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In a breakout session at the 4% Growth Project conference, Robert Litan was firm that there is "absolutely no evidence" that a transaction tax will decrease financial market volatility. In fact, it might increase it, by driving out arbitrageurs and decreasing liquidity. And there also is no evidence that a transaction tax will generate the kind of revenue that proponents claim it will. Capital, which can be transferred overseas with a push of button, will simply flee to more hospitable tax environments.
Author
Robert Asahina has been a newspaper and magazine editor and writer, a book publishing executive and editor, and a data management consultant. He was editor in chief and deputy publisher of Broadway Books, president and publisher of the adult publishing group of Golden Books, and vice president and senior editor of Simon and Schuster; deputy managing editor of The New York Sun and an editor at The New York Times Book Review, Harper's, George, and The Public Interest; and a consultant at Freddie Mac. He is the author of "Just Americans" and of numerous articles and reviews for The Wall Street Journal, Harper's, The New York Times Book Review, and elsewhere.
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