House Progressives like Rep. Ilhan Omar (D-Minn) and Rep. Ro Khanna (D-Calif) are using the recent story of Robinhood and others halting the buying of GameStop stocks as an excuse for a new, trillion dollar tax on financial transactions.  

Rep. Ilhan Omar specifically called for financial transaction tax of 0.1 percent, which she claims would raise $1 trillion in tax revenue. This tax would not be on Wall Street as Rep. Omar claims but would be on American savers and investors including the 53 percent of American households that own stock.

While the 0.1 percent rate may seem like a small amount, it would be imposed on every single trade and would harm investment and economic growth. It is unlikely to raise as much revenue as supporters claim, and it has failed in the past.

Omar wants to use this tax revenue for new wasteful spending including cancelling all student debt and making college free.