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.Maybe if you hadn't dug the hole to begin with...
"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."
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.