tax. every. trade.
Abolishing the stock market in general would be nice, or at least moving towards that direction gradually. The wealthy don’t typically get their money from great trading, but parking their money and letting it grow.
The stock market itself isn’t the problem either though, it’s that the wealthy have money and the poor do not. If you want to buy a house and you don’t have the cash for it, you need to borrow from someone…and that means someone who has a lot of money. And you’ll pay interest for the privilege because there is a time value of money. That doesn’t go away without a stock market.
The real solution is to tax the wealth itself, either directly or through taxing the step-up in value after the owner of a stock dies, or a massively increased estate tax.
The stock market shouldn’t be abolished without also abolishing other aspects of Capitalism, yes. Workers must currently take advantage of everything they can within the current system. However, people should be striving towards worker ownership of the Means of Production, and keeping the stock market would allow Capitalism to resurface.
So if everyone in the US stops buying publically traded companies, it would bankrupt the top 10%?
Only if you’re including the top 10%. The vast majority of retail investing makes little difference even when combined, in comparison to institutional investing.
