Why do the wealthy not pay sales tax on 6 large items they buy? And how will the Robin Hood Tax Changes that?
HOW MANY ITEMS DO MOST AMERICANS CURRENTLY PAY A SALES OR TRANSACTION TAX ON WHEN PURCHASING/SELLING?
While there is no definitive list, and it varies by city and state, a reasonable number of items subject to a Sales or Transaction tax by ordinary Americans are in the millions.
Yes millions of items are subject to a sales or transaction tax for items that ordinary Americans buy.
NATIONWIDE HOW MANY ITEMS THAT COULD BE TAXED HAVE BEEN EXEMPTED FROM A SALES/TRANSACTION TAX?
Only About 8 big ticket items
The Robin Hood Tax will begin to tax 6 of them.
WHAT ITEMS HAVE NO SALES OR TRANSACTION TAX?
For items that only the rich buy & sell there are no Sales or Transaction Taxes. They have exempted themselves from taxes on the expensive items they buy. These 8 items have none – Yes None - $0 - in sales or transaction taxes:
• Stock Purchases/Sales
• Bond Purchases/Sales
• Commodities Purchases/Sales
• Derivatives Purchases/Sales
• Debentures Purchases/Sales
• Notes Purchases/Sales
Apartment Building Purchases/Sales
Commercial Building Purchases/Sales
• = Items are those that will be covered under the Robin Hood Tax
IS IT FAIR?
If you buy toilet paper you pay a Sales Tax.
If they buy a $10 million dollar Corporation they pay $0 in Sales Tax.
How is that fair?
HOW DID IT GET SO UNFAIR?
Remember the Golden Rule?
Those that have the Gold make the Rules
The Robin Hood Tax on Wall Street can be a game changer start towards a fairer, more democratic, more humane, more balanced, and more moral American Tax System.
This tiny sales tax on Wall Street is:
.5% on stocks, just $.50 (50 cents) for each $100 of stock trades;
.1% on bonds, just $.10 (ten cents) for each $100 of bond trades;
.005% on derivative speculation in currencies, commodities, or other trades, just $.005 (half a penny) for each $100 of trades
The revenue generated is estimated by economists to be up to 350 billion each year!
The Robin Hood Tax can be a game changer for a fairer, more democratic, more humane, more balanced, and more moral American Tax System.
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