Hedge Fund Gamblers Earn the Same In One Hour As a Middle-Class Household Makes In Over 47 Years

Hedge Fund Gamblers Earn the Same In One Hour As a Middle-Class Household Makes In Over 47 Years (Full Version)

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Brain -> Hedge Fund Gamblers Earn the Same In One Hour As a Middle-Class Household Makes In Over 47 Years (4/13/2011 9:48:12 PM)
This is an excellent way to recover the money given to the banks which I didn't think possible until now. And the good thing is it will be painless and effective. Hedge Fund Gamblers Earn the Same In One Hour As a Middle-Class Household Makes In Over 47 Years By Les Leopold I have yet to hear a convincing argument that financial billionaires produce economic value commensurate to what they earn. And if they don’t, that means they are siphoning off the wealth from the rest of our nation. Either we do something about it or we’ll watch our standard of living crumble….Blah, blah blah. We’ve heard it all before. We know that super-rich financiers are gaming the system. We know they pay low taxes or none at all. We know they’re stashing their cash in offshore accounts. But now that the economy isn’t crashing anymore, it seems there’s nothing we can do about it. We just have to learn to live with a new kind of aristocracy. Get used to it. Maybe not. By taxing financial speculation in real time, we reclaim some of the ungodly accumulation of speculative wealth in the financial sector. Everyone knows that the financial sector has grown too large for the good of our nation. Everyone knows that its size allows it to play fast and lose with our implicit guarantee of its bets. (Correction: everyone knows but Tim Geithner, who actually believes the financial sector should get even larger so it can provide more speculative services to emerging markets all over the world.) The financial speculation tax is the perfect way to put that money back to work for the common good. Every American not tied to Wall Street knows that the high-stakes financial gamblers should be paying us back. The speculation tax is the very best way to do it -- grab the money before they stash it in their offshore accounts. On March 8, a coalition of progressives succeeded in getting the European Parliament to endorse this Robin Hood tax by a vote of 529 to 127. This non-binding proposal if enacted would raise approximately $286 billion a year for the European Union. The G20 group of the leading industrial nations is considering such a tax, but the US and its billionaire bankers are fighting hard to keep it off the agenda. Back in the USA an ad hoc collection of economists are mounting a petition drive to put the issue back on the agenda. It says in part:… Needless to say, winning won’t come easy because Wall Street is determined to kill any and all efforts to siphon money away from its casinos. http://www.alternet.org/economy/150570/hedge_fund_gamblers_earn_the_same_in_one_hour_as_a_middle-class_household_makes_in_over_47_years/?page=entire [image]local://upfiles/392475/0014784A75AE4C5E8E4A496CE310E835.jpg[/image]

DarkSteven -> RE: Hedge Fund Gamblers Earn the Same In One Hour As a Middle-Class Household Makes In Over 47 Years (4/13/2011 9:51:57 PM)
Huh? A "financial speculation tax" would tax capital gains only (my impression from a very poorly defined term). Simply revoking the capital gains tax and having capital gains taxed at the same rate as earnings should accomplish the same thing more simply. Or am I missing something?

Fellow -> RE: Hedge Fund Gamblers Earn the Same In One Hour As a Middle-Class Household Makes In Over 47 Years (4/13/2011 10:24:05 PM)
The gambling tax would be wrong policy. Taxing financial speculation would make the government interested part of the scam. I would close the casino down.

tweakabelle -> RE: Hedge Fund Gamblers Earn the Same In One Hour As a Middle-Class Household Makes In Over 47 Years (4/13/2011 11:13:09 PM)
Something needs to be done. As things stand, we, consumers and retail customers end up paying for all this speculation through higher prices. The nett effect of all this speculation is a flow of dollars from the financially unsophisticated (ie the public) to the professionals and institutions. quote: " The top 25 hedge fund earners took in $22.07 billion in 2010. Thanks to a generous tax loophole these billionaires will pay a top tax rate of 15 percent instead of 35 percent. Closing that loophole on just those 25 individuals – just 25 guys who wouldn’t miss a penny of it -- would raise $4.4 billion, which is enough to rehire 126,000 laid-off teachers." from the OP In view of the current debates in the US over tax loopholes and balancing the budget, surely this would make sense. It's outrageous that these people pay a lower rate of tax than poor or middle class people.

Fellow -> RE: Hedge Fund Gamblers Earn the Same In One Hour As a Middle-Class Household Makes In Over 47 Years (4/13/2011 11:43:45 PM)
Every thinking president would do at least the following: 1. Re-instate Glass-Steagall Act 2. Eliminate Hedge Fund special status. Hedge funds should be treated like regular investment firms with the same accounting rules, disclosure, and transparency. 3. Tax all investment income as regular income.

Edwynn -> RE: Hedge Fund Gamblers Earn the Same In One Hour As a Middle-Class Household Makes In Over 47 Years (4/14/2011 4:22:48 AM)
Completely on the mark with all the above. Along with that eliminate any and all tax credits and subsidies and we would be well on our way. And not so much by the increased revenue from that as rather by the elimination of the market distortions they engender. If people only knew the real job creation obtainable in this country once we eliminate the companies who's existence relies so much on tax dollars. Small businesses would benefit greatly if their tax burden were lightened by not having to support Exon and GE and hedge fund puds every time they turn around.

DarkSteven -> RE: Hedge Fund Gamblers Earn the Same In One Hour As a Middle-Class Household Makes In Over 47 Years (4/14/2011 7:00:12 AM)
quote: ORIGINAL: Fellow Every thinking president would do at least the following: 1. Re-instate Glass-Steagall Act 2. Eliminate Hedge Fund special status. Hedge funds should be treated like regular investment firms with the same accounting rules, disclosure, and transparency. 3. Tax all investment income as regular income. I could go along with that. But you forgot to add criminal prosecution for those that deliberately pushed fraudulent loans and fake assessments, bogus assessments of risks, etc.

tazzygirl -> RE: Hedge Fund Gamblers Earn the Same In One Hour As a Middle-Class Household Makes In Over 47 Years (4/14/2011 7:03:20 AM)
quote: But you forgot to add criminal prosecution for those that deliberately pushed fraudulent loans and fake assessments, bogus assessments of risks, etc. They will never agree to prosecute those who made them money.

pahunkboy -> RE: Hedge Fund Gamblers Earn the Same In One Hour As a Middle-Class Household Makes In Over 47 Years (4/14/2011 8:50:45 AM)
Hedge Fund Gamblers Earn the Same In One Hour As a Middle-Class Household Makes In Over 47 Years How do they make so much money? Where does it come from? How can hedge fund firms with fewer than 100 employees make as much profit as firms with thousands of employees? /snip These bastards are sucking the blood right out of us. Good thread Brain.

Edwynn -> RE: Hedge Fund Gamblers Earn the Same In One Hour As a Middle-Class Household Makes In Over 47 Years (4/14/2011 11:24:50 AM)
quote: ORIGINAL: tazzygirl quote: But you forgot to add criminal prosecution for those that deliberately pushed fraudulent loans and fake assessments, bogus assessments of risks, etc. They will never agree to prosecute those who made them money. Don't be too harsh on them, tazzy. They wade through a whirlwind of the latest corporate written bills on a daily basis. Those pesky 'here are the actual consequences of our actions and what we allowed those corporations to do, so we should prosecute them now' little notices left on their desk have a tough time actually making it to the floor of congress. Useful and rightful action have to wait in line behind the money.

Brain -> RE: Hedge Fund Gamblers Earn the Same In One Hour As a Middle-Class Household Makes In Over 47 Years (4/14/2011 8:12:13 PM)
Yes, you are missing something. This tax is triggered or it occurs every time there is a transaction which means you have to pay a tax whether there is a gain or not. And it doesn't matter how you define the gain. It doesn't matter if you want to call it income or if you want to call it a capital gain and tax a smaller percentage of the gain or income - all that is irrelevant because you pay every time there is a transaction or every time somebody invests or speculates. And the amount of the tax is very low, I think it's a fraction of 1%. Again, the main point you're missing is the are taxing the transaction not the gain. For instance, it would be like having to pay a tax of 1% every time you buy gas to drive your car. The government doesn't care if you plan to sell the gas to someone else and make a profit. The government would just want their 1% on a $20 purchase of gasoline which would be 20 cents. I have a bad feeling that I've confused you more and all I can say is it's much easier if you have worked in or taken courses in accounting. quote: ORIGINAL: DarkSteven Huh? A "financial speculation tax" would tax capital gains only (my impression from a very poorly defined term). Simply revoking the capital gains tax and having capital gains taxed at the same rate as earnings should accomplish the same thing more simply. Or am I missing something?

Brain -> RE: Hedge Fund Gamblers Earn the Same In One Hour As a Middle-Class Household Makes In Over 47 Years (4/14/2011 8:15:55 PM)
I agree with what he said as well but I think it's going to be a bitch to change the law and do it. And it will be difficult because of the strong banking lobby as well to enact the transaction tax described in the article. quote: ORIGINAL: DarkSteven quote: ORIGINAL: Fellow Every thinking president would do at least the following: 1. Re-instate Glass-Steagall Act 2. Eliminate Hedge Fund special status. Hedge funds should be treated like regular investment firms with the same accounting rules, disclosure, and transparency. 3. Tax all investment income as regular income. I could go along with that. But you forgot to add criminal prosecution for those that deliberately pushed fraudulent loans and fake assessments, bogus assessments of risks, etc.

pahunkboy -> RE: Hedge Fund Gamblers Earn the Same In One Hour As a Middle-Class Household Makes In Over 47 Years (4/14/2011 8:18:07 PM)
Steven- what people dont realize is that the brokerage houses already skim from the top for their own pockets- this said money should go to the public til... not to hedge fund bonuses.

Brain -> RE: Hedge Fund Gamblers Earn the Same In One Hour As a Middle-Class Household Makes In Over 47 Years (4/14/2011 8:20:32 PM)
Sucking our blood is right and somehow the laws have to be changed to stop them/it because it's making it difficult for many people to get by because money is to tight, especially because the price of gas keeps rising with all the speculating going on with oil.

Real0ne -> RE: Hedge Fund Gamblers Earn the Same In One Hour As a Middle-Class Household Makes In Over 47 Years (4/14/2011 8:53:28 PM)
quote: ORIGINAL: DarkSteven quote: ORIGINAL: Fellow Every thinking president would do at least the following: 1. Re-instate Glass-Steagall Act 2. Eliminate Hedge Fund special status. Hedge funds should be treated like regular investment firms with the same accounting rules, disclosure, and transparency. 3. Tax all investment income as regular income. I could go along with that. But you forgot to add criminal prosecution for those that deliberately pushed fraudulent loans and fake assessments, bogus assessments of risks, etc. yup I will jump on this one too.

Real0ne -> RE: Hedge Fund Gamblers Earn the Same In One Hour As a Middle-Class Household Makes In Over 47 Years (4/14/2011 8:58:38 PM)
quote: ORIGINAL: Brain Sucking our blood is right and somehow the laws have to be changed to stop them/it because it's making it difficult for many people to get by because money is to tight, especially because the price of gas keeps rising with all the speculating going on with oil. wall street the banks and the government are all in bed together. the banks cause depressions and recessions and they all contribute to inflation driving prices up. any corporation or business that can affect the public at large in such catastrophic and detrimental ways need to have the thickness of new york phone books governing them in addition to the taxes.

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