Pelosi Endorses ‘Global’ Tax: Another "great idea" from the Marxist Pelosi.

Pelosi has to be from another planet. She is completely and utterly oblivious to the outrage brewing in America against the policies of the Obama administration its sycophants. She and others like her trudge forward as if they have some divine authority to act in a manner contrary to the will of the people. She treats the American public like a collection of morons who just don’t understand what’s best for them. I hope and pray that the voters of this country will turn these Marxists out on their collective asses come November.

In the meantime and in her infinite wisdom Pelosi is touting yet another idiotic plan. The following story comes from

Pelosi Endorses ‘Global’ Tax on Stocks, Bonds, and other Financial Transactions

( – House Speaker Nancy Pelosi (D-Calif.) endorsed the idea of a “global” tax on stock trades and other financial transactions, saying the estimated $150 billion in annual revenue from such a tax could be used to help fund more stimulus spending.

In true tax and spend liberal fashion Pelosi is seeking another source of revenue for an already bloated federal government. Never mind the effect this will have on the economy as they attempt to sap even more from a staggering market.

At her weekly press briefing on Thursday, Pelosi said the financial transactions tax (HR4191) currently before Congress would have to be made “global” to keep U.S. investors from taking their business overseas and out of taxable reach.

The House speaker said that a transaction tax could be imposed in conjunction with congressional efforts to divert funds from the Troubled Asset Relief Program (TARP), with funds from both going to fund a second stimulus spending package. (The first stimulus bill, $789-billion, was signed into law by President Barack Obama on Feb. 13, 2009.)

This bears watching. When TARP was implemented it was agreed that the return on the money dumped into the program would be returned to taxpayers. Now it seems that was just another in a long line of lies.

“I believe that the transaction tax still has a great deal of merit,” Pelosi told reporters. “The concern that many of us or others have had is that it will send, it will send transactions overseas.

“Well, let's see, the fact is, what we are talking about is a global transaction [tax],” she said, “something that we would do in conjunction with other G nations, whether it is G8, G20, whatever the current G number is. Because it is really a source of revenue that has really minimal impact on the transaction, but a tremendous impact on helping us meet our needs.”

“Our needs”, what exactly does that mean? I think we have been privy to some of what Pelosi and others like her need in the form of the stimulus debacle. What they need is a bottomless pit of money to fund their ever-growing liberal wish list. They also seem to have some deep seated need to destroy the free market economy of this country.

Pelosi said she thought the idea might have currency among a public eager to see Wall Street firms “pitching in” to help the government grow the economy.

“I think there would be a market for it among the American people to say that we are all participating in the economic prosperity of our country, and we are all pitching in to continue that prosperity,” said Pelosi.

That statement fails to pass the laugh test. What these people have done is the very antithesis of prosperity. They have straddled this country with insurmountable debt and taken over private sector business with reckless abandon. The results of their ineptitude will be anything but prosperity.

The tax idea, the brainchild of British Prime Minister Gordon Brown, would mean that all major financial centers – Asia, the EU, U.S., and U.K. – would all have to pass a similar transaction tax to avoid disadvantaging one country’s stock exchange. This would ensure that no matter where a person wanted to buy stock, they would have to pay the new tax.

Brown originally proposed the idea on Nov. 7 at a meeting of G20 finance ministers in St. Andrews, Scotland.

The American version, H.R. 4191, introduced by Rep. Peter DeFazio (D-Ore.), would levy a separate tax on all stock trades, futures contracts, swaps, credit default swaps, and stock options in an effort to tap the trillions of dollars of such transactions.

Seeking to circumvent concerns about further deficit spending on stimulus programs, the bill attempts to raise approximately $150 billion every year.

“The jobless recovery suggests that the Federal Government must continue to prime the economy, but the record deficit is a real obstacle,” the bill reads.

“To restore Main Street America, a small securities tax on Wall Street should be invested in job creation for Main Street,” says the bill. “This transfer tax would be assessed on the sale and purchase of financial instruments such as stocks, options, and futures. A quarter percent (0.25 percent) tax on financial instruments could raise approximately $150,000,000,000 a year.”

The transaction tax proposal was met with opposition from some House Democrats, who signed a “Dear Colleague” letter outlining their opposition to the tax and urging other members of Congress to join them.

“A $150 billion tax on financial transactions will fall on millions of hardworking Americans who are saving for their future through their 401k plans, mutual funds, pensions and other savings vehicles,” wrote Reps. Michael McMahon (D-N.Y.), Carolyn Maloney (D-N.Y.), and Debbie Halvorson (D-Ill.) in the letter, which is still being circulated on Capitol Hill, a copy of which was obtained by

“Supporters of the proposal promote it as a way to make Wall Street pay for economic stimulus, because it would apply only to stocks, futures, forwards and derivatives,” the letter states.

“In reality, it would be a tax on all investment and savings vehicles because mutual funds and money market fund transactions are, by definition, purchases and sales of securities and bonds,” it added.

The three Democrats said that the American version of the proposal would not exempt middle class Americans, as it claims to do, because while the tax would be paid by major stock brokers, those brokers would pass the cost down to everyday investors, pension, and retirement funds.

This is the crux of the problem. Proposals like this never take into account the effects on ordinary citizens. On paper it looks like a tax on the rich Wall Street types but as with almost everything the Obama administration and Pelosi have done its real effects will ripple through Main Street America with devastating consequences. Is anyone, except liberals, naïve enough to believe that costs incurred by stock traders will not be passed on to regular Joes but that matters little when you’re trying to change the world.

“Proponents of a transaction tax argue that a small 0.25 percent tax on stocks would be paid for by the highly paid financial traders and would not affect most Americans,” reads the letter. “This is simply not true. A tax on stock transactions would affect every single person who owns and invests in stocks from small business owners to senior citizens.”

“Americans saving for their retirement, to pay for college or ‘a rainy day fund’ to meet future emergencies will be subjected to a tax that will reduce the value of their savings at a time when they are just starting to recover the losses they incurred at the height of the financial crisis,” the letter states.

Pelosi’s office did not return calls for comment on this story.

This is nothing more than another blatant attempt to develop a source for a liberal slush fund. The tax, if enacted, will never be repealed. The money may at first be used for some “noble” cause but will subsequently be used to fund any number of liberal agenda programs. November can’t come soon enough for me.

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