Economy

Financial Executives Call For A Financial Transactions Tax

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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