Lee, Sanders introduce bill to tax Wall Street transactions

Lee, Sanders introduce bill to tax Wall Street transactions
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Sen. Bernie SandersBernie SandersBloomberg: 'I'm going to stay right to the bitter end' of Democratic primary race The Memo: Biden seeks revival in South Carolina Sanders makes the case against Biden ahead of SC primary MORE (I-Vt.) and Rep. Barbara LeeBarbara Jean LeeBill banning menthol in cigarettes divides Democrats, with some seeing racial bias Democrats spar with DeVos at hearing, say Trump budget would 'privatize education' California lawmakers mark Day of Remembrance for Japanese internment MORE (D-Calif.) on Wednesday introduced legislation to tax stock, bond and derivatives trading.

The Inclusive Prosperity Act, co-sponsored by Sen. Kirsten GillibrandKirsten GillibrandNow is the time for a US data protection agency The Hill's Campaign Report: Warren up, Bloomberg down after brutal debate Ginsburg, accepting lifetime achievement award, urges working fathers to take an active role in kids' lives MORE (D-N.Y.), would impose a tax of a "fraction of a percent" on such transactions but could generate as much as $2.4 trillion from Wall Street investors over a decade. It could also discourage high-frequency trading, which Lee and Sanders said hurts the stability of financial markets without generating any economic value.

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"The government already taxes everyday families for basic items like food, clothes, and housing. Wall Street gets away with no taxes, even when conducting high-risk financial transactions,” Lee said in a statement. “This has to stop. It's past time to make sure Wall Street pays their fair share so that we can provide funding for things that make us a better nation like jobs, housing, infrastructure, and college education.”

“While the top 23 banks in America received over $20 billion in tax breaks last year as a result of the Trump tax plan, hundreds of thousands of young people are unable to go to college because they can’t afford it, 34 million Americans have no health insurance, one out of five Americans can’t afford to buy the medicine prescribed by their doctors, over 40 million Americans are living in poverty, we have the highest childhood poverty rate in the developed world and life expectancy in the U.S. has gone down for the third year in a row,” Sanders, who is seeking the Democratic presidential nomination, said. “It is long past time for Congress to rein in the recklessness of Wall Street billionaires and build an economy that works for all Americans.”

Lee, a reliable leader of the left flank of her party in the House, recently endorsed Sen. Kamala HarrisKamala Devi HarrisThe Memo: Biden seeks revival in South Carolina Bloomberg campaign lobbied Yang for endorsement, possible VP offer: report Biden looks to shore up lead in SC MORE’ (D-Calif.) presidential campaign.