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‘A Small Tax on Wall Street to Make Big Change’: Bernie Sanders and Barbara Lee Introduce New Financial Transaction Tax

(COMMON DREAMS) Eoin Higgins, June 4, 2019

Sen. Bernie Sanders and Rep. Barbara Lee unveiled legislation on Wednesday that will fractionally tax Wall Street transactions to produce trillions of dollars in public revenue.

“It’s a small tax on Wall Street to make big change on Main Street.”
—Mitch Jones, Food and Water Watch

The Inclusive Prosperity Act (pdf) was introduced in the Senate by Sanders, an Independent who caucuses with Democrats, and Sen. Kirsten Gillibrand (D-N.Y.), and in the House by Lee, a Democrat from California, and a dozen of her colleagues.

“Wall Street gets away with no taxes, even when conducting high-risk financial transactions,” Lee said in a statement. “This has to stop. It’s past time to make sure Wall Street pays their fair share so that we can provide funding for things that make us a better nation like jobs, housing, infrastructure, and college education.”

The tax is a tiny levy on the hundreds of billions of transactions on Wall Street each day.

Source: Common Dreams, What If We Covered the Climate Emergency Like We Did World War II