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Upcoming U.S. Sen. Budget Committee Hearing Aims to Highlight How Wall Street Escapes Paying Its Fair Share in Taxes

Washington, D.C. – Tomorrow, on June 12, the U.S. Senate Budget Committee will hold a hearing in which lawmakers will review reforms such as a financial transaction tax on stock, bond, and derivative trades; executive compensation reforms; and policies to close loopholes that benefit Wall Street high rollers. Public Citizen experts issued the following statement in advance of the hearing:

“As major provisions of the 2017 Trump tax giveaway law expire, and our country gears up for the incoming tax fight, this committee hearing provides a most welcome perspective: Wall Street should be chipping in more toward important investments like childcare, health care, and addressing the climate crisis,” said Susan Harley, managing director of Public Citizen’s Congress Watch division. “For example, a tiny financial transaction tax on Wall Street trades has the dual benefit of progressively creating significant revenue while taming high-frequency trading that can harm investors.”

“Soaring CEO and C-suite compensation has concentrated the fruits of American enterprise in a few hands, leaving average workers without adequate pay,” said Bartlett Naylor, financial policy advocate for Congress Watch. “We support sensible tax policy that rewards companies with a smaller ratio between CEO and worker pay, embodied in a bill authored by Budget Chair Whitehouse.”