Periodically, liberal politicians and powerful unions try to tax financial transactions whenever they can and thus discourage what they call “excess speculation.” The estimated tax revenue this would bring the government is just under $200 billion over about five or six years.
A similar move is thought of in Britain and Europe from time to time, amidst their left-thinking politicians.
The consequences of such taxes on economies is the problem. Securities trading is integral to economics. Such taxes would therefore be indirectly felt by everyone.
All this hides the fact that speculation in a capitalistic society does not cause problems. It merely reflects pricing, something politicians of the left never comprehend. Capitalism’s presence may appear to help boost rising prices, but works the other way just as easily, when prices fall. ( See the Earl J. Weinreb NewsHole® comments.)
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