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Effects of Tax on Financial Transactions That Would Be Imposed by Wall Street Trading and Speculators Tax Act

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Response to Questions About the Effects of a Tax on Financial Transactions That Would Be Imposed by the Wall Street Trading and Speculators Tax Act, December 12. 2011

  • “The Impact of the Tax on Gross Domestic Product and U.S. Jobs – The tax’s effect on economic output in the United States would depend on several factors: how the tax would influence the amount and productivity of investment; how resources would be reallocated from the U.S. financial sector to other sectors of the economy and to overseas financial markets; and how the tax would alter the value of existing financial assets. In the short term, imposing the transaction tax would probably reduce output and employment. Beyond the first few years, however, the tax’s net impact on the economy is unclear.”
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