In The Rigged Game: Corporate America and a People Betrayed, I wrote that we needed a tax on Wall Street transactions to help cool down the Wall Street speculators. A lot of people picked up on that, from Bernie Sanders to Elizabeth Warren. Now the Economic Policy Institute (EPI) is getting in on the action.
“In a new report, EPI’s Josh Bivens and Hunter Blair write that a financial transaction tax (FTT)—a small levy placed on the sale of stocks, bonds, derivatives, and other investments—would raise between $110 billion to $403 billion in gross revenues annually. They argue that regardless of the level of revenues raised, an FTT would be a win-win for the U.S. economy by ultimately decreasing the fees Americans pay on their investments and shrinking unproductive parts of the financial sector.”
By the way, most of the financial sectors of the US economy are unproductive. Not all of course, but the parts that rip people off, that corrupt both major political parties, the part that corrupts government in Wall Street’s favor, the part that allows the Federal Reserve to bail out the bankers to the tune of trillions of dollars, the part that allows investors to force corporations to export jobs, etc….
For the full report from the EPI, click