Wall Street and the big banks are devouring this country’s wealth – feasting on our jobs, our benefits and our pensions. We see it at the bargaining table, in bad trade deals like the Trans-Pacific Partnership, in anti-worker legislation in state capitals, and in the corrupt campaign finance system that makes sure that the voices of the billionaire class are the only voices that are heard in our democracy.
We’re Taking On Wall Street and the Big Banks
Millions of Americans — Democrats, Republicans and Independents — are starting to wake up to what has been going on and who are ready to take on Wall Street and the big banks.
Too-big-to-fail banks put the economy in jeopardy, but they have only gotten bigger since the Great Recession. Today, the five biggest banks are over 30 percent bigger than they were before the crash.
A 21st Century Glass-Steagall Act would make banks smaller by separating Wall Street trading and securities dealing from regular banking. It would also keep the banks we depend on for every day business—and back up with government support—out of high risk Wall Street activities.
Wall Street Sales Tax
A Wall Street Sales Tax would help stop wasteful and risky high-frequency trading. This kind of trading brings benefits to Wall Street institutions but creates market instability and adds nothing to the wider economy.
A very small tax on this kind of trading could raise hundreds of billions of dollars over the next decade—enough to address all kinds of social problems, ranging from education to infrastructure.
Make Fund Managers
Pay Their Fair Share
The “carried interest” loophole allows hedge fund and private equity fund managers to claim part of what is really salary income as capital gains instead, and as a result pay about 20% in taxes instead of the 39.6% they otherwise should.
The carried interest loophole costs us at least $1.5 billion per year—real money that can be used to help families devastated by the recession that resulted from risky gambling and wrongdoing on Wall Street.
Tell Congress that it’s time to take on Wall Street and the Big Banks by passing legislation to make our financial system safer and to return power to working families.
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