The Wall Street Trading and Speculators Tax Act proposed by Rep. Peter Defazio (D-Ore.) and Sen. Tom Harkin (D-Iowa) would raise more $350 billion over 10 years through a miniscule fee — 0.03 percent — on Wall Street transactions.
The fee also would slow down some of the most dangerous and volatile high-speed trading on Wall Street — the sort of high-speed, automated trading that led to the May 2010 “flash crash,” when the Dow plunged nearly 1,000 points in just a few minutes.
We can raise serious revenue to reduce the deficit and keep vital services like Medicare and Social Security off the chopping block — while also reining in Wall Street’s recklessness.
Urge Congress to support the Wall Street Trading and Speculators Tax Act.
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