A transaction tax on all stock, bond and derivatives trades made by Wall Street firms
Rep. Keith Ellison (D-Minn.) and six other House Democrats have introduced legislation that would impose a transaction tax on all stock, bond and derivatives trades made by Wall Street firms, which Ellison said would raise "billions" to pay for infrastructure and jobs programs.
"The American public provided hundreds of billions to bailout Wall Street during the global fiscal crisis yet bore the brunt of the crisis with lost jobs and reduced household wealth," Ellison said Monday. "This is a phenomenally wealthy nation, yet our tax and regulatory system allowed the financial titans to amass great riches while impoverishing the systems that enable inclusive prosperity.
And rightly so, don't ya think ?
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Permalink Reply by Peter jcp on -
Hi Keith - I look upon the financial Institutions as one of the key reasons the the majority of the World are suffering from such bad recessions - or even depressions in certain cases.
I am not going to leave out Politicians - because they have all played a part as well - but the financial bodies have taken advantage of people "wanting more" during the good times of the boom years. They have tapped into natural "greed" and ending up selling "dreams" that were not really available to all - just as they have done in the growth of the Forex Market.
Most large financial institutions have spent millions on tax avoidance methods to save themselves billions in taxes - then when their money making schemes started to "hit the Fan" they have ended up being bailed on by governments around the World.
We all know life is not fair - and that really you should try to give as well as take. At both ends of the wealth band - the very poor and the "mega rich" you have cheats and people who defraud the system - its part of human nature I suppose.
I am all for genuine wealth creators and the guys who real work hard and are dedicated to earning large fortunes.
However, as far as I am concerned the Wall Street and City Lot need a great big "reality check" and yes they should have additional taxes imposed - for simply all the trouble they have caused.
Interesting in the report the guy said it would stop HFT and make it unprofitable due to the additional costs. I soon think they would get around that - and as far as I am concerned the auditors and regulators are not understanding or seeing how they are "hiving" the money off and complaining of poor results
Massive complex computer systems - allow "creaming" etc and I know in the UK many Banks have threatened to move out if they are faced with additional cost burdens. The trick is therefore to ensure all governments around the developed world - G20 etc agree a structure to make sure they simply cannot escape additional taxes - but not allow them to pass it on to the customer - us
PS - I am by nature more right then central, entrepreneurial - lover of businesses - but hater of "Politricks" and Banks ;-)))
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Permalink Reply by TT on -
This idea is nothing new - the Tobin Tax or Robin Hood Tax comes up whenever there is public out cry against the financial system or elections are on the horizon. Sarkozy put forward such a policy before he didn't get re-elected. Desperate politicians seeking public support...........Try taxing a decentralised market!
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Permalink Reply by Keith Shaw on -
A Fair Point TT, the public out cry we are seeing at present world wide will be talked about in the history books by future generations.
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