WASHINGTON, D.C. – U.S. Rep. Peter DeFazio (D-Ore.) today reintroduced the Wall Street Tax Act, which would establish a financial transaction tax (FTT) of 0.1% on the purchase of stocks, bonds, and derivatives. Susan Harley, managing director of Public Citizen’s Congress Watch division, released the following statement:
“Wall Street’s high-rollers should be on notice: It’s only a matter of time before this win-win proposal becomes law.
“Our economy is sputtering in the face of the pandemic. Many families are unable to pay rent or put food on the table, but the Wall Street profit machine is humming along. This is unacceptable, and we must use the tax code to correct this cruelty.
“The $777 billion that would be raised over the next decade by taxing Wall Street trades to the tune of 10 cents per $100 traded would do a lot to help ensure families are not going hungry, create good paying jobs, and invest in rebuilding communities that have been hit hard by the coronavirus. The vast majority of the tax would be paid by the richest among us, and it would help secure financial markets by making high-frequency trading unprofitable.”