Pelosi taxes the world


Why is the default position of the United States government, or any government, that the way to control costs is to raise taxes? What did you do with that $3.4 trillion we gave you last year, Nancy?

Pelosi is giving “a great deal of merit” to the idea of taxing financial transactions, which should be as wildly popular as bank fees. Reuters is dutiful in reporting this as a proposed “Wall Street tax” when it would really be an “any private citizen investor tax.” Does anyone else think that even a 5% sales tax has only a minimal impact on a transaction? (It’s all 12% now in BC thanks to our HST.)

But this is where she really oversteps her ground:

Pelosi has previously said the tax would have to be imposed internationally to keep Wall Street business from going overseas. Backers of the tax say they have crafted their bills to ensure that businesses would not migrate overseas.

I can’t wait to hear the justification from Paul Krugman on how this will boost the economy. The IRS is going to have to divert some of those extra 30,000 troops from Afghanistan into Green Beret tax agents. And how is she proposing to keep businesses in the United States? Does she think there really is a Hotel California? I suppose hanging around Barney Frank and Jared Polis count as pretty, pretty boys that she calls men. Oh well, just legislate the international IRS into existence and let the sovereignty of other nations work itself out from there.

Democrats in the House are considering the tax as a way to pay for new construction projects and other measures aimed at bringing down the country’s 10.2 percent unemployment rate.

Right, when unemployment was less than five percent in the US a year ago and we were told that this spending was necessary to create or save jobs. I figure in the next few years, spending will be triple the revenue intake and unemployment will be around 150%. If my figures seem a little off, at least I don’t think there are 500 million people in danger of being unemployed. My figures are still more accurate than hers.

Pelosi says full steam ahead, even if the Treasury secretary rejects it and two senators support the notion. House member John Larson also wants to apply this tax on all derivative trading, no matter where it happens.

It’s stunning that a punitive tax on all those people trying to invest their savings and help others grow businesses is going to be punished in order to supply public servants with even more goodies. Britain and Germany are even coming out with bank taxes to prepare for future bailouts! They’re anticipating having to do these bailouts ad infinitum! This is on top of most of the Troubled Asset Relief Program money that has not yet been spent. Most of it will be spent in 2010…which Pelosi is likely hoping will come just in time to fund her re-election.

I think that’s what the US government is planning here, too, with Wall Street constantly needing a “correction” by the government every so often. It’s a perfect way to guarantee government as economic saviour, permanently placing all of their thumbs into yet another aspect of private life.

2 Responses to “Pelosi taxes the world”

  1. Chris Says:

    “Democrats in the House are considering the tax as a way to pay for new construction projects and other measures aimed at bringing down the country’s 10.2 percent unemployment rate.”

    It’s quite precious how these people think the construction jobs won’t be filled by all the immigrants standing outside Home Depot.

    Get a just-graduated college student to work in the hot sun or freezing cold for 10-12 hours a day? Yeah, right, you can barely get these twerps out of the beds in their parents’ basement most days.

  2. tfhr Says:

    Is it still called self-flagellation when you’ve beat yourself senseless with a gavel? I hope so because it explains the picture and the policies in one fell swoop.

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