SYS-CON MEDIA Authors: Elizabeth White, Peter Silva, Liz McMillan, Yeshim Deniz, Pat Romanski

News Feed Item

Robin Hood Campaign Welcomes Introduction of Robin Hood Tax Bill

NEW YORK, Sept. 17, 2012 /PRNewswire/ -- The U.S. Robin Hood Tax Campaign today applauded the introduction of a bill to establish a tax on Wall Street speculation. Introduced by Rep. Keith Ellison, HR 6411, the Inclusive Prosperity Act, would raise up to $350 billion in annual revenues to breathe new life into Main Street communities across America, as well as international health, sustainable prosperity and environmental programs.   

The legislation embodies the Robin Hood Tax, a 0.5% tax on the trading of stocks, 50 cents on every $100 of trades, and lesser rates on trading in bonds, derivatives and currencies. It marks the return of a sales tax on financial transactions in place from 1914 to 1966 and targets the high-risk, high-speed trading that dominates the markets. 

"The American public provided hundreds of billions to bailout Wall Street during the global fiscal crisis yet bore the brunt of the crisis with lost jobs and reduced household wealth," said Rep. Ellison in a press statement. "A financial transaction tax protects our financial markets from speculation and provides the revenue needed to invest in the education, health and communities of the American people." 

The legislation's goal is to raise meaningful tax revenue dedicated to low- and moderate-income families by strengthening the social safety net and by expanding investments to protect health, rebuilding infrastructure and creating good-paying jobs. The tax is also to target international needs, including AIDS treatment, research and prevention and for other critical assistance.  

"Congressman Ellison is showing great leadership for our country," said Jean Ross, RN, co-president of National Nurses United. "HR-6411 is a critical step to generate the revenue for the healing and recovery our Main Street communities across the nation so desperately need. From coast to coast, nurses, health care, AIDS, environmental, labor, faith community and other community activists have come together calling for a Robin Hood tax so that Wall Street will help pay to reverse the damage its reckless behavior caused to our economy."

"Last summer, scientists proved that we can actually end the AIDS pandemic if we just scale up our investment in treatment and prevention programs," said Jennifer Flynn, managing director of Health GAP (Global Access Project). "But when we go to Congress, all we hear about are budget cuts.  We need to increase revenue and the Robin Hood Tax is the best of all proposals to do just that."

"This tiny tax on Wall Street will make our economy more stable and more fair. The U.S. once had a Robin Hood Tax and we were better off for it, it's time to bring it back," said Liz Ryan Murray, policy director for National People's Action.

"In its essentials, the idea of a financial market transaction tax is simple," said economist Robert Pollin, co-director, Political Economy Research Institute (PERI), University of Massachusetts-Amherst.  "It would mean that financial market traders would pay a small fee to the government every time they purchased any financial market instrument, including all stock, bond, options, futures, and swap trades.  This would be the equivalent of sales taxes that Americans have long paid every time they buy an automobile, shirt, baseball glove, airline ticket, or pack of chewing gum, eat at a restaurant, or have their hair cut."  

The Robin Hood Tax also helps to control the volume of speculation engulfing the financial markets, where risky bets are causing instability and sidelining billions in funds that might otherwise be directed to a productive economy.  And the sales tax assists in curtailing speculation in food and fuel markets, where bets on these essentials are causing spikes in prices and serious shortages. 

The introduction of H.R. 6411 came on the eve of the one year Anniversary of Occupy Wall Street.    Robin Hood Tax campaigners today joined Occupy activists at a labor solidarity event at Zuccotti Park in New York City, and then carried the message  to offices of financial institutions to demand imposition of the Robin Hood Tax. 

SOURCE Robin Hood Tax Campaign

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Artifactory binary repository management system. As one of the most widely used binary repositories and the only repository that offers a high availability clustered solution, the integration with Artifactory helps customers easily adopt CA Release Automation to optimize their entire software development lifecycle. “Artifactory is a standard maker at the continuous-integration domain and provides the user a powerful repository experience with the freedom to choose his own tools set and ecosyste...
This talk focuses on the application of DevOps fundamentals to include network infrastructure. It draws from real deployment case studies on the extension of today's paradigms to address the challenges of the network infrastructures' ability to seamlessly and cohesively integrate into agile workflows. In this session at DevOps Summit, Arista Networks will focus on configuration management using automation with a nod to future work necessary to include telemetry and ephemeral state information....
Avnet, Inc. has announced that it ranked No. 4 on the InformationWeek Elite 100 – a list of the top business technology innovators in the U.S. Avnet was recognized for the development of an innovative cloud-based training system that serves as the foundation for Avnet Academy – the company’s education and training organization focused on technical training around top IT vendor technologies. The development of this system allowed Avnet to quickly expand its IT-related training capabilities around...
SYS-CON Events announced today that dcVAST, a leader in IT infrastructure management, support service and cloud service, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. dcVAST provides cutting-edge IT services and IT infrastructure management services. dcVAST builds robust systems that are simple, secure and serviceable. dcVAST’s IT infrastructure support and IT services expertise can help companies r...
DevOps Summit, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long developmen...
While Docker continues to be the darling of startups, enterprises and IT innovators around the world, networking continues to be a real mess. Indeed, managing the interaction between Docker containers and networks has always been fraught with complications. Without automation in networking, the vision of running Docker at scale and letting IT run the same apps unchanged on the laptop and in the data center or for any cloud cannot be realized.
SYS-CON Events announced today Isomorphic Software, the global leader in high-end, web-based business applications, will exhibit at SYS-CON's DevOps Summit 2015 New York, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Isomorphic Software is the global leader in high-end, web-based business applications. We develop, market, and support the SmartClient & Smart GWT HTML5/Ajax platform, combining the productivity and performance of traditional desktop software ...
The OnPage SOAP API provides programmatic access to OnPage messaging services. Typical applications include sending messages to individual OnPage users or groups and receiving tracking information for messages such as delivery and read timestamps or reply information. The API is based on open standards known collectively as "Web Services," which includes the Simple Object Access Protocol (SOAP), Web Services Definition Language (WSDL), and the XML Schema Definition language (XSD).
SYS-CON Events announced today the DevOps Foundation Certification Course, being held June ?, 2015, in conjunction with DevOps Summit and 16th Cloud Expo at the Javits Center in New York City, NY. This sixteen (16) hour course provides an introduction to DevOps – the cultural and professional movement that stresses communication, collaboration, integration and automation in order to improve the flow of work between software developers and IT operations professionals. Improved workflows will res...
Docker is becoming very popular--we are seeing every major private and public cloud vendor racing to adopt it. It promises portability and interoperability, and is quickly becoming the currency of the Cloud. In his session at DevOps Summit, Bart Copeland, CEO of ActiveState, discussed why Docker is so important to the future of the cloud, but will also take a step back and show that Docker is actually only one piece of the puzzle. Copeland will outline the bigger picture of where Docker fits a...
Ayla Networks, whose agile Internet of Things (IoT) platform makes it easy for manufacturers to deliver secure, connected products, today announced it has been included in the list of "Cool Vendors" in the Internet of Things report by Gartner, Inc. “Gartner knows how important it is that manufacturers of all kinds of products have the right IoT solution to help turn their products into connected ‘things,’” said David Friedman, CEO and co-founder of Ayla Networks. “The market for Ayla’s IoT pla...
A new definition of Big Data & the practical applications of the defined components & associated technical architecture models This presentation introduces a new definition of Big Data, along with the practical applications of the defined components and associated technical architecture models. In his session at Big Data Expo, Tony Shan will start with looking into the concept of Big Data and tracing back the first definition by Doug Laney, and then he will dive deep into the description of 3V...
SYS-CON Events announced today that CenturyLink, Inc., a leader in the network services market, has been named “Platinum Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. CenturyLink is the third largest telecommunications company in the United States and is recognized as a leader in the network services market by technology industry analyst firms. The company is a global leader in cloud infrastructure and ...
ScriptRock has been included in the list of "Cool Vendors" in the "Cool Vendors in DevOps 2015" report by Gartner, Inc.* ScriptRock provides visibility into the configuration state of an organization's IT environments, enabling the continuous delivery of mission critical services. For enterprises where downtime is not an option, ScriptRock's system-wide overwatch offers the assurance that misconfigurations and anomalies are caught before they affect the business. By satisfying this fundamental ...
As cloud gives an opportunity to businesses to buy services externally – how is cloud impacting your customers? In his General Session at 15th Cloud Expo, Fabio Gori, Director of Worldwide Cloud Marketing at Cisco, provided answers to big questions: Do you see hybrid cloud as where the world is going? What benefits does it bring? And how does Cisco connect all of these clouds? He also discussed Intercloud and Cisco’s investment on it.