alt Hacker NewsThe issues you raise aren't fixed by your proposal. A 5% transaction tax will hurt both the rich and small investors.
If you want to tax the rich, raise the cap on the capital gain tax rates for higher income (we already have the NIIT but you could raise it). If you think that capital gain taxes are unfairly low - they aren't, but let's say they are - just raise them. But a transaction tax is regressive and nonsensical. Being better than Sanders' proposals is no consolation in my book.
Thank you for sharing your perspective. I'll continue to digest it as my workingclass place_in_this_world continues to shrink.
Honestly, both capital gains and waged income taxes are too low. During the most-prosperous times of this Semiquincentennial Country [USA 1946-1984], the toptier taxrate was >50% (through democratic and republican, non-AIPAC, presidencies). At least on paper...
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I agree that Sanders is too polar to accomplish anything, but his voice serves as a starting point for systemic problems.
For those of you that don't still live in "the hood" [like I choose to remain]: if only you knew how bad it is. Americans are literally starving; jobbed moms literally offering to do my dishes/lawn/anythingwinkwink.
I voluntarily remain celibate.