Harkin and rep Braley have decided they want to tax financial transactions over $100,000 because the deficit is so high. Not that they should have thought about the deficit before voting for bailouts, "stimulus" bills, etc.
Bill would tax stock deals over $100,000 U.S. Rep. Bruce Braley and Sen. Tom Harkin, both Democrats, are proposing a quarter-percent tax on all stock deals valued at more than $100,000. The bill would generate an estimated $100 billion or more annually, Harkin said.
If you change jobs and move your 401K to another plan, could you be hit with a tax? If the answer is yes, then you are a Wall Street fat-cat and Harkin wants your money, you rich capitalist bastard.
Harkin said Wall Street could afford the tax. He also stressed its revenue-generating capacity.
"I don't look upon it as any kind of way of punishment or anything like that," Harkin said. "I mean, we're just looking for revenue. We're looking for ways of getting out of this hole we're in."
Maybe if you hadn't dug the hole to begin with...
A similar tax was in effect for almost 50 years during the previous century, and it was doubled during the 1930s, Harkin said.
And that worked out real well, didn't it? The depression lasted another 10 years until WWII.
4 comments:
Harkin is an idiot, but he must be smarter than the majority of voters in Iowa, they keep sending him back to the Senate.
I am glad he is no longer my Senator, but I haven't had an improvement in representation, Blanche Lincoln is now my Senator. So, it appears the that electorate ignorance and stupidity is widespread.
This past week, Harkin claimed the GOP was using scare tactics regarding their arguments against the healthcare bill.
Harkin, the hypocrite, routinely uses scare tactics during campaigns and scaring people wins elections.
Unfortunately, Sen. Grassley isn't much better.
Well at least he doesn't get permission from Chuck Shumer to change his vote to try to fool the "rubes back home" as did our Mark Pryor.
I bet he licks Schumer's boots, though.
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