FLASH: Every time a significant transaction tax has been tried, it has either been gutted or eliminated due to its failure to collect anything close to projected revenue and its impact on capital markets. Got that Bernie?
American Communist Presidential hopeful, Senator Bernie Sancers (I-VT) proposed a plan Monday to cancel $1.6-T in student loans and pay for it with a tax on Wall Street, elevating the issue in the Y 2020 debate and going beyond proposals from his Democratic White House rivals.
Mr. Sanders, an avowed Communist, said his plan would wipe out college debt for 45-M Americans and be funded with a tax on stock, bond and derivatives transactions that would raise about $2.2-T over 10 years.
The proposal builds on Mr. Sanders’ longstanding call to make public universities and colleges tuition-free, an issue he has highlighted since his 1st Presidential run in Y 2016. He said student loan debt was economically crippling young Americans.
The Sanders Proposal comes 2 days before the 1st debates involving candidates seeking the Democratic nomination for the right to challenge Republican President Trump in November 2020, 10 candidates each will meet in back-to-back debates Wednesday and Thursday nights in Miami, Florida.
Mr. Sanders appeared at a news conference with gadfly Representative Ilhan Omar who joined him in proposing the legislation.
Monday, the major US stock market indexes finished at: DJIA +8.41 at 26727.54, NAS Comp -26.01 at 8005.69, S&P 500 -5.11 at 2945.35
Volume: Trade on the NYSE came in at 802-M/shares exchanged
- NAS Comp +20.7% YTD
- S&P 500 +17.5% YTD
- Russell 2000 +13.5% YTD
- DJIA +14.6% YTD
HeffX-LTN’s overall technical outlook for the major US stock market indexes is Neutral with a Bullish bias, as all of our Key indicators are flashing Very Bullish in here.