![]() ![]() ![]() Schatz’s proposed tax would presumably impact all investors - including those with 401(k)s and pensions. Wall Street may not be the enemy it was in the immediate aftermath of the financial crisis, but it is still subject to frequent criticism from the left. “And on a more basic level, it is turning the stock market into a true casino, in which you are making a bet that has very little to do with the fundamentals of a company.” “Roughly half of the 8 billion daily trades now are high-frequency trades, and that is increasing volatility in the market it is allowing a certain category of traders to essentially skim profit off the top,” Schatz told me. Chris Van Hollen (D-MD), Jeff Merkley (D-OR), and Kirsten Gillibrand (D-NY) are co-sponsors of the bill. The Hawaii Democrat claims the proposal could raise nearly $800 billion for the federal government over the course of a decade but, more importantly, would clamp down on speculation and other nefarious behaviors in the market. The idea entails enacting a small tax on stock market sales. ![]() He shared details of the bill in an exclusive Vox interview recently. On Tuesday, Schatz introduced legislation proposing a financial transaction tax. Brian Schatz is floating another idea: a tax on stock trades. Elizabeth Warren’s wealth tax to a variety of proposals related to stock buybacks. Democrats have been talking a lot about different ways to tax the rich as of late, ranging from Sen. ![]()
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