The idea of a Financial Transaction Tax (FTT), a small tax on financial transactions that could generate $537 Billion annually for the ailing economy, has been steadily gaining momentum. Recently, it’s been championed by Labor Unions, the Occupy Movement, and some Democratic Lawmakers. But on January 5th, the FTT found support in a very unlikely place.
The Wall Street Journal, not exactly a clearinghouse for progressive ideas, published an online column entitled “To Reclaim the Envy of the World, Wall Street Must Pay“. Written by WSJ online’s David Weidner, the column cites our study in it’s call for a Financial Transaction Tax, which it points out would “create new forms of revenue for cash-strapped regulators and gently apply the brakes to trading run amok in the markets.”