As Top Democrats Embrace a Robin Hood Tax, It’s Time for Activists to Go Big

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http://www.thenation.com/blog/194673/top-democrats-embrace-robin-hood-tax-its-time-activists-go-big


A Robin Hood Tax was among the demands of Occupy Wall Street Protesters in 2011. (AP Photo/Bebeto Matthews)

Americans who are serious about addressing income inequality have long recognized that the United States needs a Robin Hood Tax—a charge on financial transactions proposed by campaigners who have argued since the Wall Street meltdown of 2008 that “banks, hedge funds and the rest of the financial sector should pay their fair share to clear up the mess they helped create.”

National Nurses United and other unions, along with Congressional Progressive Caucus leaders such as Congressman Keith Ellison, D-Minnesota, have for a number of years said that the United States should follow the lead of European countries that have developed financial-transactions taxes. Explaining his proposal for an Inclusive Prosperity Act as an alternative to the destructive austerity agenda of Republicans and some centrist Democrats, Ellison said in 2013:

A lot of people in Washington like to talk about reducing the debt and deficits. Well if you really care about reducing the deficit, how about asking Wall Street speculators to pay their fair share? This bill will add a tax of a fraction of a percent on transactions made by the same Wall Street firms and stock traders who crashed our economy in 2008. This tax alone will generate up to $300 billion a year in revenue, stabilizing the deficit and allowing us to invest in the things that matter—education, roads and bridges, and health care for our seniors and veterans.

Unfortunately, that logic tended to be dismissed not just by top Republicans but by top Democrats.

Until now.

[RiverLover]

1. “[The] financial transaction tax is seen by all of our allies internationally as a way of

the economy of the world.."

Thanks for posting!!

[riversedge]

2. Go Big Dems--We have nothing to lose.

[Fumesucker]

3. With the Republican control of Congress it's now safe for Democrats to embrace a Robin Hood tax

Now that there is zero chance of such a thing passing of course the Democrats are going to use it as a cudgel to beat the Republicans with.

You heard nothing about this back when the Democrats had the power to effect actual change.

[daleanime]

4. And watch how quickly the talk disappears....

when democrats are back in 'control'.

[reddread]

5. how about a "spoiler warning" ?

its just polite.

[Fumesucker]

6. The level of contempt they have for our intelligence is remarkable

Frankly I prefer someone who just tells me they hate my guts over someone who pretends to be my friend but secretly loathes me while trying to ingratiate themselves with me.

[1StrongBlackMan]

10. Congressman Ellison and ...

the Congressional Progressive Caucus loathe you?

Wow.

[1StrongBlackMan]

7. Posted to for later. n/t

[Enthusiast]

8. But tax cuts pay for themselves. You know, like the Iraq War paid for itself.

Shouldn't we just do the easiest thing by cutting entitlements? Come on! We need that money for the military!

[List left]

9. Yes it is time

for positive action. We must develop an up-swelling of support that will overcome whatever opposition they can throw at us.