On May 22nd, 2019, Senator Bernie Sanders (I-VT) and Representative Barbara Lee (D-Calif.) introduced the Inclusive Prosperity Act, along with Senator Kirsten Gillibrand (D-NY) and more than a dozen other House Democrats.
The legislation would impose a tax of a fraction of a percent on the trades of stocks, bonds, and derivatives. This tax on Wall Street speculation, also known as the financial transaction tax, would be estimated to generate up to $2.4 trillion in public revenue from wealthy investors over a period of 10 years. An added benefit of the proposed tax is deterring the high-frequency trading that increases the instability of the financial sector and produces no economic value.
Wall Street enjoys record breaking profits, despite its role in triggering the financial crisis of 2008. The top 400 wealthiest Americans now own more money than 150 million Americans—60 percent of the country. Meanwhile, the typical middle class American family has seen its net worth decline by 30 percent from 2007-2016. More than 1,000 economists have endorsed a tax on financial speculation, and 40 countries currently impose the tax, including Britain.
READ MORE ABOUT ACT HERE
Press Release: Sen. Sanders and Rep. Lee Introduce Inclusive Prosperity Act to Curb Wall Street Greed (Bernie Sanders Official Senator Site, 5-22-19)
BERNIE SANDERS OFFICIAL SITES
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Priorities for Increased US Taxes
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Lee, Sanders introduce bill to tax Wall Street transactions (The Hill, 5-22-19)
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Bernie Sanders and Barbara Lee introduce Inclusive Prosperity Act: ‘A small tax on Wall Street to make big change’ (Common Dreams, 5-22-19)
Reign in the ‘recklessness of Wall Street:’ Bernie Sanders and Barbara Lee introduce financial transaction tax (Nation of Change, 5-25-19)