To impose a tax on certain trading transactions to strengthen our financial security, expand opportunity, and stop shrinking the middle class.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Inclusive Prosperity Act''.
SEC. 2. FINDINGS.
Congress finds the following: (1) The global financial crisis cost Americans $19 trillion in lost wealth. (2) The global financial crisis was caused by financial firms taking great financial risks without disclosing those risks to their investors or their regulators, and by regulatory failures to adequately police the financial services markets for crime, unfair or deceptive practices, fraud, lack of transparency, and mismanagement. (3) Deceptive, illegal, and speculative financial practices have harmed public confidence in the integrity and fairness of many United States financial institutions, and threaten the basic strengths of the United States economic system. (4) American citizens provided the money to stabilize the financial sector, making $600 billion available to 800 financial institutions, automakers, and insurance companies. (5) The global financial crisis, along with the wars, unsustainable tax cuts, and a continuing unemployment crisis and looming loss of unemployment benefits, if unaddressed, will deprive a generation of a meaningful role in the larger economy. (6) Nurses, teachers, public safety officers, and other public sector workers have faced drastic funding cuts, harming our long-term public safety and prospects for economic growth. (7) According to economists, a small tax on transfer of...