Level the Playing Field: Tax Wall Street

Wall Street Sign

Target: President Obama, Jacob Lew (U.S. Secretary of the Treasury), John Boehner (Speaker of the House), and Nancy Pelosi (Minority Leader of the House)

Goal: Tax all transitions on Wall Street.

For decades, Wall Street has been a worldwide symbol of wealth and prosperity.  Yet despite all of the transactions made on the U.S. exchange each year, a sales tax has never been implemented.  Especially considering that America’s current economic woes are due, in large part, to risky gambles made on Wall Street, the least these financial fat cats can do is help pay for the county’s fiscal resurrection.

The average American family pays about 7% sales tax on almost everything they buy. Why then do commodities such as stock, futures, bonds, derivatives, and other securities on the U.S. exchange, which are almost exclusively bought by the rich, not taxed at all?

Wall Street sees a yearly turnover of hundreds of trillions of dollars.  Just a 1% sales tax on these purchases would literally raise trillions of dollars for government use.  With rampant budget cuts across the board, this extra money could be used to fund countless programs being financially restricted, as well as further boost our economy by making money available for government contracts.

Wall Street has lived a privileged existence for too long with bailouts, relaxed government oversight, and seemingly untouchable legal status.  It’s time these bankers, investors, and financiers come down to the real world, relinquish some of their wealth, and help improve the economic mess they started.

Please sign this petition and help jump-start the process of leveling the financial playing field between Wall Street and Main Street.

PETITION LETTER:

Dear President Obama, Jacob Lew, John Boehner, and Nancy Pelosi,

Wall Street is a symbol of wealth and prosperity around the World, yet despite the massive number of monetary transactions made there on a daily basis, no sales tax has ever been implemented.

The average American pays about 7% sales tax on almost everything they buy.  If there was just a 1% percent sales tax enforced on all stocks, bonds, futures, derivatives, and other securities on the U.S. exchange, the government could raise trillions of dollars to help under funded administrations or to invest in the U.S. economy.

Though the nation’s financial network has seen a slight improvement in recent months, many of our recent fiscal woes can be directly related to mistakes made on Wall Street.  Its time they repay their debt to Main Street and essentially invest in the US government by allowing a sales tax for all transactions made in on the U.S. exchange.

Ideally, the money raised from this sales tax would continue our recent economic gains, helping the stock market prolong its growth, and untimely promote more investment.  Not only is this a logical tax, but it also a truly win-win situation.

Please bring some legislation to the floor requesting and sales tax on Wall Street and help level the financial playing field.

Sincerely,

[Your Name Here]

Photo credit: liefortruth.files.wordpress.com

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