Re: I wonder @LucreLout
823 billion dollars
Err, 82 billion dollars. it's 0.7%, or x0.007.
"2) Efficiency. This one is my favorite. If the transaction tax was levied at every sale, from every till, every credit card or paypal transaction and every bank transfer and then instantly pushed into the state's bank account, much goodness could arise."
That's not the meaning of efficiency we're using. Rather, we want to know how much of other stuff would levying the tax in this manner screw up.
"On Jan 2 2015, the NYSE had a total trade volume of 33,253,336,431 USD.
Taxed at 0.7 %, that would collect 2,327,733,550 USD in tax for just ONE DAY (YES, 2.3 BEELION dollars). I think this will help cover the shortfall nicely, but someone else should check because I am getting RSI now."
The EU estimated that a Tobin Tax of 0.1% (and 0.01% on derivatives) would shrink the economy by something like 1%. So we've just decided to reduce the collective incomes of all americans by 7% just by and only by, applying this tax to hte NYSE.
It's not a great recommendation for it.
Biting the hand that feeds IT
