To tame Wall Street excesses, tax them

  • Article by: RALPH NADER
  • Updated: December 4, 2012 - 11:24 AM

A speculation tax isn't a new idea, either. Congress enacted one in 1914, and it remained in effect until 1966.

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bblheadDec. 3, 12 7:57 PM

It seems Mister Nader has done his homework and thought long and hard on the topic. I would agree with his idea as long s it is properly and consistently enforced.

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scottabcDec. 3, 12 8:07 PM

I have a feeling Ayatollah Norquist wont approve of this idea

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mcjsarf1Dec. 3, 12 8:10 PM

There is a lot of risk in stock investing. Would there be a credit for losses? If not, why invest and be exposed to losses?

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martiankingDec. 3, 12 8:31 PM

One problem here. Getting the Republicons to agree that history exists, and what worked in the past could possibly work present day. Most of the Repubs think that the world is only 6,000 years old, so why should they listen to reason?

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jkohagenDec. 3, 12 8:46 PM

Not quite a fair comparison of a transaction tax to a sales tax, since every investment purchase is already subject to income taxes (capital gains or interest). So to claim they are not taxed, misses the point. Note also he says a small amount, of half a percent, well, guess what savings accounts are payment at the moment. It is a huge amount when trying to save.

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jkohagenDec. 3, 12 9:03 PM

There is an easy method to not have to worry about the 'excesses' of wall street. don't put your money there.

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fromupnortDec. 3, 12 9:04 PM

This is a tax that will force the Wall Street crowd to help get us out of the mess they created in the first place. We need to support it.

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cjohnstonDec. 3, 12 9:16 PM

Comments from a guy that hates the free market system. Many things wrong with this approach. First of all what should have been done in 2008 is regulate the derivatives market as banks are required to maintain capital reserves backing their bets. Here the regulators failed and investment firms took advantage. Secondly calling stocks and some options like covered calls risky is just ignorant. You know who buys stocks and covered call? Retired people looking for better yields than the banks so they can maintain their retirement income. His comments are way off the mark and worse, getting off track about the real issue-cutting spending. No amount of taxes are going to may a measurable dent in balancing the federal budget. It's about spending.

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jkohagenDec. 3, 12 9:16 PM

scottabc: if you are in favor of paying more taxes, the Treasury will happily cash any check you send them. I can get you the address if you would like.

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liberallymnDec. 3, 12 9:18 PM

I'd much rather see a tree-killing tax applied to all newspapers still in business. The NYT announced another staff reduction today as they continue to bleed, and it'll be another 6 months before the Star Tribune lets another round of people go. Killing trees is the mother of all evils, and if the Strib can afford to print these types of stories, surely they can afford a $100/ton tax on the paper they use. After all, the Star Tribune is s small business now, and we already know from reading the Strib that small businesses don't mind paying more in taxes.

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