Published: March 2019

It’s time for Wall Street traders to pay their fair share

A tiny tax on financial transactions aims to raise revenue and cut down on speculative behavior in the stock market. The Wall Street Tax Act of 2019 would impose a small tax (0.1 percent, or 10¢ per $100) on securities transactions, including trades of stocks, bonds and derivatives.

In today’s securities markets, computer programs run by algorithms without much human interaction to buy and sell securities in fractions of a second have led to new highs in market volatility. A financial transaction tax (FTT) has the potential to limit such speculative behavior. The Wall Street Tax Act of 2019, introduced by Sen. Brian Schatz (D-HI) and Rep. Peter DeFazio (D-OR), is supported by more than 60 advocate groups, including Consumer Action. The tiny, rather painless tax on transactions would not only generate billions of dollars to fund important government programs, but could get high-frequency trading under control. While high-frequency trading’s effect on the markets may seem esoteric, it actually negatively impacts everyday investors saving for long-term goals and retirement because it creates volatility and uncertainty in financial markets.

Lead Organization

Public Citizen

Other Organizations

Action Center on Race and the Economy | | Affordable Homeownership Foundation, Inc. | AFL-CIO | American Family Voices | American Federation of State, County and Municipal Employees | American Federation of Teachers | Americans for Democratic Action (ADA) | Americans for Financial Reform | Americans for Tax Fairness | Asset Building Strategies | Campaign for America's Future | Center for Popular Democracy Action | Coalition on Human Needs | Communications Workers of America | Congregation of Our Lady of Charity of the Good Shepherd, US Provinces | Consumer Action | CREDO Action Demos | Economic Policy Institute Policy Center Franciscan Action Network | Friends Committee on National Legislation Friends of the Earth U.S. | Grassroots Collaborative | Hedge Clippers | HOPE Fair Housing Center | Housing Action Illinois | Indivisible | Institute for Policy Studies, Global Economy Project | International Brotherhood of Teamsters | International Federation of Professional & Technical Engineers (IFPTE, AFL-CIO) | International Union, United Automobile, Aerospace, and Agricultural Implement Workers of America (UAW) | Main Street Alliance | Media Voices for Children | Miami Valley Fair Housing Center, Inc. in Dayton, Ohio | Missionary Oblates | National Advocacy Center of the Sisters of the Good Shepherd | National Coalition for the Homeless | National Education Association | NETWORK Lobby for Catholic Social Justice | Other98 | Responsible Wealth | Our Revolution | Oxfam America | Presbyterian Church (U.S.A.) | Public Citizen | Public Justice Center | | Service Employees International Union | Sierra Club | Strong Economy for All Coalition | Take on Wall Street | Tax March | The Child Labor Coalition UNITE HERE | United for a Fair Economy

More Information

Click here to read the coalition letter.

For more information, please visit Public Citizen.

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