Let's get rid of the burden of student loans and utilize Wall Street

07/03/2013 - 00:00

Yves here. As much as I am a fan of having state supported higher education, the “making Wall Street pay for it” will backfire if not framed properly. The author, Les Leopold, advocates a transaction tax as the way to pay for increased support for schools.

The shortcoming here is that transaction taxes are NOT designed to be revenue-generators (although they do produce tax receipts). They are meant to reduce the activity that it taxed. And there is no question we need to shrink our bloated financial sector.