How to Raise $140 Billion a Year From Wall Street Banks: It's Time for a Financial Transaction Tax: By Dean Baker

icon gravatar.comwww.counterpunch.org/baker11102009.html
sent by OrpRam since 10 days 8 hours 46 minutes, published about 10 days 3 hours 42 minutes
The deficit hawk crew, famous for missing the $8 trillion housing bubble that wrecked the economy, is now on the warpath pressing the case for a big new national sales tax. They claim that the country badly needs additional revenue to address projected budget shortfalls. -- While we may need additional revenue at some point, it makes far more sense to impose a financial transactions tax (FTT), which would primarily hit the Wall Street banks that gave us this disaster, than to tax the consumption of ordinary working families. --- We can raise large amounts of money by taxing the speculation of the Wall Street high-flyers while barely affecting the sort of financial dealings that most of us do in our daily lives. - The logic of an FTT is simple. It would impose a modest fee on trades of stocks, futures, credit default swaps, and other financial instruments.
tags: grd-prd dbt-fscsm-fnncl fr mrkt fraud, solutn: tax
2 commentscategory: Business and Economy karma: 172

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  1. #1    http://www.waronwant.org/about-us

    This group have proposed this for over a decade, known as the Tobin Tax.

    "War on Want fights poverty in developing countries in partnership with people affected by globalisation. We campaign for human rights and against the root causes of global poverty, inequality and injustice.

    Poverty is political. The decisions of politicians in rich countries can mean life or death for people in developing countries. We have the power to reshape the global landscape - to ensure that people across the world can live in justice and peace."

    Here is a video they produced about taxing currency speculators.
    http://www.youtube.com/watch?v=vgliD41XCDE&feature=player_embedded
    "Watch what happens when predatory currency speculators prey on developing economies."
    written by NewsSophisticate since 10 days 4 hours 30 minutesNewsSophisticate
  2. #2    Another War on Want video. Water Privatization is the 'new gold'. The end of this short video is a must see.

    "Can you swallow this?"
    http://www.youtube.com/watch?v=Lx-RNTy80TE&NR=1

    Poverty is Political
    "Privatisation of basic utilities like water can devastate poor communities. Without access to affordable and clean drinking water, diseases like cholera can spread and infect hundreds of thousands of people "
    written by NewsSophisticate since 10 days 3 hours 58 minutesNewsSophisticate
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