Since a major portion of “financial services” consists of devising ways to minimize the amount of income and estate tax, I would imagine that they would have a problem. The Fair Tax would eliminate the need for their services.
The NYT would be doing front page stories about the rise in unemployment in the financial industry and the TV News would have pieces on the hoards of former financiers clogging the homeless shelters.
It would change entirely the economy of the United States and most of the theories taught in Economics classes and textbooks would have to be changed.
What you’re talking about is a LOT of high-priced talent that would be out of a job. They got the bucks and they got the lobbyists and they’re not going quietly.
Expect something along the lines of this column from Economists and people working in financial services and industries from now on.
They have to convince you that they’re indispensable.
