Eliot Spitzer: Tax the Traders! It Would Solve Economic Crisis and Stop Reckless Activity

[xchrom]

http://www.alternet.org/economy/eliot-spitzer-tax-traders-it-would-solve-economic-crisis-and-stop-reckless-activity



Both the White House and House Republicans, publicly at least, are digging in their heels deeper and deeper in the so-called negotiations over what we call, alternately, the fiscal cliff, the fiscal slope, the austerity bomb, or the cable-talk-show topic of last resort.

Whatever logic either side pretends to have is irrelevant to the other side, because each is speaking a different political language and indeed a different economic language.

I agree with the White House on the substance of the debate, and I think the administration’s hand gets stronger over time . But as anyone who has been through negotiations will tell you, sometimes you just need a new idea to change the dynamic.

This one is not so new; it has been around for a long time, supported by a wide range of economists, including Nobel laureate James Tobin, as well as advocates, including Ralph Nader in the Washington Post this weekend, and elected officials: a tax on financial transactions. It will give us gobs of revenue. It will fall on a sector that has generated enormous and unwarranted profits for a very few, who at the same time have benefited from huge bailouts and regulatory help and largely escaped any responsibility for their central role in creating the financial cataclysm that we are still struggling with.

[SamKnause]

1. Tax the Traders

I do not think the majority of corrupt bloviating politicians want any solutions.

99% of U.S. citizens have the solutions.

Why do our elected and appointed government officials pretend they do not ???

They are being to paid to destroy this country from within by the corporations (to numerous to mention by name), CEOs, bankers, war profiteers, Wall Street and the MIC .

The elites are quite pleased with the direction this country is headed.

[Jeff In Milwaukee]

2. And while we're at it, Tax the Traitors

A transaction tax and eliminating the ability of corporations and individuals to hid their money offshore be a massive step toward balancing the budget and making the tax code more fair.

If I buy a pair of sunglasses, I pay sales tax. If I buy shares of Ray-Ban, I don't pay a tax. Fair? Equitable?

[CanonRay]

3. Spitzer should be Attorney General or Sec. of Treasury

Tomorrow, please.

[RoccoR5955]

5. More like yesterday!

If he was a RepubLIEcan, and did what he did, they would pin a medal on him, instead he was busted by the Bush administration's justice, or should I say "just us" department. They didn't like the way that he was nailing the folks on Wall street to the wall.

[rhett o rick]

7. And they used the un-Constitutional powers of the Patriot Act to nail him.

I wonder if Gen Petraeus was pay back?

[mtasselin]

4. Eliot

It would be great for Eliot to become Attorney General, we have not had one in how many years, neither side has been protecting America.

[Egalitarian Thug]

6. K&R for this one too. Saw the other one first.

http://www.democraticunderground.com/10021927305

[Overseas]

8. K&R. They could stand a dash of austerity. This is the one I've been pushing for.

Signed the petition and wrote all my legislators about a tiny transaction tax on Wall Street before we impose any more budget cuts on our social needs.

[Scalded Nun]

9. Yes

I've been hollering for this for a long time.

Trading houses have no problem charging for their transactions. Traders pay it and move on.

We pay federal taxes on gas, air fare, and the list goes on.

A federal tax on Wall Street and banking transactions (interbank) should be a no-brainer.

AND...bring back Glass-Steagall. Remember, we are dealing with some of the most conniving bastards that ever existed.