From Rushlimbaugh.com via http://www.cnsnews.com/
news/article/58099, Nancy Pelosi finds much merit in a transaction tax. This tax would be issued on all stock transactions on a global basis. And for it to work, according to Pelosi, it has to be on a global basis. Like Pelosi said, there will be many that will just move their transactions overseas -- like companies did with their employment because they can't afford to pay our own workers because they are too busy paying legal fees to make sure they are in compliance and altering their facilities to be more "green." So, to fix this problem, Pelosi says we'll just make it a global tax. According to the article, she estimates that this will bring in 150 billion in additional revenue. No it won't! You'll drive down the incentive to even buy or sell stocks. This is just another success punishment that will rape and pillage the exchange markets; much like the Capital Gains tax is doing right now. Furthermore, she says that this additional revenue will increase stimulus spending. Ok, here we go:
In concept, this is completely asinine. Let's tax the market to drive up stimulus spending. What's the point?! Why drive up stimulus spending if you are going to drive down those who are financially supporting it?! But, more so, "stimulus spending" is a pseudo concept made up by the federal government into making you think that the government is going to get us out of this mess. They got us into it but now can get us out?! When the government spends money, there is no stimulus. That money comes from somewhere, or really, someone and is finite. In other words, they'll just raise taxes more, which takes more money out of our pockets, which takes more money out of the economy.
But, let's not get too carried away and actually think Pelosi wants our economy to thrive. You see, a thriving economy is politically dangerous for the Left. The Left preys on the economic downturns and turns them into government opportunities. Come on! Don't patronize us! If you want to get the economy moving again, how about some stimulus giving?! Give back the taxes we've paid in! Economies do not work from the Government down. They work from the people up. If the people have more to spend, demand increases. Increased demand requires increased supply; which requires increased jobs to meet that supply; which brings unemployment down; which actually puts more people on payrolls from which more taxes are being paid anyway.
The sad part is, these people keep getting reelected each year.