Obama tax Wall St.? Fahgetaboutit!

Can you imagine Barack Obama cracking down on financial speculators rather than giving them White House jobs? Jeff Cohen can’t:

With U.S. media obsessing on the fight here at home among conservatives vying to become president, most of them missed some big news about France, which already has a conservative president. This week, French President Nicolas Sarkozy announced that he would take the lead — even go it alone within Europe, if need be — in introducing and pushing a Financial Transaction Tax in his country.

That’s right — the conservative president of France wants to tax the financial traders and speculators.

Referring to the tax as a “moral issue” and blaming deregulation and speculation for the global economic meltdown, Sarkozy has said that traders must “repay for the damage they have caused.”

What does it tell us about U.S. politics that the conservative president of France – on this issue and others — is way to the left of President Obama? The U.S. president has not publicly promoted a Wall Street transaction tax (even though U.S. financial institutions, not the French, were largely responsible for the global crisis).

5 thoughts on “Obama tax Wall St.? Fahgetaboutit!

  1. Why does this surprise anyone? After all Europe is filled with European Socialists. And the United States is occupied by vulture Capitalists who own the politicians and the political process.

  2. They should take back the Statue of Liberty. Replace it with Mickey Mouse, Ronald McDonald or Homer Simpson. Change our currency. Instead of “e pluribus unum” just have them read “duh”.

  3. A financial transaction tax makes perfect sense.
    Banks levy them on their customers, credit card companies levy them on merchants, etc.

  4. isn’t the american equivalent to the “financial transaction tax”, the capital gains tax? obama has repeatly proposed increasing that from the current 15% to 20% as part of repealing the bush tax cuts. but like other such proposals, the issue has been kicked back to 2013.

  5. In the olden days, there were two capital gains taxes — long- term, at a lower rate, and short-term at a higher rate.
    I believe that long-term kicked in at six months. This was to discourage speculation, and reward investment.
    Today, that distinction seems extinct,

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