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Read My Lips: Yes, New Taxes

Leo Gerardbyline‚ Jan. 31‚ 2013

The EU has passed a financial transaction tax. What’s America waiting for?

Last week, 11 European nations forged ahead to create a new tax while American Republicans walked backward into a no-new-tax trap. On Jan. 22, the European Union gave 11 member countries—including economic giants Germany and France—permission to institute a financial transaction tax, a tiny fee charged on trades of stocks, bonds and other financial instruments. On the same day, U.S. House Speaker John Boehner announced that he’d given failed Republican vice presidential candidate Paul Ryan the task of preparing a budget that would end the federal deficit within a decade—without new taxes.