Quote:
Originally Posted by K626
Nearly all wealth is generated by our endevour and then it moves around, but mostly returns to the center. This is a way of getting some of it back out to the periphery (see Soros)...One big upside to this is that it isn't a people tax in the sense that the bankers won't be able to avoid it...It is a transaction tax...Ultimately if you think that theoretically they will pass the cost back to us...Well you can say that about all tax...Ultimately we pay and in that sense this is no different. But personally I'd rather increase banking tax then higher taxes on goods etc...
What ideas would you implement regarding tax?
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This is one of those ideas that sound good on the surface, but can't ever amount to anything.
The question is how the banks will recoup the money. I can think of some things. How about no more free checking accounts? How about fees to access bankers by phone? How about less staff and shorter hours? How about additional fees on credit card and ATM transactions? How about higher interest rates on loans and credit cards?
The one thing I can tell you 100% is that NONE of this money will come out of the executives' pockets. It's just a way for the plebe class to feel good about sticking it to the bankers.
What would I do regarding tax? Personally, I would get rid of as much of it as possible.
The problem we have here is that from the destruction of glass steagal act, normal banks can start issuing exotic bets like CDOs, mortgage-backed securities, etc. The other issue is that we have a fiat currency. People today are confused. Paper is not wealth, it is just paper. Real wealth is ownership of property.
We need to get rid of fiat currency. One way to do that would be to promote competition in currencies. Let states print their own money. Let people transact in gold and silver. Let the market come up with something and let the people choose how they want to transact.
Notice I keep using the word let. The only thing taxes does is take. It also doesn't take very effectively as evidenced by the large amount of government waste. The problem here is that you can't hate the player, you can only hate the game.
The system is doing right now exactly what it is designed to do. I know everyone can argue special interests, Illuminati, corrupt bankers, etc. but if you look at the current financial system and who the power is given to and how it is brokered, it is just insanity. How could you not have a small minority of people who control the world's wealth?
The only way this can be rectified is by taking the control away from the bankers and putting it in the people's hands where it should be. And the only way this can happen is by abolishing the world fiat standards and laws.
--sjkted