"Support for Robin Hood Tax Growing, but Majority of Democrats Not On Board"

Support for Robin Hood Tax Growing, but Majority of Democrats Not On Board

Robin Hood tax supporters National Nurses United, economist Jeffrey Sachs, and European Parliament VP tell Congress to support "no brainer" tax on Wall Street -

Supporters of a tax on Wall Street financial transactions gathered on Capitol Hall last Wednesday to put pressure on Congress for its adoption.

The tax, included in the Inclusive Prosperity Act, would charge 0.5 percent on every stock trade, generating an estimated $350 billion in new revenue each year.

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“Whenever we go to our communities and the representatives that are elected in Congress to clean the air, to increase funding for education, to improve our roads, improve the infrastructure in our country, we're always told there's not enough money, there's other priorities,” said Deborah Burger, co-president of the National Nurses United. “And we actually have an answer, which is the financial transactions tax, or the Robin Hood tax.”

The bill was introduced by Democratic Minnesota Congressman Keith Ellison and now has 17 cosponsors—all Democrats, who hold 191 seats in the House of Representatives.

Other supporters of the tax include Bill Gates, Warren Buffett, George Soros and renowned economist Jeffery Sachs.

“The financial markets destabilized the world economy,” said Sachs. “They need to be regulated and taxed adequately, fairly, appropriately. The financial transactions tax is an important part of what should be an overall reform of the financial system. I'm delighted that Europe is moving ahead with the financial transactions tax. The United States needs to do the same.”

Professor Lynn Stout of Cornell University Law School, who spoke at the gathering, said that not taxing financial transactions is “crazy.”

“You know, we live in a country where things are taxed,” said Stout. “When you work hard, your wages are taxed. When you buy a car, the transaction is taxed. When you buy a house, the transaction is taxed. When you buy a tube of toothpaste or a pair of socks, the transaction is taxed. What is not taxed? Speculating in stocks, bonds, and derivatives.”

“That means we're essentially subsidizing speculation in financial instruments,” said Stout.

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