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: Video of Bloomberg belittling farming, factory work as jobs requiring less ‘gray matter’

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 →