Why don’t stock trades get taxed like almost every other transaction the rest of us make? At 3% per transaction, and given that about $43 billion was traded on NASDAQ alone yesterday 12/28, we would get rid of the deficit in a hurry. And soak the hedge fund asshats just a little.
Someone pointed out that raising money for corporations to invest – the justification for stock markets that we were taught in civics classes – makes up only a tiny portion of the actual business of Wall Street, NASDAQ, and all of the other stock markets around the world. It’s just speculation, where the very wealthy try to figure out ways to gamble their way to greater riches.
Three percent of $43 billion is a lot of money, by the way! (Work it out!)