Last year, Minnesota Congressman Keith Ellison reintroduced the Inclusive Prosperity Act (HR-1579), a repeat from H.R. 6411 which was introduced in September 2012.
The Inclusive Prosperity Act is designed to levy a small sales tax of 1/2 of 1% on Wall Street transactions. (Just 50 cents on every $100 of stock trades or smaller amounts on the trades of bonds, derivatives or other financial speculation.)
Taxing the Wall Street stock markets for transactions that affect the future of the world makes sense, according to the Robin Hood Campaign.
In fact, the Robin Hood Tax Campaign is supported by business and economic leaders from around the world including Bill Gates, Warren Buffett, Ban Ki-Moon, Nancy Pelosi, and the Vatican. It has Congressional supporters such as Sen. Tom Harkin and Rep. Peter DeFazio.
During its reintroduction in April 2013, it demonstrated the support of a growing cross-section of middle class, from union members to movie stars.
Right now the Institute for Policy Studies (IPS), a DC-based think-tank, is promoting a celebrity made short film, "Future News," in which bankers review the benefits from a financial transaction tax in Europe during a newscast set in 2024.
Emily Norton of IPS-DC wrote:
The celebrity video is set 10 years in the future, with Lincoln [Andrew Lincoln, star of TV’s the Walking Dead] anchoring a newscast looking back at the impact of the tax. Bankers from Spain, Germany, and France boast about how the tax has generated revenues to help fund public services in their countries and combat poverty and climate change – shaming a British banker (Nighy) over his country’s failure to implement the tax.
In Europe, financial transaction taxes will generate an estimated 31 billion euros ($US 42 billion). This can be used to help alleviate poverty among the populaces of Spain, France, Greece, and UK.
In the United States, up to 300 billion dollars worth of annual revenue would allow the U.S. to "invest in the things that matter—education, roads and bridges, and health care for our seniors and veterans."
In fact, between 1914 to 1966, the Revenue Act had levied 0.2 percent tax on all sales or transfers of stock. During the Great Depression, such a tax supported job creation.
With historic drought in the Western states and Sandy-sized hurricanes every other year, the country is at the brink of unprecedented climate change.
Such a tax would now provide resilience for farmers in California at serious risk. It would boost new jobs growth at a steady rate outside of failure-prone legislative grants or loans.
The time has come to demand more accountability from the elite on Wall Street on ways to rebuild our infrastructure, invest in urban transportation, and support green manufacturing, all of which would spark healthier local job growth.
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