EIN News: U.S. Should Tax Financial Transactions

Mar 18, 2013, 12:08 ET from EIN News

WASHINGTON, March 18, 2013 /PRNewswire-USNewswire/ -- Horror of horrors. Eleven countries in Europe, including Germany, France and Italy, seem ready to impose a .1 percent tax on stock and bond trades and a .01 percent tax on derivative trades.

And the earth below the pillars of western capitalism is shuddering. Financial markets will collapse as investors stop trading. Tens of thousands of jobs will be lost. Stock prices will become more volatile. The unintended consequences are unknown but undoubtedly would be negative and severe.

Or so opponents claim.

A few weeks ago, U.S. Senators Tom Harkin of Iowa and Sheldon Whitehouse of Rhode Island, along with Rep. Peter DeFazio of Oregon introduced a comparable financial trade tax bill for the U.S. They estimate that such a tax would generate $352 billion over 10 years.

To read the rest of EIN News' syndicated columnist Joe Rothstein's commentary go to:

- Europe's About to Tax Financial Transactions, the U.S. Should, Too - http://uspolitics.einnews.com/column/142046775/europe-s-about-to-tax-financial-transactions-the-u-s-should-too

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