Wall Street Speculation Tax: Investing in Families and Communities
This act introduces a new tax on financial trading transactions to fund investments in education, healthcare, infrastructure, and environmental protection. The goal is to reduce inequality, support families and communities, and enhance financial stability. The tax will apply to the transfer of ownership of stocks, bonds, and derivatives, with a credit available for lower-income individuals to offset some of the tax paid.
Key points
Imposes a tax on financial transactions (0.5% for stocks and partnership interests, 0.10% for bonds, 0.005% for derivatives) to generate revenue.
According to the bill's findings, revenue could be available for free college education, student debt reduction, strengthening healthcare (Medicare, Medicaid), infrastructure investments, job creation, environmental programs, and international aid.
Lower-income individuals (modified adjusted gross income up to $50,000, or $75,000 for joint filers) may claim a credit to recover tax paid.
Aims to curb high-frequency trading, which can lead to market instability and speculation, and restore public confidence in financial institutions.
Expired
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