Ocasio-Cortez sponors bill that would tax stock trades

Ocasio-Cortez sponors bill that would tax stock trades

[Ed. – She really is out to destroy the country.]

House Democrats, along with co-sponsor New York Democrat Alexandria Ocasio-Cortez, introduced a tax  bill targeting financial transactions on Wall Street.

Dubbed the “Wall Street Tax Act of 2019,” the legislation. would impose a tax on the purchase of most securities – including stocks and bonds – and on transactions involving derivatives. The tax would be about 0.1 percent of the value of the security or 0.1 percent of all payments made under the terms of a derivative contract.

The measure’s main sponsor is Oregon Rep. Peter DeFazio. Ocasio-Cortez’s involvement with the legislation was confirmed by FOX Business on Tuesday.

Trending: Cartoon of the Day: No rules for radicals

The bill aims to curb short-term speculative activity among high-frequency traders, which can have destabilizing effects on the market. In May 2010, for example, a so-called “flash crash”— said to be partially caused by selling among high-frequency traders – wiped out billions of dollars from stocks before prices recovered not long after.

Continue reading →

For your convenience, you may leave commments below using either the Spot.IM commenting system or the Facebook commenting system. If Spot.IM is not appearing for you, please disable AdBlock to leave a comment.


Commenting Policy

We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spam, instead of replying to it please hover over that comment, click the ∨ icon, and mark it as spam. Thank you for partnering with us to maintain fruitful conversation.