Power of Story Send a Tweet        
- Advertisement -

Share on Google Plus Share on Twitter 2 Share on Facebook 1 Share on LinkedIn Share on PInterest Share on Fark! Share on Reddit Share on StumbleUpon Tell A Friend (3 Shares)  

Printer Friendly Page Save As Favorite View Favorites (# of views)   No comments
OpEdNews Op Eds

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

By       Message John Nichols       (Page 1 of 2 pages)     Permalink

Related Topic(s): ; ; , Add Tags  Add to My Group(s)

View Ratings | Rate It

opednews.com Headlined to H3 4/18/13

Author 29155
Become a Fan
  (20 fans)
- Advertisement -
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.

- Advertisement -

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.

- Advertisement -

"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."

Click Here to Read Whole Article

Next Page  1  |  2

 

- Advertisement -

View Ratings | Rate It

opednews.com

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 (more...)
 

Share on Google Plus Submit to Twitter Add this Page to Facebook! Share on LinkedIn Pin It! Add this Page to Fark! Submit to Reddit Submit to Stumble Upon Share Author on Social Media   Go To Commenting

The views expressed herein are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.

Writers Guidelines

Contact AuthorContact Author Contact EditorContact Editor Author PageView Authors' Articles
Related Topic(s): ; ; , Add Tags
- Advertisement -

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

Paul Ryan? Seriously?

Scott Walker's Austerity Agenda Yields 'Worst Job Losses in US'

The Koch Brothers, ALEC and the Savage Assault on Democracy

The Deafening Silence of the Republican Field in the Wake of the Planned Parenthood Shooting

How Socialists Built America

Bernie Sanders: "I Am Prepared to Run for President of the United States"