What we forget often hurts us. Sometimes remembering helps turn the tide.
Establishing a 0.03 percent Wall Street speculation fee, similar to what we had from 1914-1966, would dampen the dangerous level of speculation and gambling on Wall Street, encourage the financial sector to invest in the productive economy and reduce the deficit by more than $350 billion over 10 years.
Wealth for the Common Good, a movement of America’s wealthiest people with a conscience, is calling for the same:
Tax Wall Street Speculation
We, the undersigned investors, business owners and executives, call on the President and Congress to institute a modest federal tax on trades of stocks, futures, credit default swaps, and options. This modest levy would dampen speculation that threatens financial markets while also raising more than $150 billion annually in revenue for the US Treasury.
– See more at Wealth for the Common Good
In the run up to the 2016 national elections, citizen support for re-establishing the speculation fee is one specific way to register voters’ desire for economic fairness and democracy.
– Gordon C. Stewart, Chaska, MN, April 25, 2015.