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-bigWith 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 tradersWall Streets high rollersthat 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, Ellisons 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 Streetaligned 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.
Demeter
(85,373 posts)Starting with Social Security and Medicare. Then sales and income.
Man from Pickens
(1,713 posts)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)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)forgotten immediately afterward.
Like Obama and his comfortable shoes.
eridani
(51,907 posts)Cosmic Kitten
(3,498 posts)$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)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)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)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.
GeorgeGist
(25,430 posts)They should pay personal income tax.
Cosmic Kitten
(3,498 posts)aspirant
(3,533 posts)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)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)I know nothing of the sort. I am forever optimistic that the people will overpower the plutocrats.
newfie11
(8,159 posts)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)Until then, 3rd-Way corporate-dems will
give our nation away to their pay masters
sabrina 1
(62,325 posts)with non-corporate Dems.
Cosmic Kitten
(3,498 posts)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)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)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)... 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."
Cosmic Kitten
(3,498 posts)Seems like tweaking the tax code is typical dem do-little stuffs?
Martin Eden
(13,471 posts)Why didn't they put forth this agenda BEFORE the midterm elections??
demwing
(16,916 posts)And see us as props and extras in a great dramatic play about their own rise to power
Cosmic Kitten
(3,498 posts)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)I don't see much difference. I thought the Progressive Caucus was on our team!
Cosmic Kitten
(3,498 posts)About that "committee"
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