Friday, March 22, 2013
Peter DeFazio Tax Proposal
Wall Street is unrepentant for wrecking our economy, but they may have to finally ante up some cash in taxes if the DeFazio bill proposing a Financial Transaction Tax (based on .03% on the value of stock trades) becomes law. Based on the principle of taxing something you have too much of, it makes sense to tax the extreme short-term thinking that rules wall street. A group of 1,000 economists from all the major countries in the G20 proposed just such a tax last year.
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When I was working on my masters in control theory, we would joke about implementing it on the stock market. That's what is happening. It is prevalent, the SEC is ham strung, and leveraged out with derivatives in all of the commodities markets. The indeces are complicit renting access to the trading computers. This is a huge blight on our economy.
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