The Benefits of a Financial Transactions Tax
Publication Date:
Publisher: Center for Economic and Policy Research
Author(s): Dean Baker
Research Area: Banking and finance
Keywords: Tax rates; Recession
Type: Report
Coverage: United States
Abstract:
The recent economic turmoil has generated renewed interest in a financial transactions tax (FTT). While such a tax will be vigorously opposed by the financial industry, it offers a very attractive mechanism for raising revenue that is arguably efficiency-enhancing. Calculations based on 2000 trading volumes showed that a set of scaled transactions taxes, imposed on transfers of stock and other financial assets, could raise more than $100 billion a year, even assuming large reductions in trading volume.
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