A Tobin Tax, named after the economist who proposed it, was originally just an excise tax on cross border currency transactions. Today, however, the term is often applied to any tax on financial transactions involving stocks, bonds and derivatives. European governments like such a tax as a way to generate large amounts of revenue. Our own Wall Street-loving government still opposes one. But pressure from the left and budgetary realities might soon change that.....
I'm Hopin' For A Tobin
I'm hopin' for a Tobin
On transactions on Wall Street,
Which brings in a lot of money,
Fin'ly nicks The Street's elite.
To meet fiscal boondoggles
Stiffin' poor folks we've been doin',
But trade churning games on Wall Street
Is a better way pursuin'.
Want the rich to pay their share?
Want a sacrifice that's fair?
Then the answer's pretty clear:
A Tobin tax is where to steer.
©2011 Michael Silverstein