Financial Executives Call For A Financial Transactions Tax

In an open letter to G20 and European leaders, 52 experts in the financial industry, including seven former executives from Goldman Sachs and JP Morgan, urged the world’s leaders to pass a financial transactions tax (a small tax on stock trades). The letter states that “these taxes will rebalance financial markets away from a short-term trading mentality that has contributed to instability in our financial markets.” Even a small tax could raise large amounts of revenue and many of the tax’s proponents say that the money could go to the world’s poor. This week, Rep. Peter DeFazio (D-OR) told ThinkProgress that a transactions tax would be beneficial for the U.S. economy.

Nina Liss-Schultz