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House Democrats Introduced Financial Services Tax for Alexandria Ocasio-Cortez Co-Supporter


Ocasio-Cortez spokesman confirmed his support for the bill. DeFazio spokesman noted that at least 12 other co-sponsors, including the Democratic Republic of Congo, California, Jim McGovern Massachusetts, Rosa DeLauro, Connecticut and Pramila Jayapal from Washington.

The Joint Tax Committee estimates that a tax on financial transactions would help to reduce the budget in 10 years by adding $ 777 billion in revenue.

"This option would increase revenue by $ 779 billion between 2019 and 2028, as estimated by the Joint Tax Committee staff," says the Congressional Budget Office website. "Tax on financial transactions would reduce the taxable company and individual income."

DeFazio, Chairman of the House's Transport and Infrastructure Committee, has recently attempted to achieve similar legislation in 2017 with the aim of avoiding another flash crash. In May 2010, the US stock market indexes plummeted and then suddenly returned in about 30 minutes. In a short collapse, Dow Jones Industrial Average made a 9 percent dive.

At the time of the introduction of the bill two years ago, the Democrat was not the majority of the United States House of Representatives, and there were not as many critical critics as the billionaires and the financial sector, such as Ocasio-Cortez. DeFazio suggested that a 0.03 percent tax be levied on market purchases. This suggestion, called "Main Street FIRST: Completion of Irresponsible Undefeatable Speculative Trading Law", has never done so to the House Roads and Tools Committee.

The House Bill in the Second Chamber Brian Schatz sen. Republicans have a majority of 53-47 in the Senate.

Other countries such as Australia, Belgium, France, Italy, South Korea, Switzerland and the United Kingdom have already implemented taxes similar to those proposed by DeFazio and Schatz.

Ocasio-Cortez, who won his position in the Middle Ages last year, called for a tax increase for the rich.

Earlier this year, he said he supported a 70% marginal tax rate on income over $ 10 million. This concept was worried by the rich elite, including those who took part in the World Economic Forum, Davos, Switzerland.

"It's scary," said Scott Minerd, a $ 265 billion global investment manager at Guggenheim Partners. "By the time we get to the presidential election, it will get more momentum."

A poll found that 59 percent of voters supported the idea and even 45 percent of Republicans liked it.

Democratic candidates who preside have also paid attention to the taxation of millionaires and billionaires.

For example, Senator Elizabeth Warren introduced the idea that households would pay 2% of property tax in households with more than $ 50 million in assets, and 3 percent in households over $ 1 billion.

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