Taxing Stock Trades Will Hurt Main Street
By Yakov Amihud, Ira Rennert Professor of Entrepreneurial Finance
A transactions tax will end up punishing Main Street, hurting the economy and reducing U.S. Treasury revenues in the next few years. It will thus exacerbate the effects of the financial crisis.
Bills that have been introduced by Sen. Tom Harkin (D., Iowa) and Rep. Peter DeFazio (D., Ore.) would place a tax of up to 0.25% on the value of stock trades—that's 25 cents on every $100—as well as taxing transactions in other financial ...
Read full article as published in The Wall Street Journal.