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Monday, March 18, 2019

Democrats seek billions of dollars with small Wall Street tax

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:

  1. "It's a small tax"...yeah, because three quarters of a trillion dollars is a "small amount".

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  2. They just never stop
    How about we start a tax on every democrat

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  3. Democrats always need more tax money. Never think to reduce spending.

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  4. they want more money to support terrorists.

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  5. Time to take back the country

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  6. Limit speculative trading? That's what wall street is all about.

    ReplyDelete

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