[MCN] Ardent opponent of a wealth tax urges long-ignored alternative: Stock market "transaction tax"

[Lance Olsen]

“Give-ups in my taxes, next 5 to 10 years could easily reach 20% of present net worth. Does Bernie expect I’ll give in without a fight?”

“The one tariff I’d like to see is a transaction on securities trading. The Street would scream bloody murder, but consider everyone’s commission rate is a couple of pennies per share, at most. I’d like to see a 10-cent levy per share. Yes, it could reduce liquidity in the market as well as arbitrage activity levels, but everyone would soon get used to it.

“When I came into the business in 1959, investors paid around 50 bucks in a round lot transaction, 100 shares. The SEC did away with this long-standing rate with its negotiated commissions enactment. Dozens of boutique houses with limited partnership capital closed down, but the Street soon after was normalized. A modest transaction tax, even a nickel a share, would raise tens of billions per annum.”

<<https://www.forbes.com/sites/martinsosnoff/2020/02/25/im-mad-as-hell-at-all-wealth-tax-economists/#68653ec111ff <https://www.forbes.com/sites/martinsosnoff/2020/02/25/im-mad-as-hell-at-all-wealth-tax-economists/#68653ec111ff>>>

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“For many terrestrial organisms in the Northern Hemisphere, winter is … survivable only because a seasonal refugium - the “subnivium” - exists beneath the snow. 

"We believe that ecologists and managers are overlooking this widespread, crucial, and vulnerable seasonal refugium, which is rapidly deteriorating due to global climate change” 

Pauli et al ( 2013). The subnivium: a deteriorating seasonal refugium. Frontiers in Ecology and Environment
<<https://esajournals.onlinelibrary.wiley.com/doi/abs/10.1890/120222 <https://esajournals.onlinelibrary.wiley.com/doi/abs/10.1890/120222>>>

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