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SUPPORTERS OF THE ROBIN HOOD TAX ARE FINALLY BEING HEARD. MINNESOTA CONGRESSMAN KEITH ELLISON INTRODUCED A BILL LAST MONTH THAT WOULD CHARGE HALF A PERCENT ON FINANCIAL TRANSACTIONS.IF PASSED, THE BILL WOULD GENERATE 350 BILLION DOLLARS IN REVENUE EACH YEAR.
THE UNITED STATES IS NOT NEW TO THE IDEA OF A FINANCIAL TRANSACTION TAX. IT CAME INTO EFFECT UNDER WOODROW WILSON’S ADMINISTRATION IN 1914 AND THEN EVOLVED…AND BEGAN TO TAX THE MARKET VALUE OF EACH STOCK.BUT IN 1965, CONGRESS VOTED IT OUT WITH THE GENERAL VIEW THAT IT COMPLICATED SECURITIES TRANSACTIONS. PROFESSOR ANGEL ARGUES THAT TAX HISTORY WOULD REPEAT ITSELF.
THE ROBIN HOOD TAX BILL BROUGHT FORTH BY REPRESENTATIVE ELLISON IS NOT THE FIRST OF ITS KIND. LAST NOVEMBER, DEMOCRATIC REPRESENTATIVES PETER DEFAZIO OF OREGON AND SENATOR TOM HARKIN, AN IOWA DEMOCRAT, PROPOSED A TAX THAT ONLY CALLED FOR A .03% FINANCIAL TAX.
http://therealnews.com/t2/index.php?option=com_content&task=view&id=31&Itemid=74&jumival=9009
Seems like common sense to me. Im not gonna expect it to get very far in this country however.