Four reasons to go for the Financial Transaction Tax, Bernie Sanders’ proposal to fund public colleges

by Deborah Lagutaris aka Olivia LaRosa, January 6, 2016

Deborah Lagutaris has a Law and Society BA from UC Santa Barbara with a minor in 20th century political history. She has a law degree from UC Hastings College of the Law, and  ABT in the LL.M. Taxation – International Taxation and Wealth Management concentrations at Thomas Jefferson School of Law.

1. The Financial Transaction Tax is the most effective, efficient tax-gathering method. Bernie Sanders proposes FTTs to fund free public college etc. FTT is typically under 1/10th of a percent of chosen gross speculative trades.

2,  Speculation is not a productive economic activity. It’s just gambling activity of the highest order for the .01% and produces nothing for society.

  • Now the US economy is largely made of the profits that rich people make merely by moving their money from one place to another. Big corporations make a lot of money just by moving it around. Good things thereby are not being created; bad things are not being destroyed.

3. The tax you never have in your hand you cannot cheat on.

  • If these big corporations refuse to pay their US taxes, let them pay some other way, a way they can’t lobby away and recapture.

4. A business should not rely on playing tax games to reward its stockholders. In that way, corporations are stealing the money we the people should have for common needs like infrastructure, government, and education.

  • A business should not be in business to take other people’s money and then not perform the job or the act. And then laugh about it and steal some more. A business should not be in business to cheat the US government out of taxes. Corporations have already engineered such elaborate loopholes; they can even become credits.
  • It should be illegal to hide money outside the US that earned with US resources and paid for by US citizens. It is not, as Apple said, a corporation’s duty to evade taxes because of their duty to their stockholders’ pocketbooks. Yeah right. Nice try. It is nothing more than a money tornado sucking up the money of the poor. The rich can never have enough.
There are a lot more reasons. I am just getting started here! Next: Answering objections to the FTT.
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