The Quarter-Percent Solution?

The proposal to charge a ¼% tax on financial transactions doesn't sound like much. But in reality, this little quarter-percent tax would devastate America's financial markets

... The sponsors of HR4191 are either so naïve as to have no conception of the operations of modern-day financial markets -- and of the competitiveness which makes a single basis point a crucial cost advantage -- or, more likely, so callous as not to care...

... Capital would migrate elsewhere -- either to other asset classes or other countries (or it would simply be spent). The result would be the destruction of our financial markets and of our broader economy, which is dependent on the capital needed to grow businesses and hire new workers. Without investment, it would be impossible for businesses to expand or even survive.

The effect of this scenario on our national economy would be equivalent to a nuclear conflagration. If the Democrats in power really wish to devastate our financial markets, put an end to growth in the broader economy, and drive jobs overseas, the financial transactions tax is the way to do it...

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