For Immediate Release
Fix the Budget with a Wall Street Tax
WASHINGTON - As President Obama gave his speech on balancing the budget this week, G20 finance ministers were gathering right down the street to discuss a global transaction tax on the financial elite. It should be a top priority for President Obama and Congress.
A Robin Hood tax on Wall Street is a logical solution to generate much-needed revenue for jobs, healthcare, infrastructure and schools.
This week, dozens of American economists, led by Dean Baker, signed a letter to the G20 finance ministers that read in part:
"This tax is an idea that has come of age. The financial crisis has shown us the dangers of unregulated finance, and the link between the financial sector and society has been broken. It is time to fix this link and for the financial sector to give something back to society.
"Even at very low rates of 0.05% or less, this tax could raise hundreds of billions of dollars annually and calm excessive speculation."
We agree with their assessment: “Given the automation of payments, this tax is technically feasible. It is morally right.”
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