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RNs and Supporters Applaud Reintroduction of Robin Hood Tax Act

Aims to Raise Money for Education, Health Care, and Vital Social Programs

by rht4people
May 22, 2019
in Press Release
0
RNs and Supporters Applaud Reintroduction of Robin Hood Tax Act

National Nurses United and supporters from across the country applaud today’s reintroduction of the Inclusive Prosperity Act by Sen. Bernie Sanders and Rep. Barbara Lee. This important legislation would raise an estimated $220 billion dollars a year to fund critical social programs including Medicare for All, public college for all and student debt relief, lifesaving global HIV/AIDS treatment and prevention, climate crisis mitigation and adaptation, housing assistance, job creation and job training programs, and investments in rebuilding our water and wastewater infrastructure and our physical infrastructure.

The legislation, also known as the Robin Hood Tax, would establish a small financial transaction tax which would substantially reduce the high-frequency trading that puts our financial markets and economy at risk, while ensuring that Wall Street pays its fair share to help protect our communities and our environment.

“Nurses know that economic inequality and poor health go hand in hand. Every day, we see people who come into our emergency rooms in medical crisis because they went without preventative care or medicine because they couldn’t afford it,” said NNU President Jean Ross, RN. “This small tax on Wall Street will improve the lives of millions of people by funding Medicare for All, public college for all, critical environmental and climate crisis mitigation programs, job creation, housing assistance, and HIV/AIDS treatment and prevention programs.  We applaud Sen. Sanders and Rep. Lee for their leadership on this vital issue.”

Economists estimate that a tiny surcharge of no more than a nickel on every $10 in trades of stocks,and a lesser tax on the trading of bonds and derivatives, could increase revenues collected by the Treasury Department by $220 billion a year.

“As a nation the time is long overdue for us to get our priorities right,” said Sen. Bernie Sanders. “It is time we made Wall Street pay their fair share in taxes and stop the type of reckless gambling by WallStreet speculators that nearly destroyed the economy over ten years ago.” Sen. Sanders said the trillions raise by the tax would help improve the lives of millions of people. “That is money we could be using to make public colleges and universities tuition free, and substantially reduce student debt. It is money that we could use to reduce childhood poverty, to fix our crumbling infrastructure, to invest in affordable housing, childcare, renewable energy and energy efficiency. The middle class bailed out Wall Street in 2008, now it is Wall Street’s turn to help rebuild the middle class.”

“I am proud to introduce the House version of the Inclusive Prosperity Act because taxing Wall Street is not an extreme idea. The government already taxes everyday families for basic items like food, clothes, and housing. Wall Street gets away with no taxes, even when conducting high-risk financial transactions,” said Rep. Lee. “This has to stop. It’s past time to make sure Wall Street pays their fair share so that we can provide funding for things that make us a better nation like jobs, housing, infrastructure, and college education.”

More than 10 years after the Great Recession, many Americans are still in worse shape than they were before the collapse, and nearly 40 million people are living in poverty. Income inequality is staggering, with Forbes reporting the wealthiest 10 percent of Americans owning 70 percent of the nation’s assets while the bottom 50 percent of American households had virtually no net worth at all.

The taxes set by the bill would not affect households earning less than $75,000 annually. Instead, its principle targets are institutional and individual stock, bond, and derivative traders whose reckless speculation fueled the 2008 recession.

Some 40 nations have some form of a financial transaction tax and the U.S. had a similar tax from 1914 until 1966. For decades, the United Kingdom has had a tax on stock trades at the same stock tax rate proposed by this bill, and its volume of trading has still grown robustly.

Read the letter calling on members of Congress to support the Robin Hood Tax.

Tags: Barbara LeeBernie Sanders
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National Progressive Organizations Announce New Congressional Scorecard on Public Health, Environmental Issues

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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 Twitter44754Twitter
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 Twitter69653Twitter
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

Reply on TwitterRetweet on Twitter8Like on Twitter6Twitter
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 Twitter12Like on Twitter13Twitter
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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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