Six years ago, Wall Street's misdeeds led to a global recession that plunged over 60 million people into poverty worldwide. Since then, the Big Banks and their profits have only grown.
Rep. Keith Ellison (D-MN), the co-chair of the Congressional Progressive Caucus, today introduced legislation to make Wall Street pay America back. The "Inclusive Prosperity Act" would tax the following financial transactions in the following ways:
A 0.5 percent tax rate on stocks
A 0.1 percent tax rate on bonds
A 0.005 percent tax rate on derivatives or other investments
Additionally, the bill would provide an offset for households with incomes below $75,000 a year and individuals whose incomes are $50,000 or less.
“A lot of people in Washington like to talk about reducing the debt and deficits. Well if you really care about reducing the deficit, how about asking Wall Street speculators to pay their fair share?” Ellison said in a released statement. “This bill will add a tax of a fraction of a percent on transactions made by the same Wall Street firms and stock traders who crashed our economy in 2008. This tax alone will generate up to $300 billion a year in revenue, stabilizing the deficit and allowing us to invest in the things that matter—education, roads and bridges, and health care for our seniors and veterans.”