The Hill: Dems offer legislation to tax financial transactions

Democrats on Tuesday introduced legislation in the House and Senate to tax financial transactions, as lawmakers in the party examine various ways to raise more revenue.

Legislation was introduced in the House by Rep. Peter DeFazio (D-Ore.), who has offered similar bills in the past, and in the upper chamber by Sen. Brian Schatz (D-Hawaii).

The House bill has the backing of a number of members of the Congressional Progressive Caucus, including the group’s co-chairs, Reps. Mark Pocan (D-Wis.) and Pramila Jayapal (D-Wash.), and prominent freshman Rep. Alexandria Ocasio-Cortez (D-N.Y.).

Under the legislation, sales of stocks, bonds and derivatives would be taxed at a rate of 0.1 percent. The tax would apply to sales made in the U.S. or by U.S. persons, and initial securities issuances and short-term debt would be exempt.

The Joint Committee on Taxation has estimated that a similar tax would raise $777 billion over 10 years.

The full article is available at https://thehill.com/policy/finance/432594-dems-offer-legislation-to-tax-financial-transactions

Related Posts

Previous Post
Federal Reserve Board announces it will limit the use of the “qualitative objection” in its Comprehensive Capital Analysis and Review (CCAR) exercise, effective for the 2019 cycle
Next Post
Commerzbank and Deutsche Börse execute legally binding repo transaction on the blockchain

Related Posts

Fill out this field
Fill out this field
Please enter a valid email address.

Menu
X

Reset password

Create an account