Sydney Opera House | Chicago Reader

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Re: “Chicago needs a financial transaction tax now more than ever

Sweden experimented with this toxic tax idea, to their detriment. It wasn't very long before they dropped it due to its economy damaging effects. This is a net revenue negative tax invented by an academic who, before he died, admitted it was never a good idea. Apart from hurting farmers, pensioners and small investors, it would make Chicago and NYC the business equivalents of the USA's Detroit - after driving businesses offshore to particularly America's greatest looming enemy - China. Shanghai, the soon to be new financial capital of the world. As if there's not enough off-shoring to more competitive countries happening already - and some people who do not understand that just because it sounds minimal, it is not. Massive job losses would result. Don't even think about it.

14 likes, 1 dislike
Posted by Sydney Opera House on 10/01/2015 at 5:25 AM

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