Wolfe advocates Wall Street tax

Wolfe advocates Wall Street tax

July 20th, 2010 by Dan Whisenhunt in Politics

John Wolfe said if he's elected the Democratic nominee for the 3rd Congressional District, he would tax derivatives and advocate for a public option or single-payer health care system.

Mr. Wolfe, who met with the Chattanooga Times Free Press editorial board on Monday, previously won the Democratic 3rd District primary in 2002 and 2004. He lost to Rep. Zach Wamp, R-Tenn.

Rep. Wamp is giving up the seat to run for state governor.

Under Mr. Wolfe's proposal, he would tax the buyer and seller of a derivative one-half percentage point. Derivatives are complex financial instruments thought to be one of the causes of the recession.

"I'd like to see a Wall Street tax," Mr. Wolfe said.

Mr. Wolfe said the recent health care reform is "ill-advised on policy grounds" and said he would favor a "single payer" health care system similar to the systems in European countries, or the public option of a government insurance plan.

Mr. Wolfe said he is in favor of abortion rights and is in favor of governmental earmarks, as long as they're used responsibly.

Dr. Richard Wilson, a political scientist at the University of Tennessee at Chattanooga, said Mr. Wolfe's unsuccessful record as a general election candidate might work against him.

"Overall, he ran unsuccessfully and, each time you run, it gets harder, I think, to sway people," he said.

The Associated Press contributed to this article.

John Wolfe

Age: 56

Occupation: Attorney

Fundraising: less than $5,000