According to an Article on the Hill.com, the AFL-CIO and the Democrats in Congress are pushing for a Tax on every stock transaction. They claim the Tax would be Small and it would accomplish two things:
"raise a lot of revenue and discourage speculative financial activity,” said Thea Lee, policy director at the AFL-CIO."
Then Thea Lee asks is making money really a Good thing:
“The big disadvantage of most taxes is that they discourage some really productive activity,” she said. “This would discourage numerous financial transactions. People flip their assets several times in an hour or a day. They make money but does it really add to the productive base of the United States?”
It appears that the Profits, from Businesses like Goldman Sachs, are really upsetting to the AFL-CIO and the Democrats in Congress:
"Liberals are angry the company, which immersed itself in the frenzy of speculation leading to last year’s financial collapse, is now making huge profits after accepting (and repaying) $10 billion in government aid. Goldman employees are on track to earn an average of more than $700,000 this year."
I am not a fan of Goldman Sachs, but If the "Liberals" where so darn mad about 'Profits' then why didn't they just let Goldman Sachs Fail? Why did they Vote to Bail them Out?
I don't think that they are Mad that the Company is making Profits, I think the Politicians and the Union are Mad that the Company Paid back the Bailout. Since Goldman Sachs paid back the loan it is much harder for the Administration to try and "Control" the Corporation.
The Liberals don't want the Money, they want the Control....
To Read the Article on the "Hill" Go To:
http://thehill.com/homenews/house/56789-afl-cio-dems-push-new-wall-street-tax
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