Crash Tax: Wall Street Should Pay Reparations to the 99%

from AlterNet

The crash tax is, essentially, a sales tax on financial transactions. The middle class pays sales tax on all the stuff it purchases. There should be no special exceptions. The 1 percent should be paying sales tax on the purchase of risky derivatives and on bets that derivatives will fail. This is equity. This is simple fairness.

Some call this levy a Robin Hood tax. But that’s not right. This is not robbing the rich to give to the poor. This is charging the 1 percent a just share.

This is holding speculators accountable. This is individual responsibility, the concept the GOP claims to love. Wall Street bombed the world economy. Now it’s obligated to participate in financing recovery, to pay reparations to Main Street.

A financial transaction tax alone isn’t enough.  ALL income, must be taxed at Income Tax rates – no more income taxed at Capital Gains Tax rates or “deferred” ad infinitum!


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