{"id":178210,"date":"2019-02-07T18:49:00","date_gmt":"2019-02-07T23:49:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2019\/02\/07\/thank-you-james-tobin\/"},"modified":"2019-02-07T18:49:00","modified_gmt":"2019-02-07T23:49:00","slug":"thank-you-james-tobin","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2019\/02\/07\/thank-you-james-tobin\/","title":{"rendered":"Thank You James Tobin"},"content":{"rendered":"

Senator Brian Schatz (D-HI) is proposing a transaction tax on financial transactions<\/a>.
This tax, called a “Tobin Tax”, after its creator, Nobel Prize winning economist James Tobin, would serve to disincentivize speculative activities:<\/p>\n

Wall Street would bear the brunt of the latest tax proposal as Democrats jockey for the most progressive tax ideas with the approach of the 2020 elections.<\/p>\n

Senator Brian Schatz, a Hawaii Democrat, is working on a plan that would tax financial trades, according to his spokesman, Michael Inacay, who declined to provide details on how, exactly, it would be structured. <\/p>\n

Financial transaction taxes typically place a levy of a fraction of a percent on the price of a securities trade. The idea has gained popularity within the Democratic Party as a way to curb high-frequency trading as well as raise revenue for progressive policies such as free college tuition.<\/p>\n

\u2026\u2026\u2026<\/p>\n

Senator Kirsten Gillibrand of New York, another 2020 presidential candidate, as well as Sanders, has backed plans that would tax financial trades. The revenue of a tax set at 0.1 percent of the value of a securities trade is estimated to raise about $777 billion<\/a> over a decade, according to the Congressional Budget Office.<\/p>\n

Overseas, the idea for a tax on financial trades in gaining steam. Stock buyers in Europe would pay a 0.2 percent tax<\/a> under a plan that Germany and France proposed last month.<\/span><\/p><\/blockquote>\n

<\/a>Of course, such a tax might not raise that much money, because it would serve to discourage reckless speculation.<\/p>\n

To quote Randall Munroe, “Mission f%$#ing accomplished.:<\/p>\n

Assuming that it is properly structured, so, for example, short sellers would have to pay for each<\/b> of their 4 transactions, (borrow, sell, buy, return) any revenue shortfall would be just fine with me.<\/p>\n","protected":false},"excerpt":{"rendered":"

Senator Brian Schatz (D-HI) is proposing a transaction tax on financial transactions.This tax, called a “Tobin Tax”, after its creator, Nobel Prize winning economist James Tobin, would serve to disincentivize speculative activities: Wall Street would bear the brunt of the latest tax proposal as Democrats jockey for the most progressive tax ideas with the approach …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[456,374,480],"class_list":["post-178210","post","type-post","status-publish","format-standard","hentry","tag-finance","tag-politics","tag-taxes"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/178210"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=178210"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/178210\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=178210"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=178210"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=178210"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}