We pay our fair share in taxes on the goods and services we purchase. But on Wall Street, wealthy traders buy and sell millions of shares in an instant without paying a dime in taxes on those trades.
We, the undersigned, call on Congress to pass a Wall Street sales tax (such as the Inclusive Prosperity Act of 2019 or the Wall Street Tax Act of 2019) to implement a tiny tax on Wall Street speculation. Over a decade it could raise between $777 billion and $2.2 trillion, depending on the rate, which could be invested in critical services for working families and create millions of good-paying jobs.
We need major new investments that provide critical services for working families and create millions of good-paying jobs. The way to get there is by requiring Wall Street and corporations to pay their fair share of taxes.
If passed, bills introduced by U.S. Sens. Bernie Sanders and Brian Schatz and U.S. Reps. Barbara Lee and Peter DeFazio would raise between $777 billion and $2.2 trillion by taxing trades on Wall Street at a fraction of a percent — at most fifty cents on every $100 in stocks purchased.
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We must stop the billionaire Koch brothers from using their immense wealth to influence university research and spread their corporate-friendly ideology.