Financial Transactions Tax

[navyasw02]

I think this is a terrible idea and I disagree with this article's assessment that "Wall Street will bear almost the entire cost of the tax." When does Wall Street bear the cost of anything without passing it along to the consumers? When I first read about this last week, the plan said a .5% tax on all trades over $100 with the premise of "taxing the rich." It didnt say .5% tax except for people investing in their retirement accounts or individual investors outside of the top tax bracket. That means when you strip off all the BS feel good election hype, it's just another sales tax which will go into a poorly managed bureaucratic education fund that will be so littered with red tape that the people who need the funds wont get it or wont qualify because of restrictive income brackets just like with other Federal Student Aid. If we want to get real with education reform in the US, we need to fully fund our public schools and make it so Federal student loans are so abundant and cost effective that they put the private loan providers out of business.