The Benefits of the Financial Transaction Tax

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On The Real News, Demos Senior Fellow Wallace Turbeville discussed the financial transaction tax, which is a tax of less than one-half of 1 percent on Wall Street transactions, generating public revenue from Wall Street speculation.

Describing the potential benefits of the tax, Turbeville explained: 

One of the things that will happen is that the tax will change some of the behavior in the trading markets. [...] The tax itself will mitigate some of the problems that we've seen from the tremendous amount of trading activity on Wall Street and the fact that more and more the economy is turning into a financialized economy, meaning more and more of the whole economy is all about money and banking and less about manufacturing, innovation, and infrastructure, those areas that create jobs.