A Securities Turnover Excise Tax (STET) is a small tax on every stock, swap, derivative, or other trade.

History

In the United States, the STET was used to successfully fund the Spanish American War.

Re-instatement of the STET was briefly proposed in 1990, as a part of US deficit reduction measures..

Advocacy

John Maynard Keynes

John Maynard Keynes

John Maynard Keynes, Baron Keynes of Tilton, CB FBA , was a British economist whose ideas have profoundly affected the theory and practice of modern macroeconomics, as well as the economic policies of governments...

, in The General Theory of Employment, Interest, and Money suggested that an excise tax on transactions and trades would discourage speculation in the stock market.

In 1934, muckraking journalist

Journalism

Journalism is the practice of investigation and reporting of events, issues and trends to a broad audience in a timely fashion. Though there are many variations of journalism, the ideal is to inform the intended audience. Along with covering organizations and institutions such as government and...

 and novel

Novel

A novel is a book of long narrative in literary prose. The genre has historical roots both in the fields of the medieval and early modern romance and in the tradition of the novella. The latter supplied the present generic term in the late 18th century....

ist Upton Sinclair

Upton Sinclair

Upton Beall Sinclair Jr. , was an American author who wrote close to one hundred books in many genres. He achieved popularity in the first half of the twentieth century, acquiring particular fame for his classic muckraking novel, The Jungle . It exposed conditions in the U.S...

 ran for Governor of California

Governor of California

The Governor of California is the chief executive of the California state government, whose responsibilities include making annual State of the State addresses to the California State Legislature, submitting the budget, and ensuring that state laws are enforced...

 on the End Poverty in California plan

End Poverty in California movement

Standing for End Poverty in California, EPIC was an effort for well-known muckraking writer and former Socialist Upton Sinclair to implement socialist reforms through California's Democratic Party during the Great Depression by recruiting supporters into the party and then securing that party's...

. The fourth plank of the plan called for repeal of the state's sales tax

Sales tax

A sales tax is a tax, usually paid by the consumer at the point of purchase, itemized separately from the base price, for certain goods and services. The tax amount is usually calculated by applying a percentage rate to the taxable price of a sale....

 and imposition of "a tax on stock transfers at the rate of 4 cents per share."

The STET was a major plank of the 2008 platform of American presidential candidate Ralph Nader

Ralph Nader

Ralph Nader is an American political activist, as well as an author, lecturer, and attorney. Areas of particular concern to Nader include consumer protection, humanitarianism, environmentalism, and democratic government....

, and that same year was proposed by Oregon

Oregon

Oregon is a state in the Pacific Northwest region of the United States. It is located on the Pacific coast, with Washington to the north, California to the south, Nevada on the southeast and Idaho to the east. The Columbia and Snake rivers delineate much of Oregon's northern and eastern...

 Congressman Peter DeFazio

Peter DeFazio

Peter Anthony DeFazio is the U.S. Representative for , serving since 1987. He is a member of the Democratic Party. The district includes Eugene, Springfield, Roseburg and part of Corvallis. As Oregon's most senior member of Congress, he is the dean of Oregon's House of Representatives delegation...

 as a means to pay for the Emergency Economic Stabilization Act of 2008

Emergency Economic Stabilization Act of 2008

The Emergency Economic Stabilization Act of 2008 The Emergency Economic Stabilization Act of 2008 The Emergency Economic Stabilization Act of 2008 (Division A of , commonly referred to as a bailout of the U.S. financial system, is a law enacted in response to the subprime mortgage crisis...

.