Financial Transaction Tax

2) All Financial Trades Should Be Taxed 0.5%.

“It’s a simple tweak that would reign in an out-of-control financial sector, stimulate jobs, generate billions of revenue, and possibly prevent another heart-wrenching crisis. Nobel Prize-winning economists like Joseph Stiglitz and Paul Krugman want it. Billionaires like Warren Buffett and Bill Gates want it. Polls show the majority of Americans want it. Even the Pope wants it.

We’re talking about a financial transaction tax (FTT) — a tiny tax of, say, less than half a percent: maybe 3 cents per $100 — on Wall Street trading. It’s simple, more than fair, widely supported by the public, and long overdue. Wall Street has been raking in billions of dollars in profits from financial transactions. And they pay not a penny in taxes on most of them.

Instead of talking about nickel-and-diming seniors by cutting their Social Security and Medicare, letting our infrastructure crumble, and forcing our children to go without proper education or medicine, we could be returning sanity and balance to our financial system. The FTT would put the breaks on the sort of reckless, breakneck-speed computer gambling that helped tank the American economy five years ago. It could raise hundreds of billions annually. Did you hear that, deficit hawks? We’d have enough to close the funding gaps in states that had their budgets destroyed by Wall Street’s risky behavior and predation. We’d even have enough to invest in new jobs. ” http://www.salon.com/2013/10/18/the_tax_that_could_save_america_from_wall_street_partner/

 

This small tax of less than ½ of 1% on Wall Street transactions can generate hundreds of billions of dollars each year in the US alone.

Enough to protect American schools, housing, local governments and hospitals. Enough to pay for lifesaving AIDS medicines. Enough to support people and communities around the world – and deal with the climate challenges we’re facing.

It won’t affect ordinary Americans, their personal savings, or every day consumer activity, such as ATMs or debit cards. It’s easy to enforce and tough to evade.

This is a tax on Wall Street, which created the greatest economic crisis in our nation, and globally, since the Great Depression. The same people who have returned to record profits and bonuses while ordinary Americans, the 99%, continue to pay the price of their crisis.

So it’s time for justice for ordinary families and businesses. For American families faced with a choice between buying food or paying the heating bill.

The Robin Hood Tax is just. The banks can afford it. The systems are in place to collect it. It won’t affect ordinary members of the public, their bank accounts or their savings. It’s fair, it’s timely, and it’s possible.

It’s not a tax on the people, but a tax for the people.”

http://www.robinhoodtax.org/how-it-works

A financial transaction tax would also help eliminate the scam of being able to trade stocks a few milleseconds faster, which does nothing productive, but does suck billions of dollars out of the economy and into their companies and bank accounts. Now many of our best and brightest young people go into financial fields for great wealth with no benefit to society, rather than helping solve the many large problems we face. http://www.bloomberg.com/news/2012-03-29/cable-across-atlantic-aims-to-save-traders-milliseconds.html