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Nurses Applaud Keith Ellison on Renewed Bill to Set Fee on Wall Street Speculation

by rht4people
February 17, 2017
in Press Release
0
Nurses Applaud Keith Ellison on Renewed Bill to Set Fee on Wall Street Speculation

Rep. Keith Ellison with NNU Co-President Jean Ross

Robin Hood Tax Could Raise $300 Billion a Year in Needed Funds

National Nurses United today welcomed the re-introduction of federal legislation from Rep. Keith Ellison with 17 House co-sponsors, that could raise hundreds of billions of dollars annually to fund critical social needs with a small tax on Wall Street speculation.

Economists estimate that a tiny surcharge of no more than a nickel on every $10 in trades of stocks, bond, and derivatives —a tax that is proportionally smaller than what most Americans pay for a pair of shoes – could increase revenues collected by the Treasury Department by as much as $300 billion annually.

Ellison’s HR 1144, the Inclusive Prosperity Act, is patterned after financial transaction taxes that exist in other global major economic markets. NNU has joined with Ellison and health care and community activists in campaigning for a similar levy, also known as the Robin Hood tax, for several years.

“Nurses are proud to support Rep. Keith Ellison’s Inclusive Prosperity Act,” said NNU Co-President Jean Ross, RN. “This small tax on Wall Street would go a long way to raising the revenue for our most vital needs, including living wage jobs, healthcare for all, student debt relief, and fighting climate change.”

“At a time when austerity budgeting is so popular among many in Washington, the Robin Hood tax is the perfect antidote for a fundamental change in direction,” Ross continued. “We can always count on Keith Ellison to be with us in fighting for every day American families,” Ross said.

“America’s working families need their country to invest in them again,” Rep. Ellison said. “The money raised from a wafer-thin tax on Wall Street’s high frequency trades could raise hundreds of billions of dollars to invest in our families, protect our environment and increase opportunity for all Americans. If the United States joins the dozens of other nations already benefiting from a financial transaction tax, we can create millions of jobs, while also reducing dangerous market volatility.”

HR 1144 would not affect households earning less than $75,000 annually. Instead, its principal targets are the wealthiest Americans whose reckless speculation fueled the 2008 recession: bankers, brokers, and rich investors who own most of the nation’s stocks and bonds.

The Robin Hood tax would also slow the growth of automated high frequency trading, which makes the stock market more dangerous. A small tax would make risky HFT unprofitable, and help reduce the excess speculation on commodities like food and gas that drives up prices, which will protect the economy from computer-generated collapses and market manipulation.

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 1144 and their volume of trading has grown robustly. Eleven nations in the European Union will implement one soon.

In the U.S., the Robin Hood Tax embodies a widespread campaign endorsed by 172 national organizations representing millions of members in unions, student, health, clergy, civil rights, environmental and community organizations, and other consumer and activist groups.

Co-sponsors on the bill including Representatives Raúl M. Grijalva (AZ); Mark Pocan (WI); Earl Blumenauer (OR); Katherine M. Clark and James McGovern (MA); John Conyers, Jr. (MI); Barbara Lee, Ted Lieu, Alan S. Lowenthal Lucille Roybal-Allard and Mark Takano (CA); Rick Nolan (MN); Eddie Bernice Johnson (TX); Eleanor Holmes Norton (DC); John Sarbanes (MD); Jan Schakowsky (IL) and Louise Slaughter (NY).

Tags: Financial Transaction TaxJean RossKeith Ellison
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Twitter

NationalNursesNationalNursesUnited@NationalNurses·
23 Jun

“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 Twitter79Like on Twitter133Twitter
NationalNursesNationalNursesUnited@NationalNurses·
16 Feb

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

Reply on TwitterRetweet on Twitter72Like on Twitter133Twitter
Fightfor15LAFight for $15 LA@Fightfor15LA·
14 Jan

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 Twitter54Like on Twitter106Twitter
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 Twitter10915Like on Twitter46855Twitter
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 Twitter16649Like on Twitter72969Twitter
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 Twitter127Like on Twitter188Twitter
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 Twitter43Like on Twitter65Twitter
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 Twitter520Like on Twitter1229Twitter
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

Reply on TwitterRetweet on Twitter12Like on Twitter9Twitter
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

Reply on TwitterRetweet on Twitter14Like on Twitter14Twitter
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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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