Bloomberg's Wall Street plan includes: Introduce a tax of 0.1% on all financial transactions, including stocks, bonds and payments on derivative contracts. The tax would be phased in gradually, starting at 0.02%, to monitor and minimize any unintended consequences.
Such a tax would affect IRAs, Mutual Funds and pensions by taxing the exchange of financial transactions. It would hand over great sums of money to politicians in the name of bashing the big banks but ordinary Americans and their life savings would be hurt.
This is a forerunner to a global tax on financial transactions that could generate at least hundreds of billions or trillions a year from the U.S. and other “rich” countries.
Similarly, the bill, “Let Wall Street Pay for the Restoration of Main Street Act of 2009” (HR 4191), was a financial transactions tax introduced by Rep. Peter DeFazio (D-Ore.), a leading member of the Congressional Progressive Caucus. Democratic House Speaker Nancy Pelosi endorsed the DeFazio measure during a December 7 news conference and, according to a CNS News report, announced that the bill would have to be made “global” to keep U.S. investors from taking their business overseas and out of taxable reach.
An “Open Letter from Economists in Support of Financial Transaction Taxes” has been released and signed by 200 liberal and left-wing economists. Support support for the tax comes from billionaires George Soros and Warren Buffet and such media organizations and figures as Le Monde, The Mail, The Guardian and Paul Krugman of the New York Times.
Editor’s Note: When Barack Obama was a senator, he proposed a Global Poverty Act to fulfill the U.N.’s Millennium Development Goals. The cost in additional foreign aid: $845 billion.
As part of a G20 summit, Bill Gates, co-chair of the Bill & Melinda Gates Foundation, delivered a report on “financing for development” that proposes global taxes on America and other “rich” nations to make the Global Poverty Act a reality. The report, available on the website of the Gates Foundation, proposes a financial transaction tax (FTT) as well as taxes on tobacco, aviation and bunker fuel, and carbon (energy), by G20 countries and other members of the European Union.