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Financial Transaction Tax Might Fix Host of Ills: Ralph Nader

Why is Congress running away from a financial transactions tax? The intensifying struggle on Capitol Hill over revenue, spending and deficits, coupled with the widely felt, reckless behavior of Wall Street, would seem to provide an ideal atmosphere to debate a major source of new income that also helps to restrict rampant speculation.

A bill to impose such a tax, introduced by Democrat Representatives Peter DeFazio and Peter Welch, is going nowhere. Apart from sporadic mentions at various Congressional hearings on the financial meltdown, this levy, with antecedents back to Abraham Lincoln and the Civil War, is a taboo subject.