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Economists to Congress: It's time to go Robin Hood on the rich

Posted by on Nov. 23, 2013 at 3:42 PM
  • 11 Replies

Congress resolved the shutdown and debt ceiling crisis (for now) by agreeing to hash out a budget agreement by mid-December. Already, hopes are dim. Budget experts say that if any deal at all is worked out to replace the deep budget cuts that went into effect in March, the most likely outcome will be a short-term plan involving slightly less severe spending cuts—but with no new revenue, a big Democratic priority. Now, several prominent economists, along with a coalition of labor, health, and community groups are pushing progressive lawmakers to aim higher, calling for what they term a "Robin Hood tax" on the rich.

On Wednesday, economist Jeffrey Sachs briefed members of Congress on the Robin Hood tax, also known as a financial transaction tax, which would charge Wall Street investors a fraction of a penny on the dollar value of each trade they make. Given the mind-boggling number of trades that occur each day, the tax could rake in as much as $700 billion a year. That would increase federal revenues by about 24 percent.

"We are calling on Congress and the White House to refocus on a human needs budget, not just an endless cycle of more austerity and more cuts," says Karen Higgins, RN, co-president of National Nurses United, one of the groups backing the tax. "We need the Robin Hood tax."


Also joining the campaign are Robert Pollin, a leading expert on the financial transaction tax; Wally Turbeville, a fellow at the think tank Demos and a former Goldman Sachs investment banker; and Anni Podimata, the vice president of the European Parliament. (Eleven EU nations are already implementing the tax.) The Robin Hood tax campaign is backed by over 160 local and national organizations, including the National Nurses United, Friends of the Earth, and National People's Action.

It seems unlikely that the gridlocked Congress will impose the tax anytime soon, but the groundwork is already in place: Rep. Keith Ellison (D-Minn.) has authored a bill seeking to establish it.

http://www.motherjones.com/mojo/2013/10/financial-transaction-tax-robin-hood-jeffrey-sachs

by on Nov. 23, 2013 at 3:42 PM
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Replies (1-10):
rocketracer
by Gold Member on Nov. 23, 2013 at 4:48 PM
3 moms liked this

Robin Hood "robbed" (took back taxes) the gov't took to give people their money back!

pvtjokerus
by Gold Member on Nov. 23, 2013 at 6:04 PM
7 moms liked this

How about just cut spending.  Gee, is that so hard for some of you?

JustCJ
by on Nov. 23, 2013 at 7:29 PM
1 mom liked this

Aren't they already paying for all the freeloader's healthcare?

Quoting pvtjokerus:

How about just cut spending.  Gee, is that so hard for some of you?


Canvas_says
by Silver Member on Nov. 23, 2013 at 9:26 PM
6 moms liked this

Come on, you know this country will be so much better when all the rich people leave.

Quoting JustCJ:

Aren't they already paying for all the freeloader's healthcare?

Quoting pvtjokerus:

How about just cut spending.  Gee, is that so hard for some of you?



Ednarooni160
by Eds on Nov. 23, 2013 at 9:39 PM
3 moms liked this

Oviously the left is going to run on the RICH vs. the POOR, even though we all know (tax payers at least) that there are programs coming out of the woodwork being paid by way of tax dollars.

susan115
by on Nov. 23, 2013 at 10:15 PM

Stop it with the constant whinning about stealing from others.

DSamuels
by Gold Member on Nov. 24, 2013 at 12:26 AM
2 moms liked this

Consider her source, mother jones.

Clairwil
by Gold Member on Nov. 24, 2013 at 4:43 AM


Quoting -Celestial-:

It's time to go Robin Hood on the rich 

economist Jeffrey Sachs briefed members of Congress on the Robin Hood tax, also known as a financial transaction tax, which would charge Wall Street investors a fraction of a penny on the dollar value of each trade they make. 

The title is incorrect.

That's not a tax on wealth.   That's a tax on (one form of) income.

The difference is important.


And, frankly, the state charges on most other sorts of transactions.  Why should share transactions be exempt?

sarahjz
by Bronze Member on Nov. 25, 2013 at 12:12 PM
Great idea. :)
4kidz916
by Gold Member on Nov. 26, 2013 at 7:55 AM

Just more and more incentives for people to not be successful and just be complacent and happy with a govt handout.  I'm in no way rich but I don't believe in penalizing people for being successful.  Cut spending and cut out tax loopholes for the rich and large corporations and the problem would be solved.

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