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View Diary: Explosive Bloomberg Editorial: Bank Profits are "almost entirely" Taxpayer Money (125 comments)

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  •  Doesn't really matter (1+ / 0-)
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    unfangus

    The tax serves a social purpose by discouraging speculation and an economic purpose by redistributing excessive rents that gravitate into the finance sector to more productive government use.  The standard objections to the tax (at least for public purposes) is that it will drive business to other venues.  By precisely matching the terms of the other major venue, we can capture the rents with no potential competitive downside.  That defuses the main "selling" point of the objectors.

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