Of course, Sachs would support absolutely anything that raised more money for development. But he does at least point to the correct question:
incidence of the tax
It won\’t be the banks and bankers (no, no matter what Ritchie says, it won\’t be) who carry the costs. It will be all users of financial markets. That is, us, you and me.
And that burden could well be higher than the amount actually raised.
My guess is that \”let\’s tax the bankers $400 billion\” is more appealing than \”let\’s you and me pay $600 billion to raise $400 billion in tax\”.