An amateurish attempt at explaining current events large and small.
Thursday, October 23, 2008
Tax on Securities Transactions
I don't know why this hasn't occurred. Presently there is a tax on securities transactions of .0033%. Setting it at .5% would raise roughly $65 billion. Such a tax shouldn't have a negative impact on US financial markets competitiveness as other major exchanges such as the UK and Hong Kong levy a similar fee. Here is a CRS study on a Securities Transaction Tax.