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Financial Transactions Taxes: Potential Revenue and Economic Implications

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  • Dean Baker

Abstract

Given Donald Trump’s extreme income tax–cut proposal, even useful tax hikes may not be likely. But down the road, there may be a call for higher taxes again to support social policies and manage, in the minds of Republican sponsors of tax cuts, a bulging deficit. This economist argues that a financial transactions tax can both rein in financial excesses and raise significant revenues. Computing the benefits is not easy, and we present his full analysis, which we think is a significant contribution.

Suggested Citation

  • Dean Baker, 2017. "Financial Transactions Taxes: Potential Revenue and Economic Implications," Challenge, Taylor & Francis Journals, vol. 60(2), pages 141-170, March.
    • Handle: RePEc:mes:challe:v:60:y:2017:i:2:p:141-170
    DOI: 10.1080/05775132.2016.1272964
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    References listed on IDEAS

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    1. Congressional Budget Office, 2015. "Public Spending on Transportation and Water Infrastructure, 1956 to 2014," Reports 49910, Congressional Budget Office.
    2. Congressional Budget Office, 2015. "Public Spending on Transportation and Water Infrastructure, 1956 to 2014," Reports 49910, Congressional Budget Office.
    3. Dean Baker & Robert Pollin & Travis McArthur & Matt Sherman, 2009. "The Potential Revenue from Financial Transactions Taxes," CEPR Reports and Issue Briefs 2009-50, Center for Economic and Policy Research (CEPR).
    4. Congressional Budget Office, 2015. "Public Spending on Transportation and Water Infrastructure, 1956 to 2014," Reports 49910, Congressional Budget Office.
    5. Jon Bakija & Adam Cole & Bradley Heim, 2008. "Jobs and Income Growth of Top Earners and the Causes of Changing Income Inequality: Evidence from U.S. Tax Return Data," Department of Economics Working Papers 2010-22, Department of Economics, Williams College, revised Jan 2012.
    6. Congressional Budget Office, 2015. "Public Spending on Transportation and Water Infrastructure, 1956 to 2014," Reports 49910, Congressional Budget Office.
    7. Stephan Schulmeister & Margit Schratzenstaller & Oliver Picek, 2008. "A General Financial Transaction Tax. Motives, Revenues, Feasibility and Effects," WIFO Studies, WIFO, number 31819, April.
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