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Tax Wall Street To Fund Bailout
Reinstate the Securities Turnover Excise Tax ("STET") to pay for the bailout. Thom Hartmann explains that a .25% STET would produce about $150 billion in its first year and it has the additional benefit of encouraging healthy investment, instead of the current "toxic speculation."
http://www.commondreams.org/view/2008/09/26
Now, the stock market is simply a no cost gambling casino for the super rich. We financed 4 of our wars with the STET and stabilized our stock market from the mid-30's to 1966. Plus, with the STET, we don't have to borrow from China for the bailout.
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Comments (3)
Absolutely. There's a great article at Alternet which lists 10 potential taxes which could provide huge amounts of revenue, help knock down speculation, distribute income, and which - in the aftermath of this crisis and the failure it has now made apparent to all - may well have a chance at some traction. Check out 1,2,5 and 9 for starters, with the Transaction/Turnover tax being a great example. Article here.
September 26, 2008 2:53 PM | Reply | Permalink
Theoretically the right thing to do, but you do understand the reason why this money is borrowed is because there is NO INTENTION whatsoever to pay back this debt?
September 26, 2008 11:17 PM | Reply | Permalink
Who cares what their intention is? I'm suggesting that they actually pay for whatever they're going to do bailout Wall Street.
This tax is a great idea on its own merits.
September 29, 2008 9:59 PM | Reply | Permalink
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