Tax Wall St. dealers’ profits to the max

Tax Wall St. dealers’ profits to the max

Lately we heard about and read about Wall Street “investors.” These are not investors. They are speculators, institutions, day traders and other greedy people. They do nothing but trade pieces of paper in the hope of making an extra quarter point that does not add to the GNP.

If someone buys stock in General Motors, will GM build another car, or hire more employees? No, unless it happens to be an IPO. What will happen is the selling broker makes a commission, the buying broker gets his and the seller gets what is left, GM will see none of the “investment.”

A true investment would be putting your money directly into a company and let the company growth and profits be your reward. Our deficit could probably be solved if the “profits” of these Wall Street dealers were taxed at the max and their “losses” not given a tax write off.

Greg Stimpson

Wood Dale