Ellison was promoting his ‘Inclusive Prosperity Act’ (H.R. 1579) at a rally on April 17. He sponsors the measure that would tax each financial trade made by Wall Street firms and stock traders.
“Some people are saying ‘we’re broke, we’re broke we can only cut.’ There is a big pool of money that really should be paid to help make sure that the United States of America maintains its competiveness, maintains its essential promise to all Americans of liberty and justice for all,” Ellison said.
“This is just a small tax on Wall Street transactions that will allow us to accumulate the money that we need to meet the needs of our nation,” Ellison continued.
H.R. 1579 would levy a sales tax on the trading of stocks, bonds and derivatives. Ellison estimates it would generate $300 billion in revenues annually.
According to the bill revenue raised will go to several priorities and, “fund international sustainable prosperity programs such as health care investments, AIDS treatment, research and prevention programs, climate change adaptation and mitigation efforts by developing countries, and international assistance."