And his projections are pants-on-Fire stupid because he doesn’t account for the fact all high freq trading would move offshore if they taxed trades .5%.
Sanders is either an idiot or a bullshitter.
Moreover this logic seems to assume HFT is useless. It's a source of liquidity. Everyone who directly or indirectly invests in the stock market ends up paying for higher liquidity - it's just a case of how easily you can see it.
That's not quite true. The part that gets wiped out counts as taxable income for that year. In other words, if 100k of loans go away you now have a 10-30k tax bill depending on your income and state. I support closing that loophole, but otherwise I agree that it's a pretty fair system.
Except that 99% of the people that attempt to do this via public service are rejected. Effectively, this program does not realistically exist for 99 of 100 people that try to do it.
I paid 264k plus interest. It’s bullshit to tax me further to pay off loans for people who can afford to pay it.