WASHINGTON – Congressional Democrats have proposed legislation to establish a tax on Wall Street transactions that would generate billions of dollars in revenue.
Sens. Chris Van Hollen, D-Maryland, Brian Schatz, D-Hawaii, and Rep. Peter DeFazio, D-Oregon, said their Wall Street Tax Act of 2019 would impose a .01 percent tax on all transactions. The bill also would aim to limit “speculative trading.”
The tax would net the government an estimated $776.7 billion over the next 10 years, according to Democrats on the Joint Committee on Taxation.
“This tiny high-roller fee will help curb this risky behavior,” Van Hollen said in a statement, “while generating revenue that we can invest in growing our real economy and helping hardworking families.”
In 2019, the legislation would generate a short-term loss.
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7 comments:
"It's a small tax"...yeah, because three quarters of a trillion dollars is a "small amount".
They just never stop
How about we start a tax on every democrat
Liars
Democrats always need more tax money. Never think to reduce spending.
they want more money to support terrorists.
Time to take back the country
Limit speculative trading? That's what wall street is all about.
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