Cash Available—To Bailout Wall Street, Protect Taxpayers from $700 BN Debt

national | economic and social justice | commentary Tuesday September 30, 2008 15:12 by Bill Shaw

Levying a tax on Wall Street stock transactions will help insure that American Taxpayers are not left holding the bag “again.”

U.S. Government appears intended to put “American Taxpayers” on the hook for $700 Billion in new debt to buy “overvalued mortgages” that exceed the value of millions of houses that secure toxic home loans.

Instead of hitting innocent taxpayers, the U.S. Congress could immediately acquire billions of dollars to help pay for the Government’s purchase of toxic-mortgages and foreclosed property by levying a tax against—all Wall Street stock trades in the amount of One-Quarter of One Percent: for example a tax on a $10,000 stock trade would be $25. It doesn’t take a rocket scientist to determine that with billions of shares being traded everyday on Wall Street the U.S. Government could quickly collect $billions in taxes toward paying for Wall Street’s on going “Bail Out.”

Such a tax levy could greatly reduce the $700 billion debt Congress intends to lay on U.S. Taxpayers. Taxing Wall Street stock transactions MIGHT make the financial-community more prudent in the future to police financial negligence and corruption in its own industry.

Levying a tax on Wall Street stock transactions will help insure that American Taxpayers are not left holding the bag “again” in the event the U.S. Government can’t sell billions of dollars of toxic mortgages and foreclosed property it takes over at a breakeven price—including Government recovering years of administration costs.