Liberal politicians and their powerful unions seek to tax frequent financial transactions whenever they can pass the legislation, and thus discourage what they call “excess speculation.” The estimated tax revenue this would bring the government is just under $200 billion over about six years.
A similar move is afoot in Britain and Europe amidst their left-thinking politicians.
The dire consequences of such tax on the economies of countries involved is the problem. Securities trading is integral to economics. The tax would therefore be indirectly felt, in time, by everyone.
In addition, so-called speculation will be penalized whenever politicians do not favor a particular action. That opens a Pandora’s Box of political terror; typical of a fascist-type government.
All this hides the fact that speculation in a capitalistic society does not cause problems. It merely reflects pricing, something politicians of the left will never comprehend. Capitalism’s presence may appear to help boost rising prices, but works the other way just as easily, when prices fall.
Anti-capitalists, however, only notice when prices go up, not down.
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