Paul L. Caron

Thursday, November 7, 2019

Financial Transactions Tax: If Not Now, When?

Doron Narotzki (Akron), Financial Transactions Tax – If Not Now, When?, 165 Tax Notes 47 (Oct. 7, 2019):

In this article, Narotzki discusses the short history of the financial transaction tax in the United States and why now is the perfect time to adopt it.

Conclusion.  The idea of the FTT is not new by any means. It is a well tested, well researched, and broadly accepted form of tax. The United States failing to adopt the tax is not an indication of it being “a bad tax.” The hesitancy in adopting the tax is mostly attributable to the country’s political environment. This political environment has created stagnation that has surrounded the U.S. tax system for many years. Therefore, armed with worldwide evidence for revenue generation by FTTs and the right political and economic environment, now is the best time to introduce a federal FTT in the United States.

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" is the best time to introduce a federal FTT in the United States."
Agreed. The only way it'll happen, though, is for the Democrats to retake the Senate in 2020.

Posted by: Gerald Scorse | Nov 7, 2019 8:21:23 AM