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Democrats add a Robin Hood Tax to their platform

Bill Gallagher, Robin Hood Tax USA

by rht4people
September 16, 2016
in Blog
0
Why we need Robin

In an election year like the U.S. has never seen before, there’s yet another first. This one is mostly good news. For the first time, a major American political party has included a Financial Transaction Tax (FTT) – aka Robin Hood Tax – in its party platform.

The Democratic National Committee is now officially on record as calling for a tax on Wall Street speculation.  That’s the good news.  And it’s a testament to the years of grassroots and legislative organizing led the by the U.S. Robin Hood Tax campaign.  Much credit for pushing the Democrats along must also go to the Bernie Sanders campaign.  At countless campaign rallies across the country, Bernie exhorted his supporters to rein in the big banks and tax Wall street to fund the bold programs he was proposing.

The collective effort is paying off.  Our years of organizing, culminating in Bernie carrying the Robin Hood Tax torch on a national stage, has made the very idea of a financial transaction tax… well, normal.

Whereas as recently as two or three years ago, Americans, while supportive of the idea, saw the Robin Hood Tax as something virtually unattainable.  Washington, DC insiders and most members of our congress saw it as “unfeasible.”  Today, the tiny tax on big banks is a part of everyday political discourse.

Much, however, remains to be done.  While we applaud the Democrat’s move to include an FTT in their program, there are issues that give us pause.  First, the party platform is non-binding.  Democratic Party lawmakers are under no obligation to support the FTT when it comes to actual legislation in Congress.  Second, the resolution passed by the Democratic National Committee is silent on a tax rate.  That leaves the door open to watered down proposals that would do little to nothing to rein in the banks.  Lastly, the resolution says nothing about where revenue generated from a financial transaction tax should go.  The U.S. Robin Hood Tax Campaign is committed to FTT revenue going to fund human and environmental need.  A FTT under the Democrat’s resolution could conceivably go to offset other types of taxes being cut.

As we celebrate the forward movement, the U.S. Robin Hood Tax Campaign will continue to organize and keep up the pressure on Democrats in Congress to support a real Robin Hood Tax that generates hundreds of billions per year to address the climate crisis, create jobs and a green energy infrastructure, end HIV/AIDS, expand healthcare and retirement programs, enact free higher public education and the myriad other challenges that plague the U.S.  The legislation to do so already exists.  Bills in the Senate (S. 1371) and the House of representatives (HR 1464) would impose a 0.5% tax on Wall Street speculation and would around 300 Billion USD per year.

The Robin Hood Tax campaign made quite a splash at the Democratic Party convention.  At least one thousand of the delegates inside were wearing the signature green Robin Hood hats.  Outside the hall, demonstrators loudly called for the Robin Hood Tax.  We hope the Democrats are listening.

Tags: Democratic PartyFinancial Transaction Tax
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Twitter

NationalNursesNationalNursesUnited@NationalNurses·
23 Jun 2019

“Our movement is #MedicareForAll — not watered-down, we are not accepting anything less.

This is our moment.

This is our time.

We are rising.”

Martese Chism, RN, tells @ABC News that guaranteed health care for all is a civil rights issue. #thisweek https://t.co/zCIDLFSpUX

Reply on TwitterRetweet on Twitter75Like on Twitter126Twitter
NationalNursesNationalNursesUnited@NationalNurses·
16 Feb 2019

Get ready for the people’s #MedicareForAll movement like you’ve never seen it before!

Reply on TwitterRetweet on Twitter67Like on Twitter129Twitter
Fightfor15LAFight for $15 LA@Fightfor15LA·
14 Jan 2019

Los Angeles is turning out in force for our students and educators. Rain can't stop us. Billionaires can't stop us. Union busters can't stop us. We'll be fighting for as long as it takes! #FightFor15 #LAUSDStrike #UTLAStrong

Reply on TwitterRetweet on Twitter52Like on Twitter100Twitter
RashidaTlaibRashida Tlaib@RashidaTlaib·
6 Dec 2018

Gary Cohen, former CEO Goldman Sachs addressing new members of Congress today: "You guys are way over your head, you don't know how the game is played."

No Gary, YOU don't know what's coming - a revolutionary Congress that puts people over profits. https://t.co/ZLML2qzAW6

Reply on TwitterRetweet on Twitter10194Like on Twitter44752Twitter
AOCAlexandria Ocasio-Cortez@AOC·
6 Dec 2018

Our “bipartisan” Congressional orientation is cohosted by a corporate lobbyist group. Other members have quietly expressed to me their concern that this wasn’t told to us in advance.

Lobbyists are here. Goldman Sachs is here. Where‘s labor? Activists?Frontline community leaders?

Reply on TwitterRetweet on Twitter15567Like on Twitter69652Twitter
NNUBonnieBonnie Castillo@NNUBonnie·
6 Dec 2018

Vet @will_c_fischer explains PRIVATIZATION:

“It's a fancy way of saying we’re taking tax dollars out of the VA & putting it into the pockets of millionaires & billionaires"

It's up to us to defend the VA, USPS & more from being sold off to the highest bidder. #ThursdayThoughts

Reply on TwitterRetweet on Twitter116Like on Twitter174Twitter
democracynowDemocracy Now!@democracynow·
30 Nov 2018

Medicare for All: As Healthcare Costs Soar, Momentum Grows to Guarantee Healthcare for All Americans https://t.co/4KpxmRKHf7

Reply on TwitterRetweet on Twitter41Like on Twitter63Twitter
NNUBonnieBonnie Castillo@NNUBonnie·
30 Nov 2018

✅ FACT: Americans spend the most per person on health care, twice as much as other wealthy nations.

✅ FACT: The US ranks 64th in the world in life-expectancy.

🤔 How can both be true?

We have a for-profit health care system.

🤔 The solution?

Nurses say: #MedicareForAll!

Reply on TwitterRetweet on Twitter483Like on Twitter1169Twitter
RobinHoodTaxRobin Hood Tax@RobinHoodTax·
28 Nov 2018

“Workplace organizing helps level inequality in wages and working conditions, and women and workers of color would benefit the most from unionization.”
#WednesdayWisdom

https://t.co/KpXW8mwxYd

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RobinHoodTaxRobin Hood Tax@RobinHoodTax·
27 Nov 2018

Corporations don’t need tax breaks.
👉🏼14,700 jobs are being cut by General Motors despite making billions in profit.
👉🏼Over the past decade, the company has received billions in tax breaks and subsidies from both Canada and the U.S.

https://t.co/91yrcs2kFA

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The Robin Hood Tax is a tiny financial transaction tax on Wall Street (less than one half of 1%) that could generate $300 billion annually. It will kickstart the economy by funding College For All, creating jobs, and strengthening public services like healthcare, education, and infrastructure at home — while tackling AIDS, global health, poverty, and climate challenges around the world.
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