February 9, 2010
Taxing Wall Street
Center for American Progress
1333 H St. NW, 10th Floor
Washington, DC 20005
CEPR Co-Director Dean Baker and Michael Ettlinger (President for Economic Policy, Center for American Progress) participated in a discussion about taxing Wall Street – why we should do it, how we can, and the best options moving forward. Greg Ip (U.S. Economics Editor, The Economist) moderated.
Families across the country are struggling with declining incomes and high unemployment. Meanwhile, Wall Street is raking it in: This year they have seen their profit and bonuses return to the same levels as previous years, thanks in part to the infusion of taxpayers’ dollars to keep them afloat during the peak of the financial crisis. Everybody can agree that this is hardly fair. However, not everyone agrees on what to do about it.
There is a growing debate over the merits and feasibility of using the tax system to raise much-needed revenue and curb future risk taking and speculation by the financial industry. The financial speculation tax – a small tax on the trades of stocks, bonds, derivatives, and other financial instruments – is one possible option. However, would it work?
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