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
$21/hr Start, Avg Pay $72K/yr No Experience Needed! Get Started.
New job opportunities added daily. Search & apply for DC jobs now.
Click. Search. Apply. Free!
Get Your College Degree Online Faster than You Think. Apply Now!
Other Career Questions
What jobs are there in the business field that are night jobs? Places and job titles please. Im have a BA in Business Admin and looking for a night job, already have a morning/day job.
Enumerate these jobs Say, patent application writting. patent application writing. In a company, what jobs are needed to keep confidential?
Content is not owned or controlled by Monster. Any content concerns should be addressed with Yahoo!
Yahoo! Does not evaluate or guarantee the accuracy of any Yahoo! Answers content. Yahoo! Disclaimer.
Best-Paying Work-from-Home Jobs
It’s easier than ever to work from home. Of course, not every job is a mobile job, and some companies aren’t interested in having their employees work from home.
2013 Marketing Jobs Outlook
The US may be facing another year of anemic hiring overall, but that won't be the case in the high-orbit world of multichannel, digital media marketing.
2013 Engineering Jobs Outlook
Engineers will find job opportunities in select disciplines in 2013, with candidates who are all-around, client-oriented businesspeople in demand.
Best-Paying Jobs by Major
What could you earn with a particular four-year degree? Find out by checking out this list of the top-paying jobs for 20 of the most common majors.
Eight High-Paying, Secure Jobs
Want to earn a good salary and enjoy a measure of job security as well? Check out these well-paying jobs on tap for fast growth in the coming years.