Treasury Secretary Timothy Geithner said any tax on financial transactions would have to be designed to ensure taxpayers don’t ultimately bear the burden, criteria he said no current plan meets.
“I have not seen the version of that that I think works,” Geithner said in an interview on Bloomberg Television’s “Political Capital with Al Hunt,” airing this weekend. “Otherwise people would have done this a long time ago.”
While I have numerous concerns about Mr. Geithner, it is good to see someone who understands how the markets really work and what the impact of this would be. As proposed by DeFazio et al this bill would be crushing to main street at many levels.
Jim De Porre has written a good piece on this investment levy here.
I suppose this proves it is true that even a blind pig will find an acorn once in a while.