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Tell Congress: It's time for Wall Street to pay its fair share!

A tiny tax on financial transactions, proposed in both the U.S. Senate and the House of Representatives, aims to raise critical revenue and cut down on speculative behavior in the stock market. The Wall Street Tax Act of 2019, introduced by Sen. Brian Schatz (D-HI) and Rep. Peter DeFazio (D-OR), and the Inclusive Prosperity Act of 2019, introduced by Bernie Sanders (D-VT), would impose a small tax (0.1%, or 10 cents per $100) on securities transactions, including trades of stocks, bonds and derivatives.

In today’s securities markets, computer programs run by algorithms to buy and sell securities in fractions of a second, without much human interaction, have led to new highs in market volatility. A financial transaction tax (FTT) has the potential to limit such speculative behavior.

“Consumer Action has long supported an FTT—a tiny, rather painless tax on transactions that would not only generate billions of dollars to fund important government programs, but could get high-frequency trading under control,” said Linda Sherry, director of national priorities for Consumer Action. “While high-frequency trading’s effect on the markets may seem esoteric, it negatively impacts everyday investors saving for long-term goals and retirement because it creates volatility and uncertainty in financial markets."

Sign the petition now! Tell Congress it's time for Wall Street to pay its fair share!

Petition Text
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 $2.4 trillion, depending on the rate, which could be invested in critical services for working families and create millions of good-paying jobs.
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