The push for taxing financial transactions gains steam in Europe — will the U.S. follow suit?

[marmar]

from In These Times:



How to Make Robin Hood Proud
The push for taxing financial transactions gains steam in Europe — will the United States follow suit?

BY David Moberg


“Tax Wall Street,” read a simple, homemade placard high above the crowd of thousands of members of unions, community groups and Occupy activists protesting outside the mid-October convention of bankers and futures traders in downtown Chicago. Curtis Smith, president of the local affiliate of National People’s Action, a network of community organizations focused on the mortgage crisis and financial industry reform, seized a microphone to detail the demand.

Among other measures, Smith proposed a tax on financial transactions, including the sale of stock, bonds and derivatives. The tax would make Wall Street better serve the Main Street economy, and it would generate tens — even several hundreds — of billions of dollars annually in much-needed revenue for worthy projects. Governments would collect the tax on financial transactions most prone to harmful speculation, and wealthy individuals and financial institutions would mainly pay. That’s why NPA and British campaigners call it the “Robin Hood tax.”

In the weeks before the Chicago protests, the European Commission had proposed a financial transaction tax for Europe by 2014 — reversing its earlier rejection of an FTT. Conservative leaders of both France and Germany — Nicolas Sarkozy and Angela Merkel — vowed to press adoption of the tax at the G20 leaders meeting in France in early November, despite opposition from the conservative British government and the Obama administration. On November 3, international union delegations demonstrated for an FTT outside the G20 conference.

In Washington on the same day, National Nurses United protested with other unions and allies, urging Congress to “Heal America/Tax Wall Street,” and labor-community rallies around the country urged political leaders to enact the tax. And in Congress, one day earlier, Sen. Tom Harkin (D-Iowa) and Rep. Peter DeFazio (D-Ore.) re-introduced their proposal for a very modest FTT. ..............(more)

The complete piece is at: http://www.inthesetimes.com/article/12253/how_to_make_robin_hood_proud

[xchrom]

1. Recommend

[FreakinDJ]

2. Can't wait until I hear "To remain competitive ...... "

[marmar]

3. "To remain competitive ......

we must let the banksters, err, bankers, continue with their current pillag...., err, business practices."

[Autumn]

4. I doubt it.

but we should follow suit in, it and add follow their health care too.

[KansDem]

5. You'd have to replace much of Congress first

But I think it's a good idea. I pay taxes on what I earn...why can't Wall Street?

[Philosopher King]

6. I sure hope not--the EU is imploding. The last thing we need to do is emulate their policies.

[ClassWarrior]

7. Emulating a reasonable remedy to their implosion is "the last thing we need to do?"

:crazy:

Enjoy your stay.

NGU.

[Philosopher King]

10. In addition to increasing the treasury's receivables, isn't the next criterion

supposed to be something that eases the rudder in the direction of encouraging more investment transactions? :shrug:

[sendero]

9. LOL..

..... I've only seen 3-4 of your posts but you never disappoint, you are an idiot every single time.

[sarcasmo]

8. The U.S. needs to follow suit. The problem is it won't happen because the bankers control the

politicians.