Could taxing the Wall Street traders & bankers more be a solution to the "fiscal cliff" threat?

James Tobin, a capitalist economist, came up with this idea of a "financial transaction tax" in the 1990s as a cure for too much money going into speculative finance in the US, and too little money going into retail and wholesale marketing, manufacturing, and the non-financial parts of the service economy. Could Tobin's notion of a "financial transaction" help to raise some of the revenues that the government needs to reduce its yearly deficits and its growing national debt? And could a tax on Wall Street transactions be put in place in a way that encouraged rather than discouraged job creation in the rest of the economy?

Asked By: Andy F - 12/27/2012
Best Answer - Chosen by Asker
Not only would a derivatives transaction tax of say....01% generate enough revenue to balance the budget at current spending levels in just ten years, it would also help deter massive high speed transfers of the type that resulted in the financial collapse... More
Answered By: MTR 2.0 - 12/27/2012
Additional Answers (5)
If you want to end all investments and new companies for new jobs, sure why not?
Answered By: Protectionist Conservative American - 12/27/2012
1% tax and you and I don't have to pay taxes.
Answered By: Ned - 12/27/2012
I support the Robin Hood tax, but you don't have the least understanding of the term "fiscal cliff."
Answered By: Philip - 12/27/2012
No. That would just put more people out of work.
Answered By: Rocky - 12/27/2012
Thank you MTR 2.0. The points you raise are all valid and worthy of serious consideration by Congress and President Obama.
Answered By: TK - 12/27/2012
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