Originally Posted by MariconesUnited
The US is in a very very deep debt problem. You have 2 possible solutions, either you increase revenue or you cut expenses. I think it needs to do both at this time honestly. Cutting government expenses is very difficult to do however. It's not popular when put in practice.
In this particular instance I think this is a good idea. Europe is doing it as well, so there will be less incentive for the upper classes to go elsewhere. They should do it wherever possible ideally speaking. I don't see why investors and speculators should be exempt from paying taxes when buying and selling products. Everyone else does it why not them?
Study the Swedish example - a transaction tax will cause a loss of tax revenue, not an increase. Not only does it hurt the middle class (and lower-middle class pensions) first and foremost, but it will actually make the debt worse.