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 SandersOn The Money — Progressives play hard ball on Biden budget plan The Hill's Morning Report - Presented by Altria - Biden: We will fix nation's problems Left doubles down on aggressive strategy MORE (I-Vt.) and Rep. Barbara LeeBarbara Jean LeeOvernight Health Care — Presented by Altria — Dip in COVID-19 cases offer possible sign of hope 'I was one of the lucky ones': Three Democrats recount their abortion stories to panel Three Democrats to share their abortion stories ahead of hearing MORE (D-Calif.) on Wednesday introduced legislation to tax stock, bond and derivatives trading.

The Inclusive Prosperity Act, co-sponsored by Sen. Kirsten GillibrandKirsten GillibrandOvernight Energy & Environment — Biden makes return to pre-Trump national monument boundaries official Biden signs bill to help victims of 'Havana syndrome' Lawmakers using leadership PACs as 'slush funds' to live lavish lifestyles: report 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 HarrisDemocrats' reconciliation bill breaks Biden's middle class tax pledge We have a presidential leadership crisis — and it's only going to get worse Blinken pressed to fill empty post overseeing 'Havana syndrome' MORE’ (D-Calif.) presidential campaign.