Blog: Financial transaction tax
“This is a huge day,” Rep. Keith Ellison announced Wednesday at a press conference within view of the Capitol, referring to legislation he reintroduced for a Wall Street Tax with huge purpose.
Take, for example, this passage from the bill’s “Findings.”
“The global crisis cost Americans $19 trillion in lost wealth.......
By John Nichols
America is not broke, despite what advocates for austerity would have us believe.
This is a very wealthy country.
Unfortunately, transfers of that wealth are not taxed in the same way as the work of American nurses, carpenters, bus drivers and shop clerks. As a result, the federal government struggles to...
Rep. Keith Ellison (D-MN) will announce the reintroduction of The Inclusive Prosperity Act on Thursday, April 17, a bill inspired by the Robin Hood Tax and supported by a large and growing list of endorsers, now more than 140 organizations. The Ellison bill seeks to raise up to $350 billion annually through a sales tax on Wall Street financial transactions, funds whose goal is to rebuild our communities, assist international efforts to treat HIV/...
Millions of Americans are paying interest rates approaching 20 percent on credit cards, although banks are borrowing money from the Federal Reserve at close to 0 percent. Consumer loans, student loans and other forms of borrowing combine to guarantee rich returns for the shareholders of the nation’s financial institutions, as many borrowers pay at or near double-digit interest rates.
Sky-high interest rates are a sure way to keep...
