Fox News’ latest triggering into a tizzy over Alexandria Ocasio-Cortez (D-NY) is her support for a bill taxing stock trades. Host Charles Payne began by mispronouncing her name as “Alexandrio” Ocasio-Cortez and declaring, “You might want to worry about what she has planned for your money.”
After a report from Deidre Bolton noted that the tax could add $777 billion to the budget over 10 years, with a “very slight” tax of .01% per transaction, the fear mongering in the stacked deck of a panel began.
Republican strategist Holly Turner was first. "People are not going to be able to pay this," she claimed. "The margins that these traders have and these high-frequency traders, they are slim margins. So it may seem like a small tax, but it's not, and the consumer is going to feel this. It is going to hit Main Street, it is going to hit farmers, it is going to hit every industry in the nation."
Payne agreed. "I think that's a real legitimate concern," he said.
David Morey, a so-called Democratic strategist, sounded like a Faux Democrat. "I think it is a legitimate fear, and this is what happens when you try and do a slice of reform,” he began. “This is how the Democrats can lose in 2020, they can lurch hard left.”
Morey did acknowledge, "To be fair, wages, inequality distribution is a gigantic issue, particularly in the four states that will probably decide the next presidency, that is Wisconsin, Michigan, Ohio, and Pennsylvania."
As Morey spoke, a graphic on the right side of the screen reiterated that the bill could raise $777 billion over a decade.
Yet Payne insisted that Democratic proposals (i.e. AOC’s) are "designed to extract money out of the economy, but it really - ultimately, it seems that they all hurt the average American."
Guest Ryan Payne (no apparent relation to the host) claimed that putting the burden on high frequency traders “could take a lot of liquidity out of the markets."
Charles Payne worried about "the exposure the average American has, and the true economic damage that can be done." For good measure of AOC bashing, he called the Green New Deal "pie-in-the-sky policies or dreams."
Turner accused Democrats of going "full-on socialism." She predicted that capital will flee the country as a result. "They do not realize that capital is mobile, and capital will not stay here, entrepreneurs will not stay in the United States if they're not appreciated," Turner warned.
Charles Payne suggested that Ocasio-Cortez’ policies arose from "some form of resentment" because "the fat cats are doing substantially better than I am."
Writing in the Albany Times Union, social scientists Mary Ann Castle and Gene Grabiner argued that a stock transfer tax would help
Main Street without harming Wall Street. “The London Stock Exchange collects a significant stock transfer tax and it continues to flourish,” they wrote. They also said that “Germany, Switzerland, Hong Kong, Singapore and France all have stock transfer taxes.”
Funny how nobody on the panel discussed how the tax is “ruining” other economies.
Watch the Ocasio-Cortez Derangement Syndrome above, from the March 5, 2019 Your World.
Crossposted at News Hounds.
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