Don’t look now, but one of your typical left-winger Democrats, Pete Stark, has put forth a bill that would tax currency traders who trade in US dollars.
The common person may think, “well, I do not trade currencies so why do I care?”
Good question to ask and I will explain why it should matter to you whether you trade currencies or not.
The entire problem with this tax, and nearly all taxes, is that some politician wants to get his hands on more of your hard earned money.
Instead of always looking for ways to screw Americans with new creative forms of taxation, why can’t politicians try to come up with ways to cut back on their spending?
Democrats are notorious class warfare espousers as the majority of people who elect them into office are people who are not creating jobs and in most instances, people who are looking for handouts.
So why care about a currency tax?
The majority of people who trade in currencies work for large banks and investment institutions. They make a lot of money when one of their trades come through and the currency they happen to be trading reacts in the way in which they invested.
The good currency traders make millions of dollars for their respective employers.
What happens if some politician tries to cut back on the amount of money they are making? Well, in the case of banks and lending institutions, they simply will increase your fees for doing business with them.
Businesses only exist to make money…period!
If you take away their earnings, they will simply pass on the increase to their customers (which includes you).
In the end, the large institutions who are currency trading are not out one single red cent because you are now making up the difference in their revenue by paying higher fees.
Everyone uses banks and lending institutions, so by simply raising taxes on the “wealthy”, you have now lowered your discretionary spending monies.
One day all of you middle class people who vote for these class warfare Democrats, will realize the err of your ways and hopefully our country will not be too far gone to the socialistic side.
Stay tuned…as we will be providing several tax example stories throughout this week to try to help explain the entire concept of taxes to the common citizen better.