This speaks for itself. I've railed about this great counterfactual for a long time.
It's not what's said by our so-called elected officials--both Democratic and Republican, this is very much a big cup of bipartisan bullsh*t--it's what's NOT done.
The Insanity of Not Having a Financial Transaction Tax
PAUL BUCHHEIT1 FOR BUZZFLASH AT TRUTHOUT
Monday, 22 July 2013 13:49
The logic for the tax is indisputable:
1. Financial industry speculation devastated middle-class homeowner wealth.
2. US investors pay zero tax on their speculative transactions.
3. The tax is easy to implement, and is very successful in other countries.
The emotional appeal reaches most of America:
• Why should the rest of us pay up to 10% on the necessities of life while risky derivative purchases aren't taxed at all?
• Why should kids around the country lose their arts programs while trillions of dollars flow, untaxed, to Wall Street?
On July 8th, 2013, Chicago Political Economy Group (CPEG) member Bill Barclay and Illinois Green Party Chair Rich Whitney presented arguments for the Financial Transaction Tax (FTT) in front of the Illinois Pension Reform Committee. The video is available here (01:29:40), and the slideshow here. Much of the following derives from their work...
Buchheit1 continues on to note that even an ultra-conservative group like the Heritage Foundation has tacitly acknowledged that countries that it describes as being among the most free on the planet—Singapore, Hong Kong and Switzerland—“…are three of the top five countries” in that group’s “Index of Economic Freedom, and they all have FTTs. Critics who might argue that non-FTT taxes are lower in Singapore and Hong Kong should look at World Bank and CIA World Factbook datasets, both of which show the U.S. with lower tax revenues as a percentage of GDP. The U.S. is clearly undertaxed across a wide range of taxes.”
Without giving away the contents of the entire piece, because you really should take the time to read it, the author notes that “a tiny tax would pay the entire 2013 federal education budget.” He continues on to note that it’s easy to administer and it would carry negligible risk.
President Obama is embarking upon a speaking tour, today, where he will discuss his economic agenda for America. I can all but guarantee there will be no mention of support for a Wall Street Financial Transactions Tax in his speech. (If there is, I’ll be elated!)
The fact of the matter is everything inside the Beltway is run by the banks (and the other four corporate gangs that run this place we call “America”). And, in their view, the prioritization of the “serious people” in our government is to cut Social Security, school lunch programs, food stamps and unemployment benefits; and, to do whatever’s necessary to keep sanity off the public discussion agenda. So, while we sit around blaming just one of the two major political parties for everything that’s wrong in U.S. society today, the greater truth is this is very much a bipartisan problem--one which is fully supported by our “leading” Democrats in D.C. as it is by Republicans. (And, no, I’m not providing links for this, but I’m referring to realities that include my own, two, supposedly-Democratic Senators and my new, so-called Democratic congressman, here in New York!)
Insanity and greed. Those are just about the only things the unwashed masses on Main Street can take to the bank these days.
This situation is light years beyond disgusting. (You know what to do! So, when you’re done reading Buchheit’s article, do it, dammit!)
(End of rant.)
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1 = "Paul Buchheit is a college teacher, a writer for progressive publications, and the founder and developer of social justice and educational websites (UsAgainstGreed.org, PayUpNow.org, RappingHistory.org)."