News Release

Arguments for Taxing Wall Street Trading

Share reports: “‘A Small Tax on Wall Street to Make Big Change’: Bernie Sanders and Barbara Lee Introduce New Financial Transaction Tax.” Also, see: “As 2020 Democrats Cozy Up to Wall Street Donors, Warren and Sanders Refuse to Play Big-Money Game.”

DOUG HENWOOD, dhenwood at, @DougHenwood
Henwood’s books include Wall Street. He said today: “I’m skeptical of some of the revenue claims made for a financial transactions tax, because if imposed, it would put a damper on hyperactive trading. A lot of computer-driven trading, for example, relies on tiny oddities in market pricing of no economic significance, but which have a great power to destabilize the markets. Taxing those, even at very low rates, would take away all the profit opportunities. But that would be a good thing, like taxing carbon or tobacco: the point isn’t to raise revenue, though some might be raised, but to stomp out noxious things.”

Founder of Left Business Observer, Henwood now blogs at and hosts the program “Behind the News.”