› Congress Taxing the Victims, Lining Their Pockets

Rep DeFazio of Oregon proposed a new trading tax that would essentially tax Americans EVERY time they traded in the stock market. This tax will amount to only one quarter of 1%, which at first does not really sound that bad, but what we all need to realize is that this tax applies on every trade. This tax amounts to a lot for millions of middle-class Americans who buy low and sell high without looking for any long-term gains. Furthermore, this tax is in addition to an already highly taxed market.

In an article at the Wall Street Journal, Donald Luskin and Chris Hynes, posed the question, why is it stocks and commodity trades are only being taxed more and not bonds? Could it have anything to do with the fact that the Government is trying to push people to purchase bonds to finance this obscene deficit they’ve place on our backs?

Senator Tom Harkin was quoted saying, “We need a shift in priorities in this country to ask not what America can do for Wall Street, but ask what Wall Street can do for America.” Seriously? Based on this tax it seems like he’s really saying, not what the Government can do for Wall street, but ask what Wall Street can do for the Government. We, the American people, were the victims. We are the ones that lost as much as 60% or more of our life savings. We are the ones that are living day to day trying to clean up a mess caused by Government Sponsored Financial Institutions!

This tax is absurd and obscene and should not even be considered by Congress. The stock market is a vital part of a free economy and without it our economy could not grow at even a satisfactory rate. Why, of all time, during a recession would our very own Senator Tom Harkin consider something so absurd? Something that is guaranteed to hurt the economy, not help it. Long story short this won’t boost bond sales, will hurt stock trades and Congress will have managed to stab us in the back once again on taxes. Clean Congress out! Anyone that would even consider supporting a bill like this should be thrown out. Honestly, who could think taxing a vital aspect of our economy as though it was a vice would be productive?  So much for our President’s promise not to raise taxes on middle-class America.