[quote=AN][quote=CA renter]The high-frequency traders DO bother me because of the sheer volume they control, and the leverage that they use. The HFT crowd would indeed be affected by what I propose because they make well into the millions/billions per year — and not a cent of that benefitted society, BTW.[/quote]
Those who control millions/billions have PLENTY of ways to get around any tax law you propose. They have the tools that non of us small fries have, including a team of tax lawyers/planners to help them pay the least tax possible.
BTW, I don’t agree that not a cent of that benefitted society. I’m sure they hire maids, gardeners, private school teachers/tutors for their kids, pilots to fly their private planes, etc. Those people wouldn’t have those jobs if it wasn’t for those pesky cents. That haven’t even taken into their philanthropy efforts. Bill Gates have given over $28 Billions to charity, he’ll donate more after he die. I read somewhere that he’ll be leaving only a few hundred millions to his only child. Which means the rest of his wealth (currently around $56B) will go to charity. Warren Buffett have already pledge 99% of his wealth to charity. He has called on other Billionaires to join him to give $600B to charity. I’m pretty sure those $600B will benefit society just a little bit.[/quote]
I’m sure it’s better for society if $1MM is split among 100,000 people, instead of having it go to one person.
If one has to choose between giving this money to a HF trader, or giving it to a handful of start-ups, or to an existing company that wants to expand to meet demand, I would certainly prefer the latter two.
The concentration of massive amounts of wealth — at the expense of many — has never led to a good ending.
BTW, I would put Bill Gates in an entirely different category than traders. At least he *worked* to earn his money (monopolies, notwithstanding).
