“A lot of people in
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
out 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, road and bridges, and health care for our seniors and
veterans.” –Rep. Keith Ellison Washington
17th 2013, Representative Keith Ellison (D-Minn.)
introduced the Inclusive Prosperity Act, inspired by the Robin Hood Tax, to the
House. The bill enforces a financial transaction tax that will provide hundreds
of billions of dollars in revenue every year for jobs, health care, education,
housing and the social safety net. The proposed act asks that the financial
sector (i.e. banks, Wall Street, etc.) is taxed and the money collected from
taxation is put back into society for the people. This is not a tax on
the people, it is a tax for the people—a.k.a. “The Robin Hood Tax.”
Financial taxation bills that resemble the Inclusive Prosperity Act are found across the world in other countries’ governments and economic systems. The beliefs of Robin Hood—take from the rich and give to the poor (usually while dressed handsomely in forest green tights and keenly firing arrows), has been applied to economic legislation in Australia, Austria, Belgium, Canada, Denmark, France, Germany, Italy, Norway, Spain, the Netherlands, and the United Kingdom. Why shouldn’t the
States also pass Robin Hood legislation?
From 1914 to 1966 the
did! The Revenue Act of 1914 put a 0.2% tax on sales of stock which doubled in
1932 to help overcome the economic challenges during the Great Depression. The
Inclusive Prosperity Act proposes the same concept to “strength our financial
security, expand opportunity and stop shrinking the middle class” (source:
Inclusive Prosperity Act, online full text document). If taxing the financial
sector worked in our past, why not allow Robin Hood to strengthen our economic
system again today?
NOW, along with many others (see the link to the list of Robin supporters below), support Rep. Ellison’s Inclusive Prosperity Act. Check it out for yourself with the links and info about Robin below. If you believe that the Robin Hood Tax is a good idea that will help strengthen our financial sector and support our society be sure to sign the petition on the Robin Hood Tax homepage.
All About Robin:
Congressman Keith Ellison:
Who supports the Robin Hood Tax?
The Inclusive Prosperity Act full text:
Communications Chair Oakland/Macomb County NOW