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eridani

(51,907 posts)
Tue Jan 13, 2015, 11:11 PM Jan 2015

As Top Democrats Embrace a Robin Hood Tax, It’s Time for Activists to Go Big

http://www.thenation.com/blog/194673/top-democrats-embrace-robin-hood-tax-its-time-activists-go-big

With backing from House minority leader Nancy Pelosi, D-California, Maryland Congressman Chris Van Hollen moved Monday to present an “action plan” that is designed to frame the Democratic message in the new Congress. At the heart of it is a proposal to address the rapid redistribution of wealth upward in the United States with a small tax on high-volume stock trades and a new initiative to aid working-class individuals and families.

“This is a plan to help tackle the challenge of our times,” declared Van Hollen, a key figure in the House Democratic Caucus and a particularly influential voice in debates on economic policy. “We want a growing economy that works for all Americans, not just the wealthy few.”

The “action plan” calls for a 0.1 percent tax on transactions by high-volume traders—Wall Street’s “high rollers”—that would yield an anticipated $800 billion in fresh revenues over a decade. Reductions in tax breaks for the wealthiest Americans would yield another $400 billion. The combined $1.2 billion windfall would, according to a Washington Post review of the plan, help to fund “a ‘paycheck bonus’ of $1,000 for individuals and $2,000 for married couples, a bonus of $250 for people who save at least $500 a year and reduced ‘marriage penalties’ for couples.”

While the numbers may sound big, what Van Hollen has proposed is a modest plan that only begins to explore the potential of a financial transactions tax. The 0.1 percent tax on trades is far below what unions and activist groups have proposed. For instance, Ellison’s 2013 proposal called for a 0.5 percent tax rate on stock trades, along with a 0.1 percent tax rate on bonds and a 0.005 percent tax rate on derivatives or other investments.

Of course, any proposal for taxing the wealthiest Americans faces daunting odds in a Congress now wholly controlled by Wall Street–aligned Republicans such as Senate majority leader Mitch McConnell, R-Kentucky, House Speaker John Boehner, R-Ohio, and House Ways and Means Committee chair Paul Ryan, R-Wisconsin. Ryan can, in particular, be counted on to use his powerful new position to defend the financial interests that have so generously supported his campaigns.
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As Top Democrats Embrace a Robin Hood Tax, It’s Time for Activists to Go Big (Original Post) eridani Jan 2015 OP
It would be better to fix the Reverse-Robinhood taxes that already exist Demeter Jan 2015 #1
will the editor please pick up the white courtesy phone Man from Pickens Jan 2015 #2
Pretty Convenient colsohlibgal Jan 2015 #3
I feel the same. I want to see something real, not just more campaign bullshit that's ND-Dem Jan 2015 #4
Got an alternative, given that the Repubs control Congress entirely? n/t eridani Jan 2015 #8
Yeah, How about a LIVING WAGE? Cosmic Kitten Jan 2015 #16
It's a shame aspirant Jan 2015 #5
Not far enough Half-Century Man Jan 2015 #6
How about taxing the wealthy at the same rate everyone else is taxed? Eg, any Corporation that sabrina 1 Jan 2015 #7
Corporations are people, my friend. GeorgeGist Jan 2015 #11
HEY! Now that's a novel idea! Cosmic Kitten Jan 2015 #20
If one is another, isn't the other the same one? aspirant Jan 2015 #22
^^^^^^^^^ YES YES TO ALL ABOVE newfie11 Jan 2015 #13
"But we all know it will never happen" demwing Jan 2015 #15
I hope your right newfie11 Jan 2015 #23
Maybe once we get rid of the 3rd-Way! Cosmic Kitten Jan 2015 #17
Than that has to be the main goal imo. To replace them, one at a time if necessary, sabrina 1 Jan 2015 #24
Worked with the blue dogs. Cosmic Kitten Jan 2015 #25
this is a wonderful idea redruddyred Jan 2015 #9
A wonderful idea? Cosmic Kitten Jan 2015 #21
The "Democratic message" being "framed" is "Now that we have no power we are going to ... Scuba Jan 2015 #10
Are those ideas even Populist? Cosmic Kitten Jan 2015 #18
This begs the question: Martin Eden Jan 2015 #12
Because they have no moral center demwing Jan 2015 #14
+1 Cosmic Kitten Jan 2015 #19
OK activists... who's ready to GO BIG! Cosmic Kitten Jan 2015 #26
"Ellison's 2013 proposal" aspirant Jan 2015 #27
Keith Ellison is on the House Financial Services Committee Cosmic Kitten Jan 2015 #28
 

Demeter

(85,373 posts)
1. It would be better to fix the Reverse-Robinhood taxes that already exist
Tue Jan 13, 2015, 11:16 PM
Jan 2015

Starting with Social Security and Medicare. Then sales and income.

 

Man from Pickens

(1,713 posts)
2. will the editor please pick up the white courtesy phone
Wed Jan 14, 2015, 12:01 AM
Jan 2015

it's $1.2 trillion, not billion

and by the way that won't even pay for the next financial industry bailout which is already happening

colsohlibgal

(5,276 posts)
3. Pretty Convenient
Wed Jan 14, 2015, 12:09 AM
Jan 2015

To put forth these liberal plans when they have no chance of passing.

We heard similar talk from Obama running for president, then upon winning he went all third way.

To coin a phrase our half bright ex president mangled, fool me once shame on you, fool me twice shame on me.

 

ND-Dem

(4,571 posts)
4. I feel the same. I want to see something real, not just more campaign bullshit that's
Wed Jan 14, 2015, 12:12 AM
Jan 2015

forgotten immediately afterward.

Like Obama and his comfortable shoes.

Cosmic Kitten

(3,498 posts)
16. Yeah, How about a LIVING WAGE?
Wed Jan 14, 2015, 09:14 AM
Jan 2015

$250 for saving 500?
That's a "tax break" right?
If someone ONLY saved $500 their
not paying any Federal income taxes.
Correct me if this is inaccurate.

Is this the BOLD ideas Schumer was seeking?

Where's the "equal pay" plan?
Why not make republicans go on the record rejecting equal pay?

This awful plan plays into EVERY right-wing narrative against Democrats!
The "Action Plan" makes Democrats look like they are waging CLASS WAR.
Democrats are taxing the rich and giving to the "takers".
That Democats want to "punish success"... Fox Nooz will tear this up!


Yet another feckless example from weak democrats.
Pelosi needs to go. We need REAL leadership.

This "Action Plan" is pure crap.
It does NOT address real economic disparities.
It's rearranging deck chairs on the Titanic.

aspirant

(3,533 posts)
5. It's a shame
Wed Jan 14, 2015, 12:46 AM
Jan 2015

we can't even get a full number, a measly 1% tax on the corporate dictators. If this would even see the light of day you know within no time here comes a bill with so many tax loopholes the Cayman Islands will slowly start to sink.

Just wondering, is the Pelosi/Van Holland tag team working with Warren/Sanders?

Half-Century Man

(5,279 posts)
6. Not far enough
Wed Jan 14, 2015, 12:51 AM
Jan 2015

I suggest

a 0.1% tax on all purchases of stock.
a 0.05% tax on all sales of stock.
Every form of increases to overall wealth should be added together, before personal and business taxes are computed.

sabrina 1

(62,325 posts)
7. How about taxing the wealthy at the same rate everyone else is taxed? Eg, any Corporation that
Wed Jan 14, 2015, 01:11 AM
Jan 2015

exports jobs should be taxed even higher.

We hear nothing but talk about 'patriotism' and we have anti American Corporations getting tax breaks for DAMAGING this country.

It's just sickening, all of it.

Prosecute the Wall St criminals and confiscate their ill-gotten gains. No more bailouts for Wall St criminals.

End these wars we are engaged in all over the place. That would save trillions. And forget about giving people a pittance, it's insulting. Spend the money saved on Military expenses on creating jobs. Fix the infrastructure of this country and create employment for years to come.

aspirant

(3,533 posts)
22. If one is another, isn't the other the same one?
Wed Jan 14, 2015, 10:18 AM
Jan 2015

If corps are people, then why aren't people corps too, a dual existence?

Wouldn't that give us the right to file for bankruptcy as a corp or a person (our choice)?

newfie11

(8,159 posts)
13. ^^^^^^^^^ YES YES TO ALL ABOVE
Wed Jan 14, 2015, 07:44 AM
Jan 2015

But we all know it will never happen. We have politicians on the take in both parties. Their looking out for #1 and screw the rest of us.

I'm not seeing a change coming that can help us. Liz said she won't run, Bernie hasn't decided, Hilary I'm afraid is more of the same. You've got to be wealthy or promise favors to have money to run.

People keep voting in their worse interest or don't vote at all.

The MIC runs the country IMHO.

 

demwing

(16,916 posts)
15. "But we all know it will never happen"
Wed Jan 14, 2015, 08:29 AM
Jan 2015

I know nothing of the sort. I am forever optimistic that the people will overpower the plutocrats.

newfie11

(8,159 posts)
23. I hope your right
Wed Jan 14, 2015, 10:25 AM
Jan 2015

But at 70 I've seen this country sink. The average person doesn't seen to care. The msm lies.

Cosmic Kitten

(3,498 posts)
17. Maybe once we get rid of the 3rd-Way!
Wed Jan 14, 2015, 09:17 AM
Jan 2015

Until then, 3rd-Way corporate-dems will
give our nation away to their pay masters

sabrina 1

(62,325 posts)
24. Than that has to be the main goal imo. To replace them, one at a time if necessary,
Wed Jan 14, 2015, 11:40 AM
Jan 2015

with non-corporate Dems.

Cosmic Kitten

(3,498 posts)
25. Worked with the blue dogs.
Wed Jan 14, 2015, 11:48 AM
Jan 2015

Blue dogs did themselves in once the T-party showed up.
Populists could do the same for the corporate-dems.

Campaign cash from finance, insurance, and real estate
is down for corporate-dems and up for repubs.
Less undue influence from too big to fail.

 

redruddyred

(1,615 posts)
9. this is a wonderful idea
Wed Jan 14, 2015, 01:58 AM
Jan 2015

and would correct a ton of wrongs w/i the financial industry.
as such I don't expect it to pass.

Cosmic Kitten

(3,498 posts)
21. A wonderful idea?
Wed Jan 14, 2015, 09:58 AM
Jan 2015

Do tell.
How will this "action plan" make
a difference for average workers?

What are the real world numbers?
IF, big IF, this plan was enacted how
much relief would an average household realize?

$1000, $2000, $5000?
Giver the HUGE loss in purchasing power,
the job losses, foreclosures, under employment, etc etc etc
how is taxing someone a few hundred dollars less a "wonderful" idea?

 

Scuba

(53,475 posts)
10. The "Democratic message" being "framed" is "Now that we have no power we are going to ...
Wed Jan 14, 2015, 05:50 AM
Jan 2015

... propose a whole bunch of populist things that have no chance in hell of becoming law, but we'll be able to cite them in 2016 to quell criticism from the loonies on the left."

 

demwing

(16,916 posts)
14. Because they have no moral center
Wed Jan 14, 2015, 08:23 AM
Jan 2015

And see us as props and extras in a great dramatic play about their own rise to power

Cosmic Kitten

(3,498 posts)
26. OK activists... who's ready to GO BIG!
Wed Jan 14, 2015, 11:57 AM
Jan 2015

Come on people!
The needs us to rearrange the deck chairs!
There's brass that needs to be polished!

If we don't ACT NOW republicans will get their way!
You don't want to lose this once in a congress opportunity
to address economic inequality, do you?!?

Yes, there are daunting odds.
Well ok, lets be frank, there's no chance in hell this will pass.
But it's our time, John Nichols said so...
now, GO BIG people!

aspirant

(3,533 posts)
27. "Ellison's 2013 proposal"
Wed Jan 14, 2015, 12:39 PM
Jan 2015

I don't see much difference. I thought the Progressive Caucus was on our team!

Cosmic Kitten

(3,498 posts)
28. Keith Ellison is on the House Financial Services Committee
Wed Jan 14, 2015, 02:18 PM
Jan 2015

About that "committee"

This committee, formerly known as the Banking Committee, has long been considered a "big money" panel, with jurisdiction over commercial banks and savings and loans that traditionally have been very generous with their campaign contributions to committee members. That trend has continued with the addition of two cash-rich industries to the committee's portfolio: insurance and securities. Look for the giant financial sector, which includes banks, insurance companies, and securities firms, to continue its robust giving to committee members.

https://www.opensecrets.org/cmteprofiles/overview.php?cmte=HFIN&cmteid=H05&cycle=2014


So yeah, you wouldn't expect to see much difference.
It's window dressing, not economic reform.
Nor does it address economic inequality.

About Rep. Ellison
https://www.opensecrets.org/politicians/summary.php?type=C&cid=N00028257&newMem=N&cycle=2014
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