If Just One Millionaire Followed the Buffett Rule

[jschurchin]

5. I am all for the wealthy paying their fair share.

But I don't kid myself into thinking that by Increasing their taxation that, that will solve our deficit spending problem.
This year alone we will spend more than 1 Trillion dollars more than we collect in taxes. I am a big fan of levying a transaction tax on the stock market for every share traded daily. Go to where the money is, right?
On average 1.5 Billion shares are traded daily on Wall Street. If a 1 cent a share tax was levied it would bring in 15 million a day. Now that sounds like a lot until you figure there are approx. 220 trading days a year so it would bring in 3.3 Billion a year.
As a nation we spend $12.3 Billion each and every day so a $.01 a share levy would fund us for about 8 hrs. Now 10 cents a share and we will get 80 hours of Washington, or in other words, 3 days and 8 hours, woohoo!!!!
Now if we increase the levy to a dollar a share, for each and every share, then we can make a real dent. We would bring in 330 Billion a year while we continue to spend over a Trillion more than our budget.

Do you see, all those words equal these three WE ARE FUCKED.

And no amount of taxation on any one group will change that until the 535 stop spending.