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The Potential Revenue from Financial Transactions Taxes

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Author Info

  • Dean Baker
  • Robert Pollin
  • Travis McArthur
  • Matt Sherman

Abstract

The economic crisis of the last two years has led to serious concerns about the sharp growth in the federal government’s fiscal deficit as well as the government’s overall debt burden as a share of total U.S. GDP. Many analysts also believe that an excessive share of the economy’s resources is being consumed by the financial sector. A financial transactions or trading tax is a policy tool that can address both issues: raising a substantial amount of revenue and reducing the size of financial trading in the U.S. economy relative to the economy’s level of productive activity. This paper calculates the revenue potential from a set of financial trading taxes. It updates an earlier set of calculations, using a similar methodology.

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Bibliographic Info

Paper provided by Political Economy Research Institute, University of Massachusetts at Amherst in its series Working Papers with number wp212.

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Date of creation: 2009
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Handle: RePEc:uma:periwp:wp212

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Cited by:
  1. Ben Beachy, 2012. "A Financial Crisis Manual Causes, Consequences, and Lessons of the Financial Crisis," GDAE Working Papers 12-06, GDAE, Tufts University.
  2. Jeannette Wicks-Lim & Jeffrey Thompson, 2010. "Combining Minimum Wage and Earned Income Tax Credit Policies to Guarantee a Decent Living Standard to All U.S. Workers," Published Studies peri_mw_eitc_oct2010, Political Economy Research Institute, University of Massachusetts at Amherst.
  3. Jamee K. Moudud & Francisco Martinez-Hernadez, 2011. "The Political Economy of Public Investment and Public Finance: Structural and Institutional Regulations," Discussion Papers 26, Research on Money and Finance.

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