Speculation tax on financial transactions

WHEN: Monday, January 25, 2:00 p.m. EST

WHERE: Cannon House Office Building, Room 121 (Independence Ave. & First St., S.E.) Washington, DC

WHO: Robert Weissman (president of Public Citizen – moderator);

Dean Baker (co-director of the Center for Economic Policy Research, analyst and commentator);

Robert Pollin (professor and co-director of the Political Economy Research Institute, University of Massachusetts);

Dr. Jim Angel (professor at McDonough Business School, Georgetown University, specialist in the structure and regulation of financial markets worldwide;

George Sauter (managing director and chief investment officer, Vanguard Group, Inc.)

Congressional interest in a speculation tax is growing, as anger builds against Wall Street and the need for new sources of revenue increases.

Opponents say a speculation tax will interfere with the functioning of capital markets and hurt regular people.

Proponents say it could raise funds from the rich while deterring the harmful churning of stocks and financial instruments. They contend that a speculation tax of 0.25 percent imposed on the sale or purchase of every share of stock would represent a very minor cost for average investors but has the potential to yield as much as $150 billion a year.