by Pamela Powers Hannley Two years ago, the Occupy Movement– with its simple “We Are the 99%!” message– united the world by enlightening us to the workings of the corporate oligarchy and the governments they run (including our own) and how this system is designed to keep us down. Worldwide, Occupy encampments sprang up in … Read more
National Nurses United (NNU) is one of the most creative and most activist unions in the US.
Long before anyone was talking about the financial transaction tax (AKA the Robin Hood Tax), NNU and its members were in the halls of Congress– pushing for this innovative revenue-generating tax on Wall Street– and in the streets bringing attention to it.
When Wisconsin rose up against anti-union "austerity" measures proposed by Governor Scott Walker, the nurses were there.
When the Occupy Movement needed support, the nurses were there in solidarity.
After the jump, watch a short Loneprotestor video featuring Karen Higgins, head of NNU.
Eleven European countries, who collectively account for two-thirds of the EU's economy, have passed a new financial transaction tax.
Also known as the Robin Hood Tax in the US, a financial transaction tax charges a small percentage fee for every stock market deal. The new European law will charge a rate of 0.1% on any trade of shares or bonds and 0.01% on any financial derivative contract, according to an article in Think Progress. These tiny percentages would raise an estimated 57 billion euros per year if all 27 of the European countries adopted the law. (At an exchange rate of 1 EU = $1.33, that is an estimated $75.8 billion in US dollars per year of revenue generation.) In addition to raising funds, the financial transaction tax discourages speculative computerized trading. Also know as "rent seeking," computers are set up to buy stocks and sell them quickly– sometimes when the profit is just pennies. If you do enough of this automated micro-trading, you can make a bundle of money; but this speculative behavior adds volitility to the market and produces nothing except fot the gamblers who are in the game. The Ed Schultz Show has a great explanation here.
In all, 40 countries worldwide have adopted a financial transaction tax. The 11 countries who have passed the Robin Hood Tax recently include two European powerhouses– Germany and France– plus Spain, Portugal, Italy, Belgium, Austria, Slovakia, Slovenia, Greece, and Estonia. The financial problems facing Greece, Spain, and Italy have been in the news for years. This tax will help cash-strapped governments to become more stable.
Gosh, what other country is facing dire financial choices and needs an infusion of cash? Find out how the Robin Hood Tax would help the US economy after the jump.
by Pamela Powers Hannley
Each month, Progressive Democrats of America (PDA) members across the country visit their Congressional representatives and urge them to back progressive legislation. PDA Tucson visited Congressman Ron Barber's office today– the third time since he was elected.
One of the most important steps that Barber could take to help Arizona's economy and the country's would be to co-sponsor the so-called "Robin Hood Tax", which has now been introduced into the Congress as the Inclusive Prosperity Act (HR 6411) by Congressman Keith Ellison, co-chair of the Progressive Caucus (pictured above with Karen Higgins, vice president of National Nurses United). The Robin Hood Tax is a financial transaction tax on Wall Street.
From National Nurses United:
New York – The U.S. Robin Hood Tax Campaign today applauded the introduction in Congress of a bill that would impose a tax on Wall Street speculation. Introduced by Rep. Keith Ellison, HR 6411, the Inclusive Prosperity Act, would raise up to $350 billion in annual revenues that would be used to breathe new life into Main Street communities across America, as well as international health, sustainable prosperity and environmental programs.
The legislation embodies the Robin Hood Tax, a 0.5% tax on the trading of stocks, 50 cents on every $100 of trades, and lesser rates on trading in bonds, derivatives and currencies. It marks the return of a sales tax on financial transactions in place from 1914 to 1966 and targets the high-risk, high-speed trading that dominates the markets.
The letter PDA Tucson delivered to Barber today is after the jump. If you think Barber should co-sponsor the Robin Hood Tax, contact him by following this link.