As Republicans hold the government hostage and threaten to wreak economic havoc with the looming debt-ceiling showdown, some progressives on the Hill are worried that the strong-arm tactics will lead to an agreement on so-called “entitlement reform.” That’s Washington parlance for cuts to the nation’s most significant social programs: Social Security, Medicare and Medicaid.
With Congress about to begin the next cycle of budget battles – mostly focused on how much more pain to inflict on Main Street communities across America – a far different message is bubbling up across the land.
Simply put, the big idea behind the Robin Hood Tax is to generate hundreds of billions of dollars. That money could provide funding for jobs to kickstart the economy and get America back on its feet. It could help save the social safety net here and around the world. And it will come from fairer taxation of the financial sector.