Main Street Alliance Executive Committee member David Borris, the owner of Hel’s Kitchen Catering in Chicago, joined U.S. Senator Elizabeth Warren, other elected officials, and community groups to testify at the launch of the Take on Wall Street campaign; aimed at closing Wall Street tax loopholes, making banks smaller and simpler, and curbing predatory lending.
As the 2016 campaign season has demonstrated, Americans across the political spectrum remain angry and frustrated with Wall Street and the Big Banks, which they see as both drivers and beneficiaries of a rigged system. Wall Street billionaires continue to rake in outrageous profits through business practices that hurt working families—families that are still struggling to recover from the crisis Wall Street greed and recklessness precipitated eight years ago. Poll after poll demonstrates that most Americans strongly favor financial reform to support a fair economy.
With ambitious policy goals, the campaign looks to establish a more equitable and inclusive economy and to convert the anger about Wall Street's growing political and economic dominance into concrete, bold and lasting legislative gains at the state, local, and federal levels.
"Predatory lenders and tax-avoiding corporations work in concert to extract wealth from my community, leaving my customers, the lifeblood of my business, trapped in a perpetual cycle of debt and absorbing a larger share of our mutual tax responsibility. We must usher in a set of rules that reins in predatory lending, holds corporations accountable to pay their fair share in taxes, and returns the wealth of communities to the hands of local consumers," said Borris.
Main Street Alliance recommends the following policy solutions that will begin to rebalance the economy:
1. Close the carried interest loophole which permits private equity and hedge fund managers pay a lower tax rate than most working Americans.
2. Introduce a Wall Street speculation tax on sales of derivatives, stocks, bonds, and other financial products that would raise billions of dollars, bring banks closer to paying their fair of taxes, and stop some forms of destructive high-frequency trading outright.
3. Make banks simpler, smaller and safer. End ‘too big to fail,’ and reinstitute the Glass-Stegall separation between commercial and investment banks.
4. Close the CEO bonus loophole, which permits corporations to pay less in taxes the more they pay their executives.
5. End Predatory Lending and expand access to fair safe financial services by supporting the Consumer Financial Protection Bureau, and expanding access to fair and equitable banking.