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EconomicPolicyInstitute

A financial transaction tax would help Wall Street work for Main Street

In a new report, EPI’s Josh Bivens and Hunter Blair write that a financial transaction tax (FTT)—a small levy placed on the sale of stocks, bonds, derivatives, and other investments—would raise between $110 billion to $403 billion in gross revenues annually. They argue that regardless of the level of revenues raised, an FTT would be a win-win for the U.S. economy by ultimately decreasing the fees Americans pay on their investments and shrinking unproductive parts of the financial sector.

CEO PAY

CEOs make 276 times more than typical workers

A new Economic Snapshot shows that the pay gap between CEOs and employees has widened considerably over the last several decades. Today CEOs make 276 times more than typical workers—compared with 20 times more in 1965 and 30 times more in the late 1970s. From 1978 to 2015, CEO compensation grew 941 percent—while the compensation of a typical worker grew just 10 percent.

#DAYOFEQUITY

EPI’s Valerie Wilson describes a #DayofEquity for working people

In a video for the Marguerite Casey Foundation’s #DayofEquity campaign to flip the narrative of inequality to that of equity, EPI economist Valerie Wilson describes what a day of equity would look like for a working person in America.

IN THE NEWS
Reuters
The Guardian quoted EPI’s Elise Gould on Massachusetts’s new law that bars employers from inquiring about salary or wage history. “If there is a history of racial or gender discrimination, it would be perpetuated by requiring an applicant to disclose their salary information,” Gould said. | "Massachusetts to adopt equal pay law to break pattern of unfair pay for women" »
Reuters
In Politico’s coverage of EPI’s report on the merits of a financial transaction tax, EPI’s Josh Bivens explained that the tax could potentially raise nearly $4 trillion in revenue over a decade. | "Corporate tax left in the lurch?" »
Reuters
In a “Marketplace” story about the Trans-Pacific Partnership (TPP), EPI’s Robert Scott explained the rise of anti-TPP voters. “With a weak economic recovery and a presidential election looming, a lot of attention is now focused on jobs and wages,” he noted. | "TPP galvanizes voters, divides both parties" »
Reuters
Reuters cited EPI’s study on manufacturing job loss, writing, “The United States has lost more than 5 million manufacturing jobs in the past 15 years as the trade deficit has mushroomed.” | "This Election Year, It’s All About the Money" »
Reuters
In an Associated Press story about New Hampshire’s aging manufacturing workforce, EPI’s Elise Gould explained that “employers looking for workers could be doing more to train available workers or attract more talent by offering higher wages.” | "Aging workforce puts strain on skilled workers" »
From the EPI Blog
Pedro da Costa
What’s luck got to do with it? When it comes to money, quite a bit
Josh Bivens
Why is the economy so weak? Trade gets headlines, but it’s more about past Fed rate hikes and the TCJA’s waste
Valerie Wilson and Jhacova Williams
Racial and ethnic income gaps persist amid uneven growth in household incomes
Julia Wolfe and Hunter Blair
Government programs kept tens of millions out of poverty in 2018
Elise Gould and Julia Wolfe
Slowdown in household income growth continues in 2018
Melat Kassa and Zane Mokhiber
By the Numbers: Income and Poverty, 2018
Valerie Wilson and Elise Gould
What to watch for in the 2018 Census data on earnings, incomes, and poverty
Elise Gould
What to Watch on Jobs Day: Wage growth is key to a sustainable recovery
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