1% Wall Street Sales Tax Solution to Stablize US Federal Budget

In the midst of the current haggling over the US federal budget, the main fact is being ignored: the fiscal shortfall of the US government over decades is largely due to Wall Street’s rigging of the tax code so that the main money center banks pay little or nothing in the way of taxes.

Like the haughty nobility in France before the Revolution of 1789, the Wall Street banks are practically exempt from taxation, and the burden of paying for the government is shifted to the middle class. Anybody who is serious about reducing the power of Wall Street bankers in US politics must now mobilize to educate public opinion about the situation and its main remedy – the 1% Wall Street Sales Tax.

Wall Street banks are corporations, and US corporations are supposed to pay a federal corporate income tax of 35% on their profits.

Over recent decades, government revenue from the federal corporate income tax has been in sharp decline, as more and more companies learn the secrets of tax loopholes, offshore tax shelters, and other accounting tricks. Some of the most adept in dodging tax payments are the leading Wall Street institutions.