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Rep. Ellison Reintroduces Financial Transaction Tax

by rht4people
February 17, 2017
in Press Release
0
Rep. Keith Ellison

WASHINGTON – Rep. Keith Ellison (D-MN) introduced legislation that would raise billions to invest in our economy by taxing Wall Street financial transactions. The Inclusive Prosperity Act (H.R. 1144/S. 434) would tax the sale of stocks, bonds and derivatives. The tax imposed will be 0.5 percent on stocks, 0.1 percent on bonds, and 0.005 percent on derivatives or other investments.

“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 benefitting from a financial transaction tax, we can create millions of jobs, while also reducing dangerous market volatility.”

“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, this 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.

The funds raised by the Inclusive Prosperity Act could be used to strengthen America’s families, communities and economy by supporting state and federal investments that improve our health, rebuild our crumbling physical infrastructure, and create good paying jobs. 

Computerized stock and bond markets make adding a small tax relatively easy. The tax also would make high frequency trading unprofitable, which could reduce the excess speculation on commodities like food and gasoline. 

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 H.R. 1144 and their volume of trading has grown robustly. Eleven nations in the European Union will implement one soon. Supporters of a form of financial transactions tax include business leaders such as Microsoft founder Bill Gates, Dallas Mavericks’ owner Mark Cuban, and Berkshire Hathaway chairman and CEO Warren Buffet.

There are 175 original cosponsors on the bill including Representatives Raúl M. Grijalva (AZ); Mark Pocan (WI); Earl Blumenauer (OR); Katherine M. Clark and James “Jim” McGovern (MA); John Conyers, Jr. (MI); Barbara Lee, Ted Lieu, Alan S. Lowenthal Lucille Roybal-Allard and Mark Takano (CA); Eddie Bernice Johnson (TX); Rick Nolan (MN); Eleanor Holmes Norton (DC); John P. Sarbanes (MD); Janice D. “Jan” Schakowsky (IL) and Louise Slaughter (NY).

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

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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://abcnews.go.com/ThisWeek/video/moment-time-medicare-activist-63894051

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NationalNursesNationalNursesUnited@NationalNurses·
16 Feb 2019

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

Reply on Twitter 1096570741494112256Retweet on Twitter 109657074149411225667Like on Twitter 1096570741494112256128Twitter 1096570741494112256
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

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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://twitter.com/AOC/status/1070735202031423488

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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?

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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

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democracynowDemocracy Now!@democracynow·
30 Nov 2018

Medicare for All: As Healthcare Costs Soar, Momentum Grows to Guarantee Healthcare for All Americans http://ow.ly/80cQ30mOFbe

Reply on Twitter 1068541452232400897Retweet on Twitter 106854145223240089741Like on Twitter 106854145223240089763Twitter 1068541452232400897
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!

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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://www.thenation.com/article/gender-wage-gap-economy/

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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://www.apnews.com/20471d6fbcac42699125a48692d626c7

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What are you doing in your community to get out the vote?

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This is an old, old trick...

Back in the 1980's, then President Reagan's budget director David Stockman coined the phrase "strategic deficit" to describe the usefulness of creating long-term budgetary shortfalls to legitimize cutting programs that the 1% wanted to do away with. ... See more

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Following the mass teacher uprisings earlier this year, hotel workers across the country are striking the wealthiest hotel chain on the planet, Marriott, demanding fair wages and dignity on the job.

Stand with them in #Solidarity this Saturday at actions in Detroit, Chicago, San Francisco, Hawaii...
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Climate change not only creates disproportionate crisis in the lives of working class communities, it can be devastating for an already weak democracy where many suffer from voter suppression.

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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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