A FINANCIAL TRANSACTION TAX on speculative trading is sometimes called a Tobin tax, after the man who first proposed it, Nobel laureate economist James Tobin. The revenue potential of a Tobin tax is huge. The Bank for International Settlements reported in 2008 that total annual derivatives trades were $1.14 quadrillion (a quadrillion is a thousand trillion). That figure was probably low, since over-the-counter trades are unreported and their magnitude is unknown. A mere 1% tax on $1 quadrillion in trades would generate $10 trillion annually in public funds. That is only for derivatives. There are also stocks, bonds and other financial trades to throw in the mix; and more than half of this trading occurs in the United States.
Another arresting fact is that just five super-rich commercial banks control 97% of the U.S. derivatives market: JPMorgan Chase & Co., Goldman Sachs Group Inc., Bank of America Corp., Citigroup Inc. and Wells Fargo & Co.
Promoters of international development have suggested that a mere .005% tax could raise between $30 billion and $60 billion per year, enough for the G7 countries to double international aid.
Other proponents favor the larger 1% tax originally proposed by James Tobin. The much-needed income from a U.S. tax could be split between federal and state governments.
We, The Light Party, propose a 2.0% Financial Transaction Tax , (Surcharge) would raise $1.2 Trillion Dollars/Year or More!!
The Following Links explain all this in more detail..Indeed, now more than ever, it is essential to realize that in the past Main Street bailed out Wall Street (2008-2009 Financial Crisis)…
Now, it is critical because of the current economic upheaval precipitated by the Global “Pandemic/Feardemic” that Wall Street bails out Main street!!
BRILLIANT PRACTICAL IDEAS TO TRANSFORM THE CURRENT TAX STRUCTURES