A recent letter had the facts wrong on a Wall Street transaction tax I introduced in November with Representative Peter DeFazio (D-OR). The Wall Street Trading and Speculators Tax Act proposes a 0.03 percent tax on financial transactions (for example, 30 cents on a $1,000 transaction) and will generate an estimated $352 billion between 2013 and 2021. The tax would be applied to stock, bond and complex financial trading, not to personal transactions such as cashing a check, buying a good or service, or paying a bill online.
It appears as though the writer is confusing our bill with the Debt Free America Act, which has been introduced in the U.S. House. An internet search of H.R. 4646 confirms this fact and dispels the myths about my legislation. I do not support that measure and would not, if it comes to the U.S. Senate.