Larry Summers

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Larry Summers

Tax proposal

According to Bill Barclay, Larry and Victoria Summers once proposed a financial transactions tax;[1]

In 1989 two economists wrote a paper advocating a tax on financial transactions, i.e., on the trading of stock, debt, currencies and derivatives of each. They argued that such a tax could be set at a level small enough that it did not undermine incentives to investors, although it might have some dampening on the activities of short term traders (day traders in today’s terms). These economists were Larry and Victoria Summers – yes, that Larry Summers, Obama’s Chief Economic Advisor.

References

  1. [1] Bill Barclay at DSA national Convention November 15, 2009