ABSOLUTELY. Just how big a hit is it to only wriggle $99 Billion instead of $100 Billion out of loop holes for interfering with public markets, promoting and selling trash derivatives (like those that caused to 'too big tio fail' financial crisis in the 90's), and a lot of insider trading. Yes they have a lot of money to buy favor; They can give back a little to support the public who ultimately lets them operate with huge profitability.
10 countries (Belgium, Finland, France, Ireland, Italy, Poland, Spain, Switzerland, Turkey, UK) currently tax financial instruments transactions (stocks, bonds, derivatives, etc) that raise revenues funded by the 1% that in the US benefited from 2017 Tax Legislation that added $4T to the national debt.
Currently there are 17 cosponsors, all democrats so it is unlikely to pass in a Republican controlled House unless moderate Republicans cross over and vote for it which is highly unlikely given the number of financial industry campaign contributors that exist.
"TPC estimates that a hypothetical 0.1 percent tax on sales of equities and bonds (and 0.01 percent on derivatives) would raise over $50 billion per year...Three-quarters of the tax would fall on the highest-income 20 percent of households, and 40 percent would be paid by taxpayers in the top 1 percent."
Yes. It is more than past time for the wealthy to start being taxed like the rest of us. The trickle down effect has NEVER worked and it's high time they start paying!
It's time for the wealthy to pay their fair share, and this is a small tax burden in the scheme of all the money most wealthy are not paying in taxes.
I fully support this effort to pay back all the bailouts we've given Wall Street and corporate America and increase the ability to invest in the American people.
While I'll be the first to state I don't really understand the whole Wall St. shit, given the crap they've pulled over the years, I'd probably support, but need someone to explain the bill further in order to make an informed response. So, consider this a comment based on dislike of Wall St. practices.
I wholeheartedly support H.R.4119 - Tax on Wall Street Speculation Act. It is time for Wall Street to look out for the very people who bailed them out of the financial crisis they created!
Representative and Senators,
It is absolutely essential to strongly support and quickly pass H.R.4119 / S. 1990—Tax on Wall Street Speculation Act.
Briefly, the Bill will impose a tax on certain trading transactions. That revenue would be used to invest in our families and communities, improve our infrastructure and our environment, strengthen our financial security, expand opportunity, and reduce market volatility.
• When passed can expect the bill to raise revenue for public investments, such as free college tuition, infrastructure, health care, and environmental protection.
• The bill would make the tax system more progressive and fair, by taxing the wealthy who benefit from the financial markets and reducing the tax burden on low- and middle-income households.
• The bill would reduce the risk of financial instability and speculation, by discouraging high-frequency trading and excessive leverage that can cause market crashes and bubbles.
• The bill follows the example of many other countries that have implemented a financial transaction tax, such as the U.K., France, Germany, and, even China. The U.S. also had a similar tax from 1914 to 1966.
Congresswoman Barbara Lee and Senator Bernie Sanders Introduce Tax on Wall Street Speculation Act https://lee.house.gov/news/press-releases/congresswoman-barbara-lee-and-senator-bernie-sanders-introduce-tax-on-wall-street-speculation-act-of-2023
H.R.4119 - 118th Congress (2023-2024): Tax on Wall Street Speculation Act. https://www.congress.gov/bill/118th-congress/house-bill/4119/all-info
S.1990 - 118th Congress (2023-2024): Tax on Wall Street Speculation Act | Congress.gov | Library of Congress https://www.congress.gov/bill/118th-congress/senate-bill/1990?
The Tax on Wall Street Speculation Act of 2023 https://www.sanders.senate.gov/wp-content/uploads/TheTaxonWallStreetSpeculation2023Fact.pdf
Tax on Wall Street Speculation Act - National Nurses United. https://www.nationalnursesunited.org/sites/default/files/nnu/documents/0421_TaxOnWallStreet_RHT_Federal_FactSheet.pdf