Union (AFL-CIO) Pushes for Its Own Jobs Plan

[kpete]

Source: Wall Street Journal

By KRIS MAHER

The AFL-CIO labor federation is pushing for a jobs package far bigger than the $15 billion bill the Senate passed, and it wants to fund the package in part through a tax on securities transactions.

Such a tax has the backing of some prominent investors but is largely opposed by business.

Some unlikely support for a so-called transaction tax on securities trading comes from Warren Buffett and John Bogle, founder of Vanguard Group. U.K. Prime Minister Gordon Brown also supports the idea. The men believe such a tax could curb short-term speculation in the market, which they believe would be a stabilizing force. However, Messrs. Buffett and Bogle haven't expressed support for the AFL-CIO plan to spend revenue on a jobs program.

A notable opponent of the tax, which the AFL-CIO says could generate more than $100 billion a year and also help pay down the deficit, is Treasury Secretary Timothy Geithner. The U.S. Chamber of Commerce also opposes labor's plan, saying levying more taxes isn't conducive to job creation.

Read more: http://online.wsj.com/article/SB10001424052748703795004575087863324405210.html?mod=WSJ_hpp_sections_news

[Brickbat]

1. Shut up, Chamber. Cutting taxes clearly isn't conducive to job creation, so STFU.

I rec'd this too quickly; all it did was bring it back to zero after the unrecbot got ahold of it.

[Soylent Brice]

2. K&R

[leftstreet]

3. K&R