March, 04 2019, 11:00pm EDT
Main Street Must Be Rebuilt on Wall Street's Dime
Statements of Public Citizen Experts
WASHINGTON
Note: Today, The Wall Street Tax Act of 2019 was introduced by U.S. Sen. Brian Schatz (D-Hawaii) and U.S. Rep. Peter DeFazio (D-Ore.) It would put a tax of 0.1 percent on all stock, bond and derivative trades. The nonpartisan Joint Committee on Taxation has scored a Wall Street tax at 0.1 percent (10 cents per $100 traded) as creating nearly $777 billion in revenue over ten years. Public Citizen was joined by 60 other organizations in endorsing this legislation.
"A tiny tax on Wall Street trades can make big change: slowing down high-speed, computer trading will calm our markets; taxing speculation will refocus trading on long-term, job creating investments; and taxing trades at a rate of just 10 cents out of every $100 traded will still stack up to big money that can rejuvenate American communities. It's time for all members of Congress to join the call to rebuild Main Street on Wall Street's dime."
-Lisa Gilbert, vice president of legislative affairs, Public Citizen
"Teachers are protesting the lack of adequate funding in their schools, children are facing the threat of unsafe drinking water and roads are in such disrepair that potholes are damaging vehicles - the list of problems that need tackling in this nation seems to grow by the minute. Not only would unrigging the tax code help pay for these critical investments, progressive taxes like those in the Wall Street Tax Act could address the alarming economic inequality facing our country. So, the question shouldn't be whether to tax Wall Street trades but when? We think the time is now."
-Susan Harley, deputy director, Public Citizen's Congress Watch division
Public Citizen is a nonprofit consumer advocacy organization that champions the public interest in the halls of power. We defend democracy, resist corporate power and work to ensure that government works for the people - not for big corporations. Founded in 1971, we now have 500,000 members and supporters throughout the country.
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'We Have Been Working Against That': Trump and Johnson Dump Cold Water on Millionaire Tax Hike
"We fully expect Republicans to once again sacrifice everything and everyone at the altar of tax cuts for their ultra-wealthy benefactors at the expense of working people," said one progressive campaigner.
Apr 25, 2025
U.S. President Donald Trump indicated in an interview published Friday that he's unlikely to push congressional Republicans to include a tax hike on millionaires in their sprawling reconciliation bill, saying he doesn't "want it to be used against me politically."
Trump's comments to TIME magazine came a day after he told reporters in the Oval Office that raising the statutory income tax rate on people who earn more than $1 million a year would be "very disruptive, because a lot of the millionaires would leave the country." (The notion of millionaire tax flight, often cited by Republicans as a reason not to raise taxes on the rich, has been repeatedly debunked.)
In recent weeks, pro-Trump figures such as former White House chief strategist Steve Bannon and a small number of Republicans in Congress have floated the idea of slightly raising income taxes for millionaires, suggesting the move would help counter progressive attacks on Trump and his billionaire-stocked Cabinet as a manifestation of the United States' descent into oligarchy.
"This guts the AOC-Bernie 'oligarchy tour,'" Bannon toldThe Washington Post earlier this week. "Politically, it's game, set, match—it's a no-brainer. This would destroy the Democrats."
But Trump told TIME that he's concerned about political backlash stemming from any tax increase on millionaires, even as he acknowledged it "doesn't make that much of a difference" to the rich.
"I would be honored to pay more," said Trump, whose organization was convicted in 2022 of a long-running tax fraud scheme. "But I don't want to be in a position where we lose an election because I was generous."
House Speaker Mike Johnson (R-La.) toldFox News earlier this week that he "would not expect" a millionaire tax hike to wind up in the GOP reconciliation package, which is expected to extend the 2017 Trump-GOP tax breaks and enact an additional $1.5 trillion in tax cuts—paid for in part by slashing Medicaid, federal nutrition assistance, and other programs.
"We have been working against that idea," Johnson added. "I'm not in favor of raising the tax rates because our party is the group that stands against that traditionally."
"The real thing that's going on here is that Republicans are feeling the pressure of our messaging. They're cutting basic service programs like Medicaid and SNAP to give tax cuts to billionaires."
Proposals floated by Republican lawmakers and discussed in Trump's inner circle in recent days include allowing the top marginal tax rate to revert to 39.6%—the level prior to enactment of the 2017 tax cuts—next year and establishing a new top marginal rate of 40%, which would do nothing to tax mega-billionaires like Elon Musk, whose wealth is mostly stock that's only taxed when sold.
The millionaire tax hike proposals have drawn vocal opposition from big business, with the U.S. Chamber of Commerce—the nation's largest corporate lobbying group—joining a recent letter rejecting any proposed tax increase on millionaires.
David Kass, executive director of Americans for Tax Fairness, told Common Dreams in an interview Friday that "even if they did put something like this in" the final reconciliation package, "it's really important to remember that the bill would still be overwhelmingly skewed to the rich."
"The real thing that's going on here is that Republicans are feeling the pressure of our messaging," said Kass. "They're cutting basic service programs like Medicaid and SNAP to give tax cuts to billionaires."
Morris Pearl, chair of the Patriotic Millionaires, told Common Dreams in an emailed statement that "while we are supportive of efforts to raise the income tax rate on millionaires, if past behavior is the best predictor of future behavior, we'll believe Republicans are serious about protecting working people from an unfair tax burden when we see it."
"As they prepare their bill for an early summer passage," said Pearl, "we fully expect Republicans to once again sacrifice everything and everyone at the altar of tax cuts for their ultra-wealthy benefactors at the expense of working people."
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'Authoritarianism in Action': Trump Orders DOJ Probe of Democratic Donation Platform ActBlue
Rep. Jamie Raskin called Trump's memorandum "the kind of edict you'd expect from a power-mad dictator in a Banana Republic."
Apr 25, 2025
U.S. President Donald Trump on Thursday launched his latest attack on political opponents by directing the Justice Department to investigate ActBlue, a critical fundraising platform for Democrats and progressive organizations.
The order came in the form of a memorandum that the president signed shortly before heading to his Virginia golf course for a $1 million-per-plate fundraiser for MAGA Inc., a pro-Trump super PAC that has been accused of receiving illegal straw-donor contributions.
In his memorandum, Trump raised "concerns" about straw donations—when a donor makes a contribution through another person or entity—and directed U.S. Attorney General Pam Bondi to "investigate allegations regarding the unlawful use of online fundraising platforms to make 'straw' or 'dummy' contributions or foreign contributions to political candidates and committees, and to take all appropriate actions to enforce the law."
Trump's memorandum cites a recent report from House Republicans accusing ActBlue of "a lack of commitment to stopping fraud." ActBlue and House Democrats rejected the GOP findings at the time, calling the document "less of a report and more of a desperate effort to change the subject."
"This president, with his approval ratings underwater and sinking like a stone, is desperately seeking to undermine his political opposition by cutting off their access to funding."
Rep. Jamie Raskin (D-Md.), the top Democrat on the House Judiciary Committee, said Thursday that Trump's broadside against ActBlue marks a similar attempt to divert attention from the president's own corruption.
"Donald Trump pocketed millions of dollars in unlawful payments from foreign governments during his first term, his administration shut down a probe into whether his campaign received an illegal and urgent $10 million bribe from Egypt, and foreign nationals are spending millions on Trump-owned cryptocurrencies right now in apparent hopes of buying their way out of federal criminal investigations through undisclosed payments," Raskin said in a statement.
"The Trump administration has also systematically dismantled crime-fighting efforts at the Department of Justice aimed at foreign corruption of our politics and actually announced its indifference to violations of the Foreign Corrupt Practices Act," he continued. "So it's rich indeed for Americans to read now that Trump has launched a big initiative to 'crack down on foreign influence' in American politics with one purpose—crippling the fundraising platform of his political opponents."
"Today's presidential decree targeting the campaign infrastructure of the Democratic Party with precisely zero evidence of wrongdoing is the kind of edict you'd expect from a power-mad dictator in a Banana Republic. This president, with his approval ratings underwater and sinking like a stone, is desperately seeking to undermine his political opposition by cutting off their access to funding."
Since its inception in 2004, ActBlue has raised nearly $17 billion through its platform, and it is widely used by Democratic candidates and progressive groups, including organizations critical of the Democratic leadership such as Justice Democrats. (Common Dreams is among the organizations that use ActBlue to process donations.)
According to ActBlue, nearly 15 million Democratic donors have saved their payment information on the platform.
In a statement, ActBlue said that "today's escalation by the White House is blatantly unlawful and needs to be seen for what it is: Donald Trump's latest front in his campaign to stamp out all political, electoral, and ideological opposition."
"ActBlue will immediately pursue all legal avenues to protect and defend itself," the organization added.
Ken Martin, chair of the Democratic National Committee, called Trump's investigation order "authoritarianism in action." In a joint statement, Martin and the heads of the Democratic Senatorial Campaign Committee, Democratic Congressional Campaign Committee, and Democratic Governors Association said that "Trump's memorandum targeting ActBlue is designed to undermine democratic participation—and it's no wonder why."
"He knows Americans are already fed up with his chaotic agenda that is driving the economy off a cliff, so he's trying to block lawful grassroots donations from supporters giving just $5 or $10 to candidates who oppose him while further empowering the corrupt billionaires who already control his administration," the Democratic leaders said. "As Democrats, we're unified in standing with the millions of Americans who are fighting back against Trump's dangerous abuses of power."
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Trump Signs Executive Order to Advance 'Deeply Dangerous' Deep-Sea Mining
"The harm caused by deep-sea mining isn't restricted to the ocean floor: It will impact the entire water column, top to bottom, and everyone and everything relying on it," one campaigner warned.
Apr 24, 2025
Amid global calls for a ban on deep-sea mining to protect marine ecosystems, U.S. President Donald Trump on Thursday signed an executive order to advance the risky practice and "restore American dominance in offshore critical minerals and resources."
"The broad order avoids a direct confrontation with the United Nations-backed International Seabed Authority and seeks essentially to jump-start the mining of U.S. waters as part of a push to offset China's sweeping control of the critical minerals industry," notedReuters, which had previewed the measure aimed at attaining nickel, cobalt, copper, manganese, titanium, and rare earth elements.
"The International Seabed Authority—created by the United Nations Convention on the Law of the Sea, which the U.S. has not ratified—has for years been considering standards for deep-sea mining in international waters, although it has yet to formalize them due to unresolved differences over acceptable levels of dust, noise, and other factors from the practice," the agency reported.
Trump's order directs Cabinet members including Secretary of Commerce Howard Lutnick—whose department oversees the National Oceanic and Atmospheric Administration (NOAA)—to expedite the permit process and work on various related reports.
"Authorizing deep-sea mining outside international law is like lighting a match in a room full of dynamite—it threatens ecosystems, global cooperation, and U.S. credibility all at once."
Deep-sea mining is opposed by over 30 countries as well as academics and advocacy groups worldwide. Among them is Greenpeace USA, whose campaigner Arlo Hemphill said Thursday that "authorizing deep-sea mining outside international law is like lighting a match in a room full of dynamite—it threatens ecosystems, global cooperation, and U.S. credibility all at once."
"We condemn this administration's attempt to launch this destructive industry on the high seas in the Pacific by bypassing the United Nations process," Hemphill declared. "This is an insult to multilateralism and a slap in the face to all the countries and millions of people around the world who oppose this dangerous industry."
"But this executive order is not the start of deep-sea mining. Everywhere governments have tried to start deep-sea mining, they have failed. This will be no different," he added. "We call on the international community to stand against this unacceptable undermining of international cooperation by agreeing to a global moratorium on deep-sea mining. The United States government has no right to unilaterally allow an industry to destroy the common heritage of humankind, and rip up the deep sea for the profit of a few corporations."
No exaggeration, deep sea mining could cause the massive collapse of the entire deep sea ecosystem and food chain. This is an existential risk to every person on this planet. www.nytimes.com/2025/04/24/c...
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— Alejandra Caraballo (@esqueer.net) April 24, 2025 at 5:54 PM
Ocean Conservancy vice president for external affairs Jeff Watters also blasted the move, saying that "this executive order flies in the face of NOAA's mission. NOAA is charged with protecting, not imperiling, the ocean and its economic benefits, including fishing and tourism; and scientists agree that deep-sea mining is a deeply dangerous endeavor for our ocean and all of us who depend on it."
"Areas of the U.S. seafloor where test mining took place over 50 years ago still haven't fully recovered," Watters pointed out. "The harm caused by deep-sea mining isn't restricted to the ocean floor: It will impact the entire water column, top to bottom, and everyone and everything relying on it. Evidence tells us that areas targeted for deep-sea mining often overlap with important fisheries, raising serious concerns about the impacts on the country's $321 billion fishing industry."
He highlighted that "NOAA is already being threatened by this administration's unprecedented cuts. NOAA is the eyes and ears for our water and air. NOAA provides Americans with accessible and accurate weather forecasts; it tracks hurricanes and tsunamis; it responds to oil spills; it keeps seafood on the table; and so much more. Forcing the agency to carry out deep-sea mining permitting while these essential services are slashed will only harm our ocean and our country."
"It's not just our country this executive order would harm: This action has far-reaching implications beyond the U.S.," Watters added, warning that by unilaterally allowing deep-sea mining, "the administration is opening a door for other countries to do the same—and all of us, and the ocean we all depend on, will be worse off for it."
As The New York Timesreported:
The executive order could pave the way for the Metals Company, a prominent seabed mining company, to receive an expedited permit from NOAA to actively mine for the first time. The publicly traded company, based in Vancouver, British Columbia, disclosed in March that it would ask the Trump administration through a U.S. subsidiary for approval to mine in international waters. The company has already spent more than $500 million doing exploratory work.
"We have a boat that's production-ready," said Gerard Barron, the company's chief executive, in an interview on Thursday. "We have a means of processing the materials in an allied friendly partner nation. We're just missing the permit to allow us to begin."
In response to the late March disclosure—which came during International Seabed Authority negotiations—Louisa Casson, senior campaigner for Greenpeace International, said that "this is another of the Metals Company's pathetic ploys and an insult to multilateralism. It shows that a moratorium on deep-sea mining is more urgently needed than ever. It also proves that the company's CEO Gerard Barron's plans never focused on solutions for the climate catastrophe."
"The Metals Company is desperate and now is encouraging a breach of customary international law by announcing their intent to mine the international seabed through the United States' Deep-Sea Hard Mineral Resources Act," the camapigner asserted. "This comes after the Metals Company has spent years exerting immense pressure on the International Seabed Authority to try and force governments to allow mining in the international seabed—the common heritage of humankind."
Casson stressed that "states, civil society, scientists, companies, and Indigenous communities continue to resist these efforts. Having tried and failed to pressure the international community to meet their demands, this reckless announcement is a slap in the face to international cooperation."
Less than a week later, the Norwegian deep-sea mining company Loke Marine Minerals declared bankruptcy—which Haldis Tjeldflaat Helle, a campaigner for Greenpeace Nordic, noted came "on the same day that we shut down a deep-sea mining conference in Bergen."
The Norwegian government in December halted plans to move forward with deep-sea mining in the Arctic Ocean, which Steve Trent, CEO and founder of the Environmental Justice Foundation, had called "a testament to the power of principled, courageous political action, and... a moment to celebrate for environmental advocates, ocean ecosystems, and future generations alike."
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