Newsflash:
The End of the Perpetual War President Obama’s speech on Thursday was the most important statement on counterterrorism policy since the 2001 attacks, a momentous turning point in post-9/11 America.For the first time, a president stated clearly and unequivocally that the state of perpetual warfare that began nearly 12 years ago is unsustainable for a democracy and must come to an end in the not-too-distant future.       Read the Full Story
Banks’ Lobbyists Help in Drafting Financial Bills WASHINGTON — Bank lobbyists are not leaving it to lawmakers to draft legislation that softens financial regulations. Instead, the lobbyists are helping to write it themselves. Read the Full Story
Elizabeth Warren: Trade talks could weaken bank oversight Sen. Elizabeth Warren raised concerns Tuesday that negotiations over new trade agreements could be used as a backdoor way to water down financial regulations. Read the Full Story
Exclusive: Why I Spoke Out at Obama's Foreign Policy Speech On why Obama's policies themselves, not those who speak out against them, are rude Having worked for years on the issues of drones and Guantanamo, I was delighted to get a pass (the source will remain anonymous) to attend President Obama’s speech at the National Defense University. Read the Full Story
Pivoting From a War Footing, Obama Acts to Curtail Drones WASHINGTON — Nearly a dozen years after the hijackings that transformed America, President Obama said Thursday that it was time to narrow the scope of the grinding battle against terrorists and begin the transition to a day when the country will no longer be on a war footing.       Read the Full Story
New Terror Strategy Shifts C.I.A. Focus Back to Spying WASHINGTON — For more than seven years, Mike — a lean, chain-smoking officer at the Central Intelligence Agency’s headquarters in Virginia — has managed the agency’s deadly campaign of armed drone strikes. As the head of the C.I.A.’s Counterterrorism Center, Mike wielded tremendous power in hundreds of decisions over who lived and died in far-off lands.       Read the Full Story
Boy Scouts End Longtime Ban on Openly Gay Youths GRAPEVINE, Tex. — The Boy Scouts of America on Thursday ended its longstanding policy of forbidding openly gay youths to participate in its activities, a step its chief executive called “compassionate, caring and kind.”       Read the Full Story
PDA, Allies March Against Fracking in Maryland More than 100 "Fracktivists" rallied for clean air and water outside the Democratic Governors Association meeting in Maryland yesterday. Concerned about the controversial practice of extracting methane gas from shale rock formations known as hydraulic fracturing or "Fracking", Progressive Democrats of America, Food and Water Watch, MoveOn, Progressive Neighbors, and Progressive Cheverly members and others gathered to hear speakers and then matched chanting outside the high-level meeting. Read the Full Story
Congresswoman Barbara Lee Responds to President Obama’s Call for AUMF Repeal, Introduces Legislation Creating Greater Oversight of Drones Washington, D.C.— Congresswoman Barbara Lee (D-CA) released the following statement in response to President Obama’s speech focusing on drone warfare and national security. In advance of the speech, Congresswoman Lee introduced related legislation, The Drones Accountability Act. Read the Full Story
Obama Heckled During Speech On Drones, Gitmo (VIDEO) President Barack Obama was heckled during a speech at the National Defense University at Fort McNair in Washington, D.C. on Thursday. Read the Full Story
IMF Sounds Warning on U.K. Austerity LONDON—The International Monetary Fund urged the U.K. government to counter the effects of its austerity program by raising spending on infrastructure projects to avoid long-term damage to the nation's growth prospects. Read the Full Story
Congresswoman Lee Introduces “No More Ghost Money Act” Washington, D.C.— Today, Congresswoman Barbara Lee (D-CA) introduced the No More Ghost Money Act of 2013. The bill would prohibit illegal payments to foreign officials and would require a report to Congress on payments made by the CIA to employees, officers, and elected officials to foreign entities. Read the Full Story
image The End of the Perpetual War
image Banks’ Lobbyists Help in Drafting Financial Bills
image Elizabeth Warren: Trade talks could weaken bank oversight
image Exclusive: Why I Spoke Out at Obama's Foreign Policy Speech
image Pivoting From a War Footing, Obama Acts to Curtail Drones
image New Terror Strategy Shifts C.I.A. Focus Back to Spying
image Boy Scouts End Longtime Ban on Openly Gay Youths
image PDA, Allies March Against Fracking in Maryland
image Congresswoman Barbara Lee Responds to President Obama’s Call for AUMF Repeal, Introduces Legislation Creating Greater Oversight of Drones
image Obama Heckled During Speech On Drones, Gitmo (VIDEO)
image IMF Sounds Warning on U.K. Austerity
image Congresswoman Lee Introduces “No More Ghost Money Act”
Monday, 17 September 2012 23:36

Congressman Keith Ellison Introduces Bill Taxing Wall Street to Restore Main Street

Written by  Press Release Rep. Keith Ellison
Congressman Keith Ellison Introduces Bill Taxing Wall Street to Restore Main Street

WASHINGTON—Rep. Keith Ellison (D-Minn.) has introduced legislation that would raise billions to invest in our economy by taxing highly speculative financial transactions.

The Inclusive Prosperity Act (H.R. 6411) would tax the sale of stocks, bonds and derivatives sold by Wall Street firms. The tax imposed will be 0.5 percent on stocks, 0.1 percent on bonds, and 0.005 percent on derivatives or other investments.

These funds could be used to strengthen America’s families, communities and economy by supporting state and federal investments that improve our health, rebuild our crumbling physical infrastructure, and create good paying jobs.

“The American public provided hundreds of billions to bailout Wall Street during the global fiscal crisis yet bore the brunt of the crisis with lost jobs and reduced household wealth,” said Rep. Ellison.  “This is a phenomenally wealthy nation, yet our tax and regulatory system allowed the financial titans to amass great riches while impoverishing the systems that enable inclusive prosperity. 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.” 

Because stock and bond markets are computerized adding a tax would be easy to track and enforce and tough to evade. The tax also would make high frequency trading unprofitable, which could reduce the excess speculation on commodities like food and gasoline that has caused their prices to escalate.

“Congressman Ellison is showing great leadership for our country,” said Jean Ross, RN, co-president of National Nurses United.  “HR 6411 is a critical step to generate the revenue for the healing and recovery our Main Street communities across the nation so desperately need.  From coast to coast, nurses, health care, environmental, labor, and community activists have come together calling for a tax on financial speculation so that Wall Street will help pay to reverse the damage its reckless behavior caused to our economy,” said Ross. “This is a small, common sense tax, already in place and working wonderfully well in dozens of countries across the world.”

Almost 30 nations have some form of a financial transaction tax and the U.S. had a similar tax from 1914 until 1966. The United Kingdom has had a tax on stock trades for decades – the same rate proposed in HR 6411 – and their volume of trading has grown robustly. Supporters of a form of financial transactions tax include business leaders such as Microsoft founder Bill Gates, Dallas Mavericks’ owner Mark Cuban, and Berkshire Hathaway chairman and CEO Warren Buffet.

Read 2084 times Last modified on Monday, 17 September 2012 23:46
Published in Rep. Keith Ellison
More in this category: « Rep. Ellison Proud to Receive Endorsement of Progressive Democrats of America 3 Progressive Principles for the Next Deal »
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