March 7, 2019
The Wall Street Tax Act, introduced this week by Sen. Brian Schatz (D-Hawaii) in the Senate and Rep. Peter DeFazio (D-Ore.) in the House, would make our tax system fairer and put the brakes on corporate greed.
The legislation would implement a small 0.1% tax on transactions of stocks, bonds, and derivatives to discourage speculative financial trading that can harm the economy. Just like most Americans pay a sales tax on the goods and services that we buy every day, Wall Street traders should pay a similar fee. The funds generated by the Wall Street Tax could be used to support national priorities that help working families….
Progressive Tax Takes Aim at Wall Street Transactions, Financial Crashes
“In the current moment of surging support for taxing the wealthy, this sensible Wall Street tax may have a good shot.”
Democrats on Tuesday proposed a tax on Wall Street transactions which could stop another financial crash and bring in $777 billion over the next decade.
“The Wall Street Tax Act would tax the sale of stocks, bonds, and derivatives at 0.1 percent,” said Sen. Brian Schatz (D-Hi.), who introduced the bill (pdf) with U.S. Senator Chris Van Hollen (D-Md.) as lead co-sponsor.
“A stock trade of $1,000 would incur a tax of just one dollar,” Schatz added.
The bill was also cosponsored in the Senate by Sen. Kirsten Gillibrand (D-N.Y.), who is seeking the Democratic nomination for president, and Sen. Jeff Merkeley (D-Ore.), who is not.
The House version of the bill was introduced by U.S. Representative Peter DeFazio (D-Ore.) with the support of Representatives Rosa DeLauro (D-Conn.), Raul Grijalva (D-Ariz.), Pramila Jayapal (D-Wash.), Ro Khanna (D-Calif.), Grace Napolitano (D-Calif.), Alexandria Ocasio-Cortez (D-N.Y.), Chellie Pingree (D-Maine), Mark Pocan (D-Wis.), Jan Schakowsky (D-Ill.), and Peter Welch (D-Vt.).
In an opinion piece published Tuesday, Sarah Anderson, the director of the Global Economy Project of the Institute for Policy Studies, said the tax was needed for market stability. Citing the use of high frequency trades by “stock scalpers”—traders who, millions of times a day, use microsecond advantages to drive up stock prices in advance of trades—Anderson argued that the tax could stop those traders from fleeing a volatile market in the case of a downturn; an acceleration of financial disaster known as a “flash crash.”…
Democrats target financial services with Wall Street Tax Act
Senator Brian Schatz and Congressman Peter DeFazio will introduce new legislation to tax transactions of stocks, bonds and derivatives at 0.1 percent. The lawmakers say it will race over $750 billion over a the course of a decade. Rep. De Fazio says his main goal is to rain in high speed trading. CNBC’s Ylan Mui reports.
Webster Tarpley on the Wall Street Sales Tax
The United Front Against Austerity demands a 1% Wall Street Sales Tax at the Inauguration
The United Front Against Austerity (UFAA) brought a message to the Presidential Inauguration on Monday, January 21, 2013 demanding a 1% Wall Street Sales Tax to counter austerity policies. Dr. Webster Tarpley speaks to the large crowd leaving the National Mall.
That was 4 years ago, finally getting some minimal traction in congress.
IMO this won’t be brought to the floor this session, but it’s a great idea.
And beginning with .1% instead of 1% is fine too.
Just to see the effect. What we want to do is raise revenue and put a lid on speculative high frequency trades.
Not stall the market.
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