This transaction tax is, of course, important, just, and overdue.
The following should also be added:
- Reinstatement of the Glass-Steagall Act
- A Wealth Cap (when exceeded, the extra cash becomes part of a Public Trust fund used to rebuild the nation's decrepit infrastructure)
- MAJOR restrictions on Hedge funds
- MAJOR restrictions on bank mergers (and/or breaking up the big banks)
- New rules for Fractional Reserve Banking (banks must HOLD more equity)
Puerto Rico's economy is imploding due to Hedge Fund billionaires calling in their "bets." Argentina is going through the same type of thing.
When I visited P.R. last year, taxes were at 10%. Poor people who have to buy household goods are essentially propping up the hedge fund junkies' portfolios!
Puerto Rico may have to raise the sales tax even more.