Kamala Harris wants Wall Street to pick up the tab for her 'Medicare For All' plan:
As the summer rolls on and a crowded field of Democratic presidential candidates tries to stand out from the pack, fresh policy proposals appear nearly every week. There are nuances, of course, but one theme runs through many of the proposals: the finance industry should pay, whether it’s for health care, student debt, or, even just for being Wall Street.
‘Think of it like this: that’s a $2 fee on a $1,000 trade by investors and big banks.’ Sen. Harris, in an introduction to the plan. Unlike an earlier proposal from Vermont Senator Bernie Sanders, another 2020 candidate, the Harris plan would not tax families making under $100,000, and her trading tax would, Harris says, be “more than enough to make up the difference from raising the middle-class-income threshold.
What’s more, points out Steve Blitz, chief U.S. economist for TS Lombard, some investors can look elsewhere if they don’t like the U.S. tax landscape. “I can trade anywhere in the world and markets can open up anywhere in the world and I can just move my money offshore,” he said.
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