Liberal politicians and powerful unions controlling them are seeking to tax frequent financial transactions, and thus discourage what they call “excess speculation.” The estimated tax revenue this would bring to the U.S. government is about $190 billion over six years. Liberal legislators view such taxes as a bonanza.
A similar move is afoot in Britain and Europe amidst their left-thinking politicos.
This tax and its dire consequences on the economies of countries involved. on their trading transactions won’t be the only problem. Yes, securities trading is integral to economic facility.The tax would be indirectly felt, in time, by everyone.
But so-called speculation will be penalized whenever and whatever politicians do not favor at any time. That opens a Pandora’s Box of political terror, reflective of a typical fascist-type government.
All this hides the fact that speculation in a capitalistic society does not cause pricing problems. It merely reflects pricing, something politicians of the left will never comprehend. It may appear to help boost rising prices but works the other way around just as easily, when prices fall.
The anti-capitalists, however, only notice when prices go up, not down.
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