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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

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 3329 times Last modified on Monday, 17 September 2012 23:46

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Please make plans to join us for the July Progressive Round Table. We will focus on Declaring our Independence from Wall Street and Corporate Control. Please join Progressive Democrats of America and many others Wednesday, July 16 from 1 to 3pm in Rayburn 2103. Livestreamed anywhere you are by We Act Radio. Featuring: Andrea Miller - Detroit Water Shutoff Update Rep. Keith Ellison (HR 1579 - Inclusive Prosperity Act) Rep. Jim McGovern (HJ Res20 & 21 - Corporations are NOT People and Money is NOT Speech) Rep. Jim McDermott - HR 4754 - Managed Carbon Price Act of 2014 Rep. Mark Pocan - Trans Pacific Partnership Emily Wurth - Food and Water Watch Public Banking - BankAct - Marc Armstrong Robin Hood Tax Campaign - Kenn Zinn,National Nurses United Jacqui Nantier - We Are Woman - ERA and Voting Rights DC Rally American Sustainable Business Council - Stephen Shaff Labor Campaign for Single Payer - Mark Dudzic Trey Hawkins - Credit Union National Association Witold Skwierczynski - AFGE - Stop the closing of Social Security Offices Please contact Andrea Miller andrea@pdamerica.org for more information about how to get involved with PDA, and / or with PDA's July Round Table meeting. Hope you can join us!

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