Time Is Now to Tax Speculation
Today, U.S. Senator Bernie Sanders (I-Vt.) and Rep. Barbara Lee (D-Calif.) introduced the Tax on Wall Street Speculation Act of 2021. Susan Harley, managing director of Public Citizen’s Congress Watch division, released the following statement:
“As our nation grapples with income inequality—especially as Wall Street makes record profits while millions of everyday Americans suffer—this bill to tax speculative trading is much welcomed.
“The Tax on Wall Street Speculation Act would diminish algorithmic high-frequency trading, which harms investors and worsens market volatility. It also has the added benefit of generating very substantial revenues—to the tune of up to $220 billion a year—that could be invested in meeting the critical needs facing Americans like access to higher education, expanded healthcare, infrastructure improvements, and other priorities.
“As Congress debates huge investments in jobs and families, Public Citizen appreciates the ongoing leadership of Sen. Sanders and Rep. Lee in introducing this important policy that could offset some of the price tag of meeting these crucial objectives.”