The cartoon leaves me rather flat, but it got me Googling around to realize that this FTT could solve all our economic problems. It is called both the Fast Transaction Tax and the Rapid Trading Tax, which most of the rest of the world has seen fit to levy in response to computers taking control of the markets.
Pretty much everyone on Earth thinks it a good idea, even Forbes Magazine and the WSJ. It is only elected Republicans who stand in the way. I suppose for pure ideological reasons and the Koch Brothers money that finance them.
What I found so interesting was this line from an October 2012 article in Forbes:
The Harkin-DeFazio bill calls for a FTT of three basis points (hundredths of a percent)–much lower than the proposed EU minimum rate. Nonetheless, the bill would raise $350 billion in 10 years, according to the Joint Committee on Taxation.
Notice the “hundredths.” So if we were to put a 1% tax on computer controlled transactions, that would be $35 trillion in 10 years. Or $3.5 trillion per year, which would put us so far into the black that we would not only solve the deficit problem but could pay off the debt in a few years. A Tax to Kill High Frequency Trading
It is not just the revenue, it also stabilizes the markets and holds down the bubbles. It’s a win win for both the people and the markets. But the Republican Party will not have any of it. And they are poised to take control of Senate within a year, giving them The House, The Senate, The Supreme Court, The Guns, The Money, and The Christ. Only thing holding them back is getting out the vote.
Name me one good thing about the GOP. Just one…