The Hill - January 28, 2021

Rep. Ilhan Omar (D-Minn.) suggested Thursday that there should be a small tax on stock market trades after the market was disrupted by amateur traders suddenly buying large shares of GameStop stock.

Amateur online traders fueled by discussions on Reddit sent shares of the struggling video game retailer flying Wednesday, which saw its share price jump to $347 per share. Overall, its share price has risen more than 1,800 percent in January.

“A small tax - 0.1% - on each Wall Street trade would reduce high frequency trading, a practice which drains profits from retail investors and benefits only the very rich,” Omar tweeted.  

“We could use the close to $1 trillion it would generate to cancel all student debt and make college free,” she said.

This is not the first time Omar has brought up a financial transaction tax. She teamed up with Sen. Bernie Sanders (I-Vt.) on a proposal to eliminate student debt with a financial transaction tax.

The tax would generate $2.4 trillion over a decade and the cost of student loan cancellation would be $2.2 trillion. ...
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