House Democrats are using the Robinhood-GameStop story to push a new "financial transaction tax" on every Wall Street trade.
Minnesota's Ilhan Omar says it would only cost point-one percent of a trade, adding up to what she estimates to be one trillion dollars a year. But who do you think will foot the bill?
“The transaction tax would be paid for by investors,” says Grover Norquist at Americans for Tax Reform. “Fifty-three percent of American homes have an IRA or 401k, so at least half of American households would be paying this tax.”
Norquist believes this is only the tip of the iceberg.
“The Democratic Party has moved so far to the left that every dumb idea is possible,” he says. “If they can get 50 votes in the Senate and 218 in the House, they will do it.”
Norquist points out President Biden and Democrats told voters they would raise taxes, now they are.
“President Biden has said he wants to raise spending by $11 trillion and raise taxes by $4 trillion, which means he's going to increase the deficit by $7 trillion or he's going to raise $7 trillion in taxes he hasn't had the courage to tell you about yet.”