Over 30 Countries Tax Financial Speculation—Why Doesn’t the US?

Americans are used to paying sales taxes on basic goods and services. But when a Wall Street trader buys millions of dollars’ worth of stocks or derivatives, there’s no tax.

ismagilov/iStock

In case there was any doubt, the presidential election fight has confirmed that blasting Wall Street, even eight years after the financial crisis, is still a vote-getter.

Hillary Clinton has said she'd like to jail more bankers. Donald Trump has skewered the hedge fund managers who are “getting away with murder.” And Bernie Sanders has made Wall Street accountability a centerpiece of his campaign.

Of course, financial industry lobbyists aren’t about to take this lying down. In recent weeks, they’ve turned up the heat on lawmakers to block one particular measure that Sanders has mentioned in nearly every stump speech: taxing Wall Street speculation.

Americans are used to paying sales taxes on basic goods and services. But when a Wall Street trader buys millions of dollars's worth of stocks or derivatives, there's no tax.