Newsflash:
Lesli Messinger Robin Hood Tax Could This Tax on Wall Street Turn Back America’s Tide of Inequality?
Monday, 31 March 2014 23:57

Could This Tax on Wall Street Turn Back America’s Tide of Inequality? Featured

Written by  Katrina vanden Heuvel | The Nation
Members of National Nurses United demonstrate in support of the Robin Hood Tax Members of National Nurses United demonstrate in support of the Robin Hood Tax Courtesy of National Nurses United

How will you honor the legacy of Martin Luther King Jr. this April 4, the anniversary of his assassination? How about by demanding that Congress get out of Wall Street’s pocket? How about by letting your representative know that you support economic equality and a just distribution of wealth in America? As Dr. King himself said, “This is America’s opportunity to help bridge the gulf between the haves and the have-nots. The question is whether America will do it. There is nothing new about poverty. What is new is that we now have the techniques and the resources to get rid of poverty. The real question is whether we have the will.”

Still, forty-six years after Dr. King’s murder, the gulf between haves and have-nots is wider than ever. During the 2009–10 recovery, for example, incomes for one-percenters rose by 11.6 percent, while everyone else saw theirs grow by 0.2 percent. Worse still, too many in Congress are colluding with the haves to make sure things stay that way. Our nation’s capital, both political and monetary is moving in the wrong direction.

On April 4, 2014, you can make your voice be heard by participating in a nationwide series of demonstrations in favor of HR 1579, Rep. Keith Ellison’s (D-MN) Inclusive Prosperity Act, a financial transaction—or Robin Hood—tax. Organized in part by National Nurses United, the nation’s largest union and professional organization for registered nurses, the April 4th action will target twenty-five members of Congress in eleven states by staging vigils at the legislators’ home offices in their districts. The message of the vigils is simple: Pass the Robin Hood Tax. After all, Ellison asks, “Didn’t America step up to the plate when Wall Street needed help?” And as I wrote two years ago, “Wall Street owes us.”  

“We need to have real revenue, not just have one austerity measure after another,” says Charles Idelson, Communications Director for National Nurses United. “The last thing the American people need is more austerity. Much of the country is still in a recession.” That revenue might be found in a Robin Hood Tax.

Idelson points out that while you and I pay a sales tax on our daily transactions (AK, DE, MT, NH, and OR excepted), Wall Street pays nothing on speculative transactions (some of which can take as little as 3 milliseconds to complete). Robin Hood taxes those trades, to the tune of as much as $350 billion per year. Why Wall Street? Idelson invokes bank robber Willie Sutton: “A truly equitable society is the burning issue of our time. If we’re ever going to tackle this, we’ve got to have additional revenue. We should go where the money is. Wall Street was rewarded for trashing our economy with bailouts and bonuses. The Robin Hood Tax puts a requirement on them to put a little bit back into society.”

Your voice matters, and your participation can be powerful. It’s high time to question the inevitability of Wall Street and Congress’s friends-with-benefits relationship.

And there is cause for cautious optimism. Recently, Robin Hood Tax proponents found some ammunition in an unlikely place: Dave Camp (R-MI), Chairman of House Ways and Means Committee. Within his larger tax-reform plan, Camp has proposed a 0.035 percent quarterly tax on bank assets for institutions with assets in excess of $500 billion (i.e., the too-big-to-fail fraternity).

The takeaway here is not so much the tax itself (which is part of a generally undesirable slate of proposals), but the fact that it derives from a GOP congressman. “For FTT supporters,” says Sarah Anderson of the Institute for Policy Studies, “this creates an opportunity to say that there is bipartisan support for taxing the financial sector.” Unlike the Robin Hood Tax, Camp’s proposal taxes assets, not transactions, but still, Anderson points out, “[I]t’s the first time we’ve had Republican support for increasing financial sector taxation.” That Wall Street hates it is a good sign: Goldman Sachs even canceled a GOP fundraiser in protest.

So this April 4, join the nation’s nurses and demand that America commit to Dr. King’s ideals. Petition your representative to support HR 1579. We can achieve economic justice in this country, but only if we put forth the same broad, sustained effort that Wall Street uses to get its way. It doesn’t have to be just the banks that are too big to fail.

Link to original article from The Nation

Read 8173 times Last modified on Tuesday, 01 April 2014 00:00

Latest News from the Messinger Campaign

  • Savannah's Lesli Messinger gives Democrats best chance to beat Jack Kingston
    Savannah's Lesli Messinger gives Democrats best chance to beat Jack Kingston

    On Saturday, October 20, First Congressional District candidate Lesli Messinger visited Pin Point, Georgia and talked with locals about her candidacy and to listen to what issues those citizens believe are important.

    Messinger has traveled through her congressional district for months since her qualifying back in late May and has touted a strong progressive message and has been able to build grassroots coalitions.

    Written on Sunday, 21 October 2012 16:18 Read more...
  • Messinger Wins Race to Face Kingston
    Messinger Wins Race to Face Kingston

    Progressive Democrats say Congrats to U.S. Congressional GA District 1 Primary Winner Lesli Messinger. Lesli Messinger has claimed the Democratic nomination for Georgia’s 1st Congressional District Tuesday beating Nathan Russo in the Democratic Primary.  Unofficial results showed Messinger with 54 percent of the vote to 46 percent for Russo with 97 percent of the precincts reporting.

    Written on Wednesday, 01 August 2012 15:55 Read more...
  • Georgia’s Only Democratic Woman Candidate for Congress
    Georgia’s Only Democratic Woman Candidate for Congress

    Democrat Lesli Messinger seeks to end 20 years of Republican domination in coastal Georgia.  It’s a particularly difficult challenge to unseat an incumbent, and harder still for a Democrat in a Congressional District that’s been Republican-ruled for 20 years.

    Written on Friday, 27 July 2012 02:52 Read more...
  • Mickey Stephens backs Lesli Messinger for Congress
    Mickey Stephens backs Lesli Messinger for Congress

    State Rep. Mickey Stephens, D-Savannah, has endorsed Lesli Messinger for the Democratic nomination in the 1st Congressional District.

    Messinger, a Savannah businesswoman, is running against Nathan Russo, a retired St. Simons businessman, in Tuesday’s primary.

    The winner will face Republican incumbent Jack Kingston, who is seeking a 10th term.  Last year’s boundary changes left the district with a GOP tilt, but less pronounced than in the past.

    The endorsement apparently is intended to buttress Messinger’s claim to be a stauncher Democrat than Russo and a loyal supporter of  President Barack Obama.

    Russo has argued that, to beat Kingston in the district, a Democrat must make a strong appeal to many independents and at least some Republicans.

    Stephens prefaces his statement by saying he’s “a lifelong member of the Democratic Party for over 30 years.”  

    “Not only does Mrs. Messinger have fresh new ideas that I feel truly represent the people of our district, and the state of Georgia,” he said. “She is a proud supporter of President Obama’s policies. I know Messinger will stand with President Obama in Congress, on a true Democratic front with other members of Congress.”

    Written on Thursday, 26 July 2012 00:00
  • U.S. House District 1: Lesli Messinger says she speaks for middle class
    U.S. House District 1: Lesli Messinger says she speaks for middle class

    Lesli Messinger moved to Skidaway Island four years ago, she says, to escape the “dark and dreary” environs of New Jersey. But Messinger says she found darkness and dreariness near the tranquil community where she and her husband, Nathan, relocated. She says she met women who couldn’t afford cookies for their grandchildren and people whose jobless benefits were expiring.

    Written on Tuesday, 24 July 2012 00:00 Read more...

ERA Legislation in your State

Unratified states Gold - Ratified States Purple

Sign the ERA Petition

ERADemandButton

On Friday, September 12th more than 150 activists will go to DC and Demand that their Senators and Representatives support removing the ratification deadline from the ERA (SJ Res 15 and HJ Res 113)

Button-SignERAPetition

Sign the Petition - Sen. Sanders Run as a Democrat in 2016

Button-SandersPetition

Like Lesli Messinger

Lori Wallach on the TPP from PDA Progressive Roundtable

Progressive Roundtable with Reps. Ellison and Pocan and Lori Wallach on TPP

TPP: The Biggest Threat to the Internet You've Probably Never Heard Of