TAXES »» CORPORATE TAXES »» WALL STREET TAX »» Sep 18, 2023

A financial transaction tax is a levy on specific financial transactions carried out by banks, brokerages and other financial institutions. This tax would apply to the sale or transfer of trillions of dollars of U.S. notes, bonds, securities, derivatives and debentures. Financial transaction taxes have been successful generating revenue elsewhere. In 2011, nearly $40 billion was generated in 40 other counties that taxed financial transactions. It is estimated a similar tax would generate at least $50 billion annually if enacted here. Consumer advocates say this small tax on Wall Street would be easy to implement and would reduce harmful market speculation, including speculation on essentials such as food and fuel. They also say that it will bring significant benefits to the U.S. economy by generating much-needed revenue. Critics claim Wall Street speculation has become a house of cards, a game of computer-driven bets on bets with robo-traders carrying out trades at blinding speed. They claim these types of transactions do not give value to our economy, only damage it. They say that a financial transaction tax could generate hundreds of billions of dollars that could be used for the needs of our communities and to help improve our economy. Pending Legislation: S.2491 - Wall Street Tax Act of 2023 Sponsor: Sen. Brian Schatz (HI) Status: Senate Committee on Finance Cahir: Sen. Ron Wyden (OR)