The Democrats make a bow in the right direction. In addition to investing in job creation, transportation infrastructure and worker training programs, Senate Budget Committee chair Patty Murray, D-Washington, includes proposals to close tax loopholes and eliminate tax breaks for corporations that offshore operations. But if they are serious about countering austerity—and they should be—Democrats need to offer something more substantial. And the place to begin is with a real alternative to “Robin Hood in reverse.” As in: a “Robin Hood Tax.” That’s a tax on high-stakes financial transactions, as proposed in the House by Congressional Progressive Caucus co-chair Keith Ellison, D-Minnesota. Ellison’s “Inclusive Prosperity Tax” would raise hundreds of billions in new revenues. “This is a small tax on Wall Street transactions to meet the needs of our nation,” says Ellison, who asks: “Didn’t America step up to the plate when Wall Street needed help?” The congressman’s proposal would also reduce harmful market speculation. As Ellison says, “Gambling on Wall Street does not benefit our society.” This week in Washington, National Nurses United and 160 groups associated with the Robin Hood Tax Campaign are raising the issue in Washington. A Tuesday teach-in, featuring University of Massachusetts–Amherst economist Robert Pollin, former Texas Agriculture Commissioner Jim Hightower and labor leaders such as Amalgamated Transit Union president Larry Hanley, heard NNU co-president Jean Ross, RN, declare: “The nurses of America have a message for Wall Street: You have the money we need to heal America.” A Wednesday march, congressional briefing ( featuring economist Jeffrey Sachs and European parliamentarian Anni Podimata) and lobbying day will tell members of the US House and Senate that: “It’s not a Tax on the People. It’s a Tax for the People.” And it’s about time.
Posted on: Thu, 31 Oct 2013 04:51:47 +0000
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