Saturday, March 16, 2013

Economist Dean Baker Advocates for Speculation Tax on Financial Transactions

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.”

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