Meanwhile, Vermont Senator Bernie Sanders has unveiled a bill that would apply a small tax on Wall Street transactions in order to raise hundreds of billions of dollars for social programs. The legislation would tax stock, bond and derivatives trades in order to fund job creation, Medicare for all, free public college, environmental and climate change programs, housing assistance and HIV/AIDS treatment and prevention. The bill was co-sponsored in the House by Democrat Barbara Lee of California.
Rep. Barbara Lee: “With just a fraction—and this is a very modest proposal—a fraction of a tax on Wall Street, we can raise over $220 billion per year. That’s $2.2 trillion over 10 years. And just think of what we could do with those resources and with that money.”
The bill has the backing of another 2020 presidential contender, New York Democratic Senator Kirsten Gillibrand. On Wednesday, Gillibrand proposed a “Family Bill of Rights” that would see the U.S. invest more in maternal and child health, paid family leave, affordable child care and universal pre-K.