Things to Tax

http://www.nytimes.com/2011/11/28/opinion/krugman-things-to-tax.html?_r=1&ref=todayspaper

---------- Forwarded message ----------
From: barry levine 
Date: Mon, Nov 28, 2011 at 9:43 AM
Subject: re: Things to Tax
To: letters@nytimes.com


To the Editor:

  It is with some trepidation that I disagree with professor Krugman from whom I have learned so much of economics. But we don't need a new transaction tax to raise revenues. It would be better to tweak our existing capital gains tax.  Any profit on an asset held less than a day should be taxed at no less than 95%. That rate can ramp down to the long-term capital gains rate (15%?) over a year or two.   Unlike the transaction tax, this would have no deterrent effect on those investments which are really fueling the economy and would fall only on those who are using the stock market as a casino.

Barry Haskell Levine