000. Yet even at that exceedingly modest level, a Wall Street speculation tax (also known as a financial transaction tax or FTT) would generate more than $350 billion over the coming decade, according to a non-partisan analysis of similar legislation introduced in 2012.

Again this was from an article back in 2013 - it would be good if we had more current info on this.

Such a tax is not going to put anyone in the poor house and the money will be used for the good of the People. Like Bernie says - the taxpayers bailed out Wall Street and the Bankster's - now it's time for them to pay it back.

[Duckfan]

1. Apparently working for CNN causes it's employee's to ask stupid questions.

In this case national town hall hosts.

Chris really made an ass of himself pushing Bernie on that question.

But maybe a bit better than AC.

[onecaliberal]

2. Go to his website. Have you done the tiniest amount of research.

[bl968]

3. Sales tax on stock trades.

It means a tax on every transaction on the markets and would stablize them by dis-incentivizing High Frequency Trading, and panic selling.

Think of it as a Sales Tax on stock trades.

It should be set for 10% minimum.

So if you sell stock for 42$ you would pay $4.20 in taxes. If you do a stock trade for 42 million, you would pay 4.2 million. The buyer pays when he sells the stock, but as long as he keeps it he pays no taxes.

[ljm2002]

7. Actually the proposal is to set it at under 1%...

...and that is a good thing IMO, as it rakes money off high speed trades without unduly impacting regular trades done by regular people and stock traders at regular speeds.

https://berniesanders.com/issues/how-bernie-pays-for-his-proposals/

The section on College for All has a link in the Payment column:

http://www.peri.umass.edu/fileadmin/pdf/ftt/Pollin--Heintz--Memo_on_FTT_Rates_and_Revenue_Potential_w_references----6-9-12.pdf

Proposed rates:

Financial Instrument Proposed Tax Rate

Stocks 50 basis points = .5%
Bonds 15 basis points = .15%
Derivatives 0.5 basis points = .005%

This describes in detail how they calculated $300B+ as what would be realized by these taxes. It uses conservative assumptions -- e.g., they assume that this sort of trading will diminish by 50% -- and it also uses a similar tax imposed in the UK as a reference point.

See here for a discussion of basis points:

http://www.investopedia.com/ask/answers/05/basispoint.asp

[Stardust]

4. I'm sure I've heard Bernie explain that -- .03 percent on each transaction is how he explained it.

I can't point to a specific video, it may have been on Brunch With Bernie, which admittedly had a relatively small audience compared to his supporters now. Maybe it's time for him to explain it anew.

I would also like for him to explain about the transfer of wealth from the middle class to the billionaire class. That may be a difficult concept for many to grasp.

[RobertEarl]

5. It's like a gas tax

You want to drive through the stock market burning rubber, doing doughnuts and impressing the ladies? Pay a tax for using the place.

[Eric J in MN]

6. The tax is in the "College for All Act" which he introduced.

https://www.govtrack.us/congress/bills/114/s1373/text/is#link=V_502_a_~Q1_C&nearest=HC2B6A74B8C3D4EF09E0EC7BC2E699AC5