[ARCHIVED THREAD] - Pete Stark (D-CA): Tax currency transactions - IT'S FOR THE CHILDREN!!!

Posted: 7/21/2010 7:42:14 AM EDT

http://thehill.com/blogs/congress-blog/economy-a-budget/109869-currency-tax-a-way-to-invest-in-our-future-rep-stark

Currency tax: A way to invest in our future (Rep.
Pete Stark)

By Rep. Pete Stark (D-Calif.)
-

07/20/10 03:51 PM ET

Each day, $4 trillion dollars of currency are traded. For
international businesses and travelers, trading dollars for other
currencies serve a legitimate purpose. However, nearly 80 percent of
these transactions are undertaken by a handful of major banks. Experts
agree that most of these transactions are made for purely speculative
purposes.

Wealthy traders and big financial institutions make huge bets on the
fluctuations in currency value, and they can make massive profits if
their bets are correct. This type of speculation helped to worsen the
recent financial crisis and serves no purpose other than to make a few
people and institutions even richer.

Today, I introduced H.R.
5783, the Investing in Our Future Act. My legislation would simply
impose a small tax — of 0.005 percent — on these currency transactions.
The money raised would be put toward investments in children, global
health and climate change mitigation.

For the average person or
business, this small tax will hardly be noticed. But, due to the extreme
speculation that takes place, it would raise significant funds. Studies
estimate a worldwide 0.005 percent tax on dollar transactions would
raise $28 billion a year and reduce currency speculation by 14 percent.

Here
at home, the funds from this fee would be used to improve the quality
and affordability of child care. This funding would provide more child
care options, so working families can obtain the quality care their
children need to begin school ready to learn.

Internationally, the
bill would create a U.S. fund to assist developing countries with the
impacts of global warming. At the United Nations Climate Change
Conference in December, President Obama pledged to fund our country's
commitment to mitigating the effects of climate change. This bill would
make that promise real.

Finally, the legislation would create a
Global Health Trust Fund to fight HIV/AIDS, Malaria, Tuberculosis and
other diseases that kill millions of people each year in developing
nations. This money will fund treatments and prevention for these
diseases, as well as research aimed at eradicating them altogether.

For
too long, the needs of the financial industry have trumped initiatives
that will help lift people out of poverty and give children a healthy
start. The Investing in Our Future Act will aid in getting our
priorities back in order, and reduce financial speculation by Wall
Street.

You can help — please call your Member of Congress and
tell them to sign on as a co-sponsor of H.R. 5783. Find your member at http://house.gov

God bless this philanthropist!!! Think of the children!

Posted: 7/21/2010 7:45:59 AM EDT

[#1]

Oh yeah you bet I'll call my member of Congress. I'll be telling them NOT to support this bill .

Posted: 7/21/2010 7:52:55 AM EDT

[#2]

Here's how to kill it.

Amend it to include money wired south of the (theoretical) border.

Posted: 7/21/2010 7:54:07 AM EDT

[#3]

Quoted:

Here's how to kill it.

Amend it to include money wired south of the (theoretical) border.

/thread

Posted: 7/21/2010 7:55:54 AM EDT

[#4]

Like any other tax after it's a law it is very easy to raise the tax without a big vote.Suddenly the 0.005% tax has lost all it's zero's.

"Here at home, the funds from this fee would be used to improve the quality and affordability of child care." I wonder where all the other monies that have been collected for this very thing have gone?

Posted: 7/21/2010 7:56:00 AM EDT

[#5]

here comes all the "child care reform" nonsense.

it's out of control.

Posted: 7/21/2010 7:57:28 AM EDT

[#6]

So this tax is on the amount of the transaction. Then there is a tax on the profits, if any, made on the transaction. It seems like every time you turn around you are paying a tax on something. It's just a little tax. Hardly noticeable. How soon before they raise it up to 1%, just because they feel the need to spend on something.

Child care at home and global warming nonsense internationally.

Personally, I think our elected officials could help this country more, if they spent the majority of their time picking up trash along the roads, instead of coming up with these brilliant schemes to get more money out of my pocket.

Posted: 7/21/2010 7:59:17 AM EDT

[#7]

Quoted:

So this tax is on the amount of the transaction. Then there is a tax on the profits, if any, made on the transaction. It seems like every time you turn around you are paying a tax on something. It's just a little tax. Hardly noticeable. How soon before they raise it up to 1%, just because they feel the need to spend on something.

Child care at home and global warming nonsense internationally.

Personally, I think our elected officials could help this country more, if they spent the majority of their time picking up trash along the roads, instead of coming up with these brilliant schemes to get more money out of my pocket.

The are two things in life that are 100%

Death

Taxes

Posted: 7/21/2010 7:59:32 AM EDT

[#8]

oney raised would be put toward investments in children, global health and climate change mitigation.

Do it for the children!

Healthcare now!!!

Oh teh noes! Global warming!!!

Posted: 7/21/2010 8:03:28 AM EDT

[#9]

My legislation would simply
impose a small tax — of 0.005 percent

Death by a million cuts is still death.

Posted: 7/21/2010 8:13:27 AM EDT

[#10]

Awesome... Lets reduce the liquidity of the market, and make it stagnant, so money can not flow as is necessary! For Round Two we can just raise tariffs on all transactions crossing borders... Local, state, Federal, National...

Posted: 7/21/2010 8:15:09 AM EDT

[#11]

Quoted:
Here's how to kill it.

Amend it to include money wired south of the (theoretical) border.

That'd do it too!

Posted: 7/21/2010 8:15:45 AM EDT

[#12]

Quoted:
So this tax is on the amount of the transaction. Then there is a tax on the profits, if any, made on the transaction. It seems like every time you turn around you are paying a tax on something. It's just a little tax. Hardly noticeable. How soon before they raise it up to 1%, just because they feel the need to spend on something.

Child care at home and global warming nonsense internationally.

Personally, I think our elected officials could help this country more, if they spent the majority of their time picking up trash along the roads Jumped off a fucking bridge, instead of coming up with these brilliant schemes to get more money out of my pocket.

More like this.

Posted: 7/21/2010 8:22:28 AM EDT

[#13]

Quoted:
Here's how to kill it.

Amend it to include money wired south of the (theoretical) border.

Unconstitutional. Article I section 9

"No Tax or Duty shall be laid on Articles exported from any State."

Posted: 7/21/2010 8:25:43 AM EDT

[#14]

Quoted:
Here's how to kill it.

Amend it to include money wired south of the (theoretical) border.

Fucking brilliant!

Posted: 7/21/2010 8:39:47 AM EDT

[#15]

What I find amazing beyond words, is that there are people out there that actually believe this shit-starting in DC.

I mean, it's as if people in Congress sit around all day, and think of absurd shit to write, just to see how far they can push the envelope of sanity, and laugh their asses off about it when people react favorably to it.

You can't make this stuff up (unless you're addicted to mind-altering substances).

Posted: 7/21/2010 8:48:23 AM EDT

[#16]

Quoted:
*snip*
The are two things in life that are 100%

Death
Taxes

they need to be linked together by more than coincidence.

Posted: 7/21/2010 9:08:00 AM EDT

[#17]

Quoted:
Here's how to kill it.

Amend it to include money wired south of the (theoretical) border.

The way you think, I like it !

Posted: 7/21/2010 9:08:54 AM EDT

[#18]

Quoted:

Quoted:
Here's how to kill it.

Amend it to include money wired south of the (theoretical) border.

Unconstitutional. Article I section 9

"No Tax or Duty shall be laid on Articles exported from any State."

Since when has this ever stopped congress ?

Posted: 7/21/2010 9:19:25 AM EDT

[#19]

Quoted:

Quoted:

Here's how to kill it.

Amend it to include money wired south of the (theoretical) border.

Unconstitutional. Article I section 9

"No Tax or Duty shall be laid on Articles exported from any State."

Not even close. This is something exported from the country. The purpose of the ammendment is to prohibit the fed from taxing items from one state and not others thereby disadvantaging a site or region. The fed can tax or tariff things leaving the country and should with all that money flowing to Mexico.

Posted: 7/21/2010 9:30:57 AM EDT

[#20]

Hey congressman, how about you cut taxes so that the people who WANT to pay for child care have more money to make that choice, and businesses that provide child care have to compete for the money.

Posted: 7/21/2010 9:47:36 AM EDT

[#21]

Tar and feather that fucking cockholster.

Posted: 7/21/2010 9:54:57 AM EDT

[#22]

Just who do you think will be paying these "taxes"? Idiots. All that crap gets passed to the consumer of goods or services.

Posted: 7/21/2010 9:58:37 AM EDT

[#23]

Fucking mother fuckers.

Posted: 7/21/2010 9:59:24 AM EDT

[#24]

Quoted:

Just who do you think will be paying these "taxes"? Idiots. All that crap gets passed to the consumer of goods or services.

Why would a liberal elected official ever let sound logic get in the way.

Posted: 7/21/2010 10:16:25 AM EDT

[#25]

Quoted:

Quoted:
Here's how to kill it.

Amend it to include money wired south of the (theoretical) border.

/thread

Word.

Posted: 7/21/2010 10:19:15 AM EDT

[#26]

Gee, let's fuck over the banks even more, raising the price of credit even higher, and thus ensure the recession goes on even longer...

California...