A ‘Robin Hood' Tax Raises $350 Billion Annually
By Harry Kelber
October 15, 2012
The bankers and financial investors on Wall Street will have an opportunity to compensate the American people for creating an economic crisis that caused millions of people to lose their jobs and homes. The solution is contained in the “Inclusive Prosperity Tax Act,” an 0.5% tax on the trading of stocks and less rates on bonds, derivatives and currencies. It could raise to $350 billion in annual revenue and could be used to rebuild Main Street communities and fund health and education. programs.
The bill was introduced in Congress by Rep. Keith Ellison Dem, Minn.), who said: ”The American public provided hundreds of billions to bail out Wall Street during the global fiscal crisis, yet bore the brunt of the crisis with lost jobs and reduced household wealth.
“A financial transaction tax protects our financial markets from speculation and provides the revenue needed to invest in the education, health and communities of the American people.”
A statement by Jean Ross, RN and co-president of the National Nurses United (NNU), a founder of the Robin Hood campaign in the U.S., said: “The Inclusive Prosperity Act taxes those that can afford it, the ones that were protected by our tax dollars. They are past due in paying for their damage to Main Street. If we make H.R. 6411 law, we start the healing “process and turn this country around,” the NNU leader said.
The bill, popularly known as the “Robin Hood Tax,,” is based on the legendary character who robbed from the rich and gave to the poor.” It is gaining wide support both in the U.S. and in countries around the globe since it was introduced barely a month ago. More than 110 international organizations have endorsed the Robin Hood Tax