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Harkin, Braley call for tax on Wall Street trading
U.S. Sen. Tom Harkin (D-Cumming) and U.S. Rep. Bruce Braley (D-Waterloo) are calling for a small tax on certain types of trading, hoping to shift Wall Street away from short-term and speculative trading.
Harkin said deficit reduction must come from a balance of spending cuts and revenue increases, and this could generate considerable funds.
“This trading tax would help raise necessary funds to invest in our infrastructure and the education of our children, among other priorities, and would do so without hurting job creation,” Harkin said. “There is no question that Wall Street can easily bear this modest tax.”
And Braley said Wall Street should help the country get out of the economic mess it created, and said the tax would “put a check on the greed that’s run rampant on Wall Street in recent years.”
“While Iowa and the rest of America are left dealing with the consequences of their actions, Wall Street’s back to bagging record profits,” Braley said. “That’s not right.”
The measure is not meant to harm long-term investing, but to instead raise revenue through a 3-cent per $100 tax on most non-consumer financial trading. The tax would take effect Jan. 1, 2013.
The European Union is considering a similar tax, and 30 nations including Great Britain and Switzerland currently have such a tax.
Also sponsoring the legislation are Sens. Bernie Sanders (I-VT) and Sherrod Brown (D-OH) along with Congressmen Peter DeFazio, Hank Johnson, John Sarbanes, Bob Filner, Betty Sutton, Earl Blumenauer, Louise Slaughter, Mazie Hirono, Peter Welch, John Conyers and Maurice Hinchey.