Occupy Indianapolis Instead of taxing the income of the wealthy, tax investment transactions that dont contribute much, if at all, to economic growth. The idea is known as a financial transaction tax. It would amount to fractions of a penny on the dollar value of every stock, bond and derivatives trade -- perhaps 5 cents per $100. But estimates of its potential return run as high as $700 billion a year. That would bump up current federal revenues by about 24%. A proposal for a financial transaction tax introduced by Rep. Keith Ellison, D-Minn., would exempt stock and bond trades of ordinary people who dont make their living from fancy trading -- individuals with income up to $50,000 and couples earning up to $75,000. (Ellison calls his measure the Robin Hood Tax, which is an unfortunate way of poking the Wall Street tiger with a stick.) The idea is backed by progressive economists such as Columbias Jeffrey D. Sachs, who calls it a solid idea that has been resisted by Wall Street for years. A campaign to press for the tax is just getting started. latimes/business/hiltzik/la-fi-mh-wall-street-20131025,0,7902315.story#axzz2ixUTbuUl
Posted on: Thu, 14 Nov 2013 00:05:35 +0000
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