Securities turnover excise tax

Taxation

An aspect of fiscal policy
Policies Government revenue Tax revenue Non-tax revenue Tax law Tax bracket Tax threshold Exemption Credit Deduction Tax shift Tax cut Tax holiday Tax advantage Tax incentive Tax reform Tax harmonization Tax competition Double taxation Representation Unions Medical savings account Tax, tariff and trade
Economics Price effect Excess burden Tax incidence Laffer curve Optimal tax Theory Optimal capital income taxation
Collection Revenue service Revenue stamp Tax assessment Taxable income Tax lien Tax refund Tax shield Tax residence Tax preparation Tax investigation Tax shelter Private tax collection Tax farming
Noncompliance Tax avoidance Tax evasion Tax resistance Tax haven Smuggling Black market Transfer mispricing Unreported employment Tax shelter
Distribution Tax rate Progressive Regressive Proportional
Types Direct Indirect Per unit Ad valorem In rem Capital gains Carbon Consumption Dividend Ecotax Excise Fuel Georgist Gift Gross receipts Income Inheritance (estate) Land value Payroll Pigovian Property Sales Sin Single Stamp Steering Turnover Value-added (VAT) Corporate profit Excess profits Windfall profits Negative (income) Flat Wealth
International Financial transaction tax Currency transaction tax Tobin tax Spahn tax Tax equalization Tax treaty Permanent establishment Transfer pricing European Union FTT
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A securities turnover excise tax (STET) is a small tax on every stock, swap, derivative, or other trade. It has been levied historically in the United States and has been proposed more recently as a way to reduce speculation in financial markets.

History

In the United States, the STET was used to fund the Spanish American War.^[1]

Re-instatement of the STET was briefly proposed in 1990, as a part of US deficit reduction measures.^[2]

Advocacy

John Maynard Keynes, in The General Theory of Employment, Interest, and Money suggested that an excise tax on transactions and trades would discourage speculation in the stock market.^[3]^[4]

In 1934, muckraking journalist and novelist Upton Sinclair ran for Governor of California on the End Poverty in California plan. The fourth plank of the plan called for repeal of the state's sales tax and imposition of "a tax on stock transfers at the rate of 4 cents per share."^[5]

The STET was a major plank of the 2008 platform of American presidential candidate Ralph Nader,^[6] and that same year was proposed by Oregon Congressman Peter DeFazio as a means to pay for the Emergency Economic Stabilization Act of 2008.^[7]

References

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Securities turnover excise tax

History

Advocacy

See also

References