Vox Gets Story on Schatz’s Financial Transactions Tax Badly Wrong

I had a longer piece on this Vox article, but our site ate it, so I will be very brief. This Vox piece on the financial transactions tax introduced by Hawaii Senator Brian Schatz gets the story badly wrong.

The CBO revenue estimate does assume a substantial reduction in trading volume. It does not assume that trading volume remains unchanged, as the piece seems to imply.

Of course, the reduction in volume could be larger than CBO assumes, but this would not be a bad thing. In principle, we wa...