Congresswoman Barbara Lee and Sen. Bernie Sanders introduce Inclusive Prosperity Act to curb Wall Street greed

Today, Rep. Barbara Lee, D-Calif., and Sen, Bernie Sanders, I-Vt., introduced the Inclusive Prosperity Act along with Sen. Kirsten Gillibrand, D-N.Y., and more than a dozen House Democrats.

The legislation imposes a tax of a fraction of a percent on the trades of stocks, bonds and derivatives. This tax on Wall Street speculation, also known as a financial transaction tax, is estimated to generate up to $2.4 trillion in public revenue from wealthy investors over 10 years. An added benefit of the proposed tax is deterring the high-frequency trading that increases the instability of the financial sector and produces no economic value.

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