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Strangle high-frequency trading with a small financial transactions tax
This proposal aims at "stock market trades" but should cover futures market trading too.
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From Public Citizen, Washington
Monday, September 16, 2019
WASHINGTON -- Most middle- and low-income families would pay little or nothing if Congress were to levy a 0.1% tax on stock market trades, according to a report Public Citizen issued today:
Instead, the proposed tax would raise $777 billion over a decade, likely end the unfair and systemically risky practice of high-frequency trading, and be paid mainly by wealthy families, the report finds.
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The report refutes a spate of misleading claims that the financial industry has made in recent months about a financial transactions tax, which are likely to be repeated at a Capitol Hill event today afternoon sponsored by the U.S. Chamber of Commerce.
"A modest financial transactions tax would finance public investments, strangle the pernicious high-frequency trading industry, and help tackle the growing economic inequality in society," said Susan Harley, deputy director of Public Citizen's Congress Watch division. "Because it would apply primarily to those with substantial financial holdings, the tax mostly would steer clear of the middle class while it would surgically target resources being tied up by the wealthiest Americans to be repurposed for better uses." ...
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