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A Robin Hood Response to the Austerity Lie: Tax Wall Street

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Source: The Nation


Congressman Keith Ellison. (AP Photo/Haraz N. Ghanbari)

America is not broke, despite what advocates for austerity would have us believe.

This is a very wealthy country.

Unfortunately, transfers of that wealth are not taxed in the same way as the work of American nurses, carpenters, bus drivers and shop clerks. As a result, the federal government struggles to balance budgets, and a yawning gap, between a super-rich 1 percent and the great mass of everybody else, keeps growing.

Congressman Keith Ellison, D-Minnesota, wants to do something about that.

Ellison is reintroducing his Inclusive Prosperity Act, a proposal to add a small "financial transactions tax" on high-volume, high-speed trading by Wall Street speculators. The tax -- similar to one that the US imposed until 1966, and to taxes maintained by 40 countries worldwide -- would generate roughly $1 trillion in revenue over 10 years.

That's money that can help to stabilize federal finances and pay for programs that are currently threatened by the proponents of austerity.

"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?" says Ellison. "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."

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John Nichols, a pioneering political blogger, has written the Online Beat since 1999. His posts have been circulated internationally, quoted in numerous books and mentioned in debates on the floor of Congress.

Nichols writes about politics (more...)
 

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