The Wall Street Tax Act, introduced this week by Sen. Brian Schatz (D-Hawaii) in the Senate and Rep. Peter DeFazio (D-Ore.) in the House, would make our tax system fairer and put the brakes on corporate greed.
The legislation would implement a small .1% tax on transactions of stocks, bonds and derivatives to discourage speculative financial trading that can harm the economy. Just like most Americans pay a sales tax on the goods and services that we buy every day, Wall Street traders should pay a similar fee for the transactions they churn, sometimes thousands of times a day. The funds generated by the Wall Street Tax could be used to support national priorities that help working families.
CWA President Chris Shelton said, “The Wall Street Tax Act is a good step toward leveling the financial playing field for working families and making sure Wall Street traders and speculators pay their fair share. The bill will put the brakes on Wall Street speculation and excesses by closing the loophole that allows Wall Street traders to avoid the kinds of sales tax that working families pay every day. We’re proud to support this bill, which would help address the rigged tax code that rewards the wealthy at the expense of the rest of us.”