Quote from obama-lama:
Securities Transaction Tax (STT) is coming. Nothing new. Now being propelled by the very State that has already lost the most based on taxation of financial services and in the future will lose the most by enabling such tax.
You give a NY Times journalist far too much credit. He didn't even give any credit to James Tobin
or John Maynard Keynes
who first proposed this kind of a tax back in 1930. Instead, he lauded economist Dean Baker from the CEPR in Washington.
Again, this legislation was originally proposed in Congress by Reps DeFazio (OR) and Wellstone (MN) back in 2000 as a way to tax short-term, cross-border foreign exchange transactions to deter speculation. Some of the dumbest Reps in Congress ( such as Marcy Kaptur of Ohio) co-sponsored the bill.
Suffice to say, it lacked VOTES back then and it will lack VOTES now.
But once again, ET doesn't understand this kind of legislation.
In fact, it's practically a waste of time posting here.