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Taxing Financial Speculation: Shifting the Tax Burden from Wages to Wagers

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Publication Date: February 2000

Publisher(s): Center for Economic and Policy Research

Author(s): Dean Baker

Topic: Banking and finance (Stock exchanges)

Keywords: Gambling tax; Social investment; Market efficiency

Type: Report

Coverage: United States

Abstract:

The vast majority of stock trades and other financial transactions are done by short term traders who hold assets for less than a year and often less than a day. These trades are essentially a form of gambling. This paper proposes a modest tax on these trades, 0.25 percent on the sale or purchase of share of stock, along with comparable fees for other assets.