Published: June 2023

More than 50 organizations support the Tax on Wall Street Speculation Act

In a letter to lawmakers, 52 organizations urged active support for the Tax on Wall Street Speculation Act of 2023, sponsored by Sen. Bernie Sanders (I-VT) and Rep. Barbara Lee (D-CA). By enacting a very small tax on the sales of Wall Street trades, the U.S. could begin to address income inequality and ensure Wall Street and the ultra-wealthy pay their fair share of taxes.

Consumer Action was one of 52 organizations to sign on to a letter urging lawmakers to co-sponsor the Tax on Wall Street Speculation Act of 2023, sponsored by Sen. Bernie Sanders (I-VT) and Rep. Barbara Lee (D-CA). This legislation would raise significant revenue—nearly $220 billion per year—for important public services and benefits. As of April 2023, the Forbes list of U.S. billionaires includes 186 individuals who’ve acquired their massive fortunes through the financial industry—often through high-frequency, hyper-fast computer program trading that has no real economic or social value. While the American public must pay taxes on every paycheck, Wall Street high rollers can manipulate capital gains taxes and use careful financial maneuvering to decide if and when they pay taxes on their holdings. This legislation would impose a tax of 0.5% on each trade of stocks, 0.1% on bonds, and 0.005% on the underlying value of derivatives. While the tax per transaction is very small, cumulatively, the tax revenue would enable the U.S. to begin to address income inequality and ensure Wall Street and the ultra-wealthy pay their fair share. 

Lead Organization

Public Citizen

More Information

Click here to read the letter.

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