YouTube: Pelosi Advocating The tax

There's an election coming. Democrats aren't fond of telegraphing their various tax schemes just before you go to the polls. Nancy Pelosi though is sending out positive vibes on a financial transaction tax. The Federal Government would collect a 1% tax on all financial transactions ... any financial transaction at any financial institution.

Pelosi indicated that the idea has merit. On December 4th of last year CNSnews.com ran with a story detailing Pelosi's endorsement of a "global" tax on stock trades and other financial transactions that she said at a news conference could bring in $150 billion annually.

YouTube of Pelosi talking about the tax:

A financial transaction tax would in all probability start out at around 1%. If you made a $500 deposit into your savings account, $5 would go to Washington. If your employer automatically deposited you $1,845 paycheck into your account every two weeks, $18.45 would go to the federal government. Then another financial transaction tax when your money goes out.   Charge an $80 dinner for two to your Visa card, 80 cents to the government. If you make car payment of say $390 per month. Every time you make that payment $3.90 goes to the government. Over 36 months this would amount to $140. This is money you’ve already paid income tax on.  Now you pay another 1% going in and 1% coming out.

Put the socialist Democrat back in office. Then a few months down the road when they announce that something like a temporary financial transaction tax is going to be necessary to take care of our deficit. The truth is that if they got the tax it would not be used to cover the deficit.  It would just be more money for them to spend on their various vote-buying schemes. The only thing about this financial transaction tax that would be temporary would be the rate.  How long would it take them to tell you that they just "had" to raise the rate to 2%, for a while until whatever crisis our dear leaders in Washington were dealing with passed?

Which party are you going to vote for in 27 days? The Paycheck Party or the Food Stamp Party?

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