Taxing financial transactions on wall street only makes sense. After all, it was Wall Street and its affection for reckless deals, which broke the economy in the first place. Economists argue a small fee on the sale or transfer of stocks, bonds and other financial assets could generate as much as $100 to $150 billion a year The money could be used to pay for temporary aid to states and serve as hiring incentives for public and private sector employers and fund infrastructure projects. source www.unionofunemployed.com Thanks KJF.
OK. But transactions fees are simply a revenue stream for the brokers who pay their taxes on earnings. The investor can already deduct most investment expense amounts over 2% of AGI, as well as other loopholes. If we close the loopholes on companies and investors, additional revenue could be generated without piggybacking more fees on transactions. The government and SEC was well aware of the risks being taken, and neglected to do anything about it. What could we do with the extra revenue?...your idea seems great!
1. It could be used to recreate the comprehensive employment and training Act that was enacted in 1973 and was stoped about 1981 or 1982. CETA trained workers and provided them with jobs in the public sector. The program targeted those with low incomes and the long term unempolyed. It also provided jobs to low income high school students in the summer. The intent was to provide the unemployed with marketable skills needed to find permanent employment 2. Fund Education for are future. 3. invest in reneable energy and clean enery. 4. Fund infrastructure projects.