Some politicians in Congress are proposing a new "tax on financial transactions" ... the last thing our recovering economy needs and another obstacle for America's job creators.
The stock transaction tax would assess a fee on the sale or purchase of any stock, raising transactions costs, forcing businesses overseas, and creating a loophole that only lawyers and lobbyists would benefit from.
Bottom line: this tax would increase the cost of doing business in America, limit opportunities for investors and sacrifice more American jobs.
Not surprisingly, this new tax is backed by Big Labor, and would impose a .25% tax on all stock trades in the misguided hope of raising $150 billion for another stimulus bill.
But this bill won't stimulate the economy -- it will do the exact opposite.
In fact, a similar transaction tax was repealed by Congress in 1966 for the depressing effect it had on the American economy.
Once repealed, costs fell and the number of Americans investing in the stock market dramatically increased -- helping markets grow and prosper.
If you ask me, I'm getting REALLY tired of these "know it alls" that are in O's administration that have NO idea how to successfully run a business (let alone a country) telling us what is and isn't good for us. Stay away from my money!!!