Tax FAIL: Dem Wants To Tax… Money???
Each day, $4 trillion dollars of currency are traded. For international businesses and travelers, trading dollars for other currencies serve a legitimate purpose. However, nearly 80 percent of these transactions are undertaken by a handful of major banks. Experts agree that most of these transactions are made for purely speculative purposes.
Wealthy traders and big financial institutions make huge bets on the fluctuations in currency value, and they can make massive profits if their bets are correct. This type of speculation helped to worsen the recent financial crisis and serves no purpose other than to make a few people and institutions even richer.
Today, I introduced H.R. 5783, the Investing in Our Future Act. My legislation would simply impose a small tax — of 0.005 percent — on these currency transactions. The money raised would be put toward investments in children, global health and climate change mitigation.