Unions, progressive economists (yes, they exist, too) and sensible folks generally are today calling for a small transaction tax of perhaps 0.1 percent on the buying and selling of stock. One good consequence of this very modest sales tax would be to make near-instantaneous, computer-based trading that generates huge profits for Wall Street firms without benefiting anyone else less appealing. The tax would also generate an estimated $50 to $100 billion a year for the government that might be used to offset, in part, the debt it incurred bailing out big Wall Street banks.
In Praise Of A
Wall Street Transaction Tax
Here's my reactions to a tax on transactions:
By taking small fractions
From high-tech distractions
We'll win some compactions
Of Wall Street hog factions.
The other attractions
Of such small exactions?
More worthwhile actions
Need feel less subtractions.
****** |
