"I think it is a hard tax to administer and police, because it is tough to draw the lines in the right places," he says. The tax could drive transactional trading offshore, and help foreign financial centers eclipse American ones, he added.

The bottom line, according to Ponda: Tax laws are too crude an instrument to go after harmful speculation while leaving beneficial transactions alone.


Copyright (c) 2009, Dow Jones. For more information about Dow Jones' services for advisors, please click here.

First « 1 2 » Next