November 30, 2012
A Financial Transaction Tax: Raising Revenue and Restraining High-Speed Trading
Capitol Visitor Center
Room SVC 203-02
Washington, D.C. 20004
The fiscal debate has focused attention on the need for new revenue sources. The non-partisan Joint Committee on Taxation calculates that a very small tax on Wall Street financial transactions would raise more than $350 billion over the next decade. Such a tax can curb the growth of dangerous high-speed trading while imposing no more than a trivial cost on traditional investors. Support for the idea is growing. AFL-CIO, Americans for Financial Reform, Center for Economic and Policy Research, Communications Workers of America and Public Citizen co-hosted a discussion on a financial transaction tax. Presenters included Jared Bernstein – Senior Fellow at Center on Budget and Policy Priorities, former Chief Economist for Vice President Joe Biden; David Borris – Small business owner, Hel’s Kitchen Catering, Chicago/North Shore Illinois; Damon Silvers – Director of Policy and Special Counsel, AFL-CIO; and Wallace Turbeville – Senior Fellow at Demos, former Vice President of Goldman Sachs.
A video of the event is available here.