Rep. Alexandria Ocasio-Cortez (D-Queens/Bronx), a member of the House Financial Services Committee, signed on as the lead co-sponsor of the “Wall Street Tax Act of 2019,” which will be reintroduced by House Democrats led by Rep. Peter DeFazio (D-OR.)
The legislation would impose a tax on securities transactions, targeting high-frequency traders. The Joint Committee on Taxation estimates that a financial transaction tax could gather $777 billion in a 10-year period. A Senate companion bill was introduced by Sen. Brian Schatz, D-HI). Republicans have a 53-47 majority in the Senate.