No Cuts. Tax Wall Street.
We know where the money is. Tell Congress its time for Wall Street to start
Paying US Back! A tiny tax on financial services can generate billions of dollars.
The deficit issue that we face today was in large part created by the world financial crisis,
a crisis caused by Wall Street speculation. Now it’s time to call upon Wall Street to start
paying its fair share to help us out of the hole they dug.
A small tax on financial market transactions has the potential to raise significant revenue and simultaneously limit reckless short-term speculation that can threaten financial stability. We are writing to ask you to support such a tax, and to request that it be part of any new budget plan.
Financial transaction taxes have a long track record both in the United States and globally. The United States had a transfer tax from 1914 to 1966. The UK levies a transaction tax on stock transfers and has done so for many years. The European Union is on the verge of approving a small transaction tax, including ten cents per $100 on stock transactions. The tiny transaction tax they are working on is estimated to raise over $70 billion annually. A similar transaction tax in the United States would raise even more money, as our financial markets are larger.
We join over 1,000 economists who recently signed an open letter advocating a financial speculation tax as "technically feasible" and "morally right."
It’s time to ask Wall Street to do more.