Taxing Wall Street to Fund Jobs and Recovery on Main Street
What if Wall Street’s financial transactions could be taxed to help fund job creation and economic recovery on Main Street? Politically the idea is vastly appealing, especially in the wake of Wall Street’s bailouts and the resurgence of its obscene bonus plans. But as it turns out a financial transactions tax also makes a lot of economic sense. The basic idea is fairly simple. Impose a small percentage tax of anywhere from .02% to .5% on things like securities trades and derivatives transactions, thereby generating an estimated $150 billion annually. Support is now growing for such a financial transactions tax…
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