… arbitrageurs. Short-term traders are the markets’ carrion birds. They perform a valuable function. Lots of trades go on “under the radar,” and whatever profit is siphoned off by it must be borne by someone. There is no reason to believe that the wealthy would be the ones to bear it. That’s not nature’s way.
Hi Lawrence, thanks for the comment. It’s a good point that there would be some unintended consequences for this type of proposal.
I still think it is a better proposal than some of the other proposals for wealth tax that have been floated recently.
I think the very best part of the tax (from the perspective of the US tax payer) would be that some of the tax would be paid by foreign investors.