Indian concept

Dear Editor,

Now that's what I call a fast response ["Great tax concept" (http://www.mccookgazette.com/story/1090744.html)].

Coincidentally, the same Google report on the Transaction Tax that contained your publication of my letter, also had an article by an Indian newspaper giving some of the history of the Currency Transaction Tax -- the same concept (http://www.telegraphindia.com/1050308/asp/opinion/story_4453595.asp#).

It will be interesting to see if any response comes in. I have a feeling that a lot of people in the financial community are just holding their breath on this one. A couple of years ago I wrote to a law school classmate -- our most famous member who was Chairman of the Fed and Secretary of the Treasury some years ago, who now is an investment banker -- and asked him what he thought about the idea as a substitute for the income tax.

I got a nice reply to the effect that he didn't have the time to go into it right then, but would get back to me. But back he never got, despite a prod or two from me. Which speaks more eloquently to me on the viability of the idea than if he had answered directly.

Lee Warden,

via e-mail