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Pete Stark offers currency transaction tax bill“Every day, there are $4 trillion worth of currency transactions,” Stark, D-Fremont, said in a news release. “The vast majority of these are speculative – banks trying to make a buck by out-guessing the system. This speculation contributed to the last Wall Street crisis and makes our financial system less stable.”Stark’s H.R. 5783, the Investing In Our Future Act, would impose a 0.005 percent fee on the buying and selling of world currencies and on currency derivative transactions by a U.S. person, including domestic corporations, partnerships, subsidiaries of foreign corporations, and individual citizens and residents. Transactions under $10,000 are exempted from the tax. Stark says studies estimate that a worldwide 0.005 percent tax on dollar transactions would raise $28 billion a year and reduce speculative currency trading by 14 percent.Among groups supporting the bill are ActionAid, Friends of the Earth, RESULTS, Health GAP (Global Access Project), Sustainable Energy and Economy Network at the Institute for Policy Studies, and Africa Action.
