Wall Street Tax Act


Rep. Peter DeFazio (D-Ore.), chairman of the House Transportation Committee, will bring back his financial transactions tax on Tuesday — with Rep. Alexandria Ocasio-Cortez (D-N.Y.) as one of the co-sponsors.

DeFazio's proposal would charge a 0.1 percent tax on stock, bond and derivative transactions and raise about $777 billion over a decade, meaning it could finance a decent chunk — though not all — of one of those big progressive priorities, like Medicare for All or a Green New Deal. It's not just a House thing, either: Sen. Brian Schatz (D-Hawaii) will roll out his own financial transactions tax soon that looks to be similar to DeFazio's proposal, Vox reported last week.