With only two weeks left to reach a deal, lawmakers supporting the bill that would levy a tax on financial transactions urged the Joint Select Committee on Deficit Reduction in a Nov. 8 letter to adopt their proposal.
In a letter to the deficit panel, lawmakers–led by Sen. Tom Harkin, D-Iowa, and Rep. Peter DeFazio, D-Ore., said that analysis conducted by the Joint Committee on Taxation found that the Wall Street Trading and Speculators Tax Act introduced Nov. 2 would raise $353 billion from January 2013 through 2021.
The Joint Tax Committee also estimated that the Tax Act (S. 1787/H.R. 3313) would raise $218.6 billion in the last five years of that period, on average over $43 billion per year.
“Given the very high volume of financial trading, this tax will ultimately raise over $40 billion a year, badly needed for government services and for reducing deficits,” the lawmakers told the deficit committee.
The deficit reduction committee has less than two weeks to meet their deadline of cutting at least $1.2 trillion from the nation’s deficit. Roll Call reported Nov. 9 that both Republicans and Democrats on the committee have leaked details of their plans.