We delivered your petition advocating the financial speculation tax to Representative Earl Blumenauer. Blumenauer was pleased that so many of us understand the importance of a speculation tax. The signatures and comments you all so thoughtfully made demonstrate that the public feels strongly about these issues.
Rapid trading recklessly destabilizes our market, undermining confidence and eventually causing the May 6 2010 flash crash. Those who make big money off of non-productive work like this should not be paying a lower capital gains rate than the ordinary income rate that the rest of us Americans pay.
We thanked Representative Blumenauer for his co-sponsorship of this important bill. This led into a conversation about the tax deal that recently passed the House and Blumenauer’s concerns about the package. Senator Ron Wyden was also at the event and teasingly suggested that the Obama compromise would be a great way to underfund government.
If you have not yet signed the petition for the financial speculation tax, please consider doing so here. Your signature and comments will make our case to hold Wall Street accountable even stronger when we deliver the petition to Congressmen Kurt Schrader and David Wu.