March 5, 2019
Main Street Must Be Rebuilt on Wall Street’s Dime
Statements of Public Citizen Experts
Note: Today, The Wall Street Tax Act of 2019 was introduced by U.S. Sen. Brian Schatz (D-Hawaii) and U.S. Rep. Peter DeFazio (D-Ore.) It would put a tax of 0.1 percent on all stock, bond and derivative trades. The nonpartisan Joint Committee on Taxation has scored a Wall Street tax at 0.1 percent (10 cents per $100 traded) as creating nearly $777 billion in revenue over ten years. Public Citizen was joined by 60 other organizations in endorsing this legislation.
“A tiny tax on Wall Street trades can make big change: slowing down high-speed, computer trading will calm our markets; taxing speculation will refocus trading on long-term, job creating investments; and taxing trades at a rate of just 10 cents out of every $100 traded will still stack up to big money that can rejuvenate American communities. It’s time for all members of Congress to join the call to rebuild Main Street on Wall Street’s dime.”
-Lisa Gilbert, vice president of legislative affairs, Public Citizen
“Teachers are protesting the lack of adequate funding in their schools, children are facing the threat of unsafe drinking water and roads are in such disrepair that potholes are damaging vehicles – the list of problems that need tackling in this nation seems to grow by the minute. Not only would unrigging the tax code help pay for these critical investments, progressive taxes like those in the Wall Street Tax Act could address the alarming economic inequality facing our country. So, the question shouldn’t be whether to tax Wall Street trades but when? We think the time is now.”
-Susan Harley, deputy director, Public Citizen’s Congress Watch division