Originally Posted by Peterw
Also the answer to massive excesses in the finance industry vs horrendous poverty in other parts of the world and inequality in developed nations is not to give more money to governments.
This is part of the problem I have, but another part is something Smerp mentioned, somewhere between his derisive commentary--
Such a tax would, I think, all but eliminate the middle class investor. As one who once had a single-ladder Air Conditioning company, I was one of those who was basically squeezed out of business by the law that mandated all the refrigerant recycling equipment. That took a significant chunk of capital that I simply didn't have. Such would be the same, I think with this tax. If enacted, the only ones who could continue to compete are the big-money corporations, while the guy doing the day trading is basically screwed. In that light, it seems truly counterproductive.
IMO not nearly enough press is given to the philanthropic activities of financial institutions and the charitable activities of the rich. It's an inconvenient truth that a lot of people either filter out just aren't aware of, probably due to media reporting.
I know Bill Gates is somewhat of a philanthropist, but otherwise, I honestly think that charitable contributions are really more for the tax deduction than out of actual charity. And the reason I think this, is because if you took away the charitable contribution deduction, do you really expect contributes would be even close to what they are now?