Why we need to tax Wall Street transactions, Public Citizen, Jan. 29, 2010
Bills before Congress would create a speculation tax on financial transactions that could raise funds from the rich while deterring the harmful churning of stocks. Economist Dean Baker, co-director of the Center for Economic Policy Research, discusses why we need a speculation tax, or financial transaction tax.
Stock Transfer Tax, “Year in Ideas 2008″, New York Times Magazine, 12/14/2008
The New York Times magazine called it one of the top ideas of 2008, and numerous economists support the FTT.
Baker “estimates that a small tax of up to one quarter of 1 percent imposed on the sale of a wide range of securities would do more than curb speculation; it would also yield $100 billion to $150 billion — money that could go toward paying for aid to Wall Street. Better still, Baker contends, most of the revenue would end up coming from Wall Street, not ordinary investors.”