What do the Pope, Bob Dole, and the Archbishop of Canterbury have in common? They all support some version of a proposal to tax financial speculation.
How about we try a tax idea that curbs unproductive speculation on Wall Street and raises money to pay for the governmental services?
That is exactly what the Financial Transaction Tax (FTT) does. It is a very tiny tax on the sale of stocks and other investment instruments.
Some version of the FTT has been endorsed by Bill Gates, Warren Buffet, John Bogle (founder of the Vanguard Group), the Archbishop of Canterbury, and the Pope. Even Bob Dole and President Bush the Elder endorsed such a tax after the crash of 1987.
So who’s not with the Pope on this one? Continue reading »