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Thread: New Robin Hood Tax Introduced In Congress

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    New Robin Hood Tax Introduced In Congress

    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?...4&jumival=9009

    Seems like common sense to me. Im not gonna expect it to get very far in this country however.


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    Re: New Robin Hood Tax Introduced In Congress

    It started in Europe. People are tired of the rich American bankers destroying economies and getting off scott free.
    Alex Carey:

    ... the 20th century has been characterized by three developments of great political importance: The growth of democracy, the growth of corporate power, and the growth of corporate propaganda as a means of protecting corporate power against democracy.

    Australian social scientist, quoted by Noam Chomsky in World Orders Old and New

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    Re: New Robin Hood Tax Introduced In Congress

    Quote Originally Posted by TheDemSocialist View Post
    [/FONT][/COLOR]http://therealnews.com/t2/index.php?...4&jumival=9009

    Seems like common sense to me. Im not gonna expect it to get very far in this country however.
    Seems like common sense to me, too. A 1% Federal tax on every sale except food would make sense to me, too. But, I'd like to see corresponding cuts to budgets that matched every tax increase so that we didn't just give our government more money to waste. Imagine the difference that would make.
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

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    Re: New Robin Hood Tax Introduced In Congress

    Quote Originally Posted by MaggieD View Post
    Seems like common sense to me, too. A 1% Federal tax on every sale except food would make sense to me, too. But, I'd like to see corresponding cuts to budgets that matched every tax increase so that we didn't just give our government more money to waste. Imagine the difference that would make.
    Yeah that would be bad. It would be such a headache for business owners that I don't think it would ever pass. It is kind of like the 1099 provision in Obamacare that got repealed--in theory it was a way to make sure small businesses reported things correctly on their taxes--in reality the IRS didn't want 100's of millions of extra 1099's to sort through every March.

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    Re: New Robin Hood Tax Introduced In Congress

    Quote Originally Posted by MaggieD View Post
    Seems like common sense to me, too. A 1% Federal tax on every sale except food would make sense to me, too. But, I'd like to see corresponding cuts to budgets that matched every tax increase so that we didn't just give our government more money to waste. Imagine the difference that would make.
    I'd rather see a stop to corporate farmers and the oil company and then INCREASE food stamps and Medicaid
    Alex Carey:

    ... the 20th century has been characterized by three developments of great political importance: The growth of democracy, the growth of corporate power, and the growth of corporate propaganda as a means of protecting corporate power against democracy.

    Australian social scientist, quoted by Noam Chomsky in World Orders Old and New

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    Re: New Robin Hood Tax Introduced In Congress

    Quote Originally Posted by Fisher View Post
    Yeah that would be bad. It would be such a headache for business owners that I don't think it would ever pass. It is kind of like the 1099 provision in Obamacare that got repealed--in theory it was a way to make sure small businesses reported things correctly on their taxes--in reality the IRS didn't want 100's of millions of extra 1099's to sort through every March.
    It may well pass down the line a ways. Our government is looking for $$. As for it being a huge headache for business owners? Give me a break. They're already paying state sales taxes, With computers, it'd take just the click of a button to determine one's liability. And another minute to write the check. This has nothing to do with 1099's.
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

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    Re: New Robin Hood Tax Introduced In Congress

    Quote Originally Posted by Muddy Creek View Post
    I'd rather see a stop to corporate farmers and the oil company and then INCREASE food stamps and Medicaid
    Why don't give to the poor on your own? You are free to do that.
    "He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
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    Re: New Robin Hood Tax Introduced In Congress

    Quote Originally Posted by American View Post
    Why don't give to the poor on your own? You are free to do that.
    Charity is not an all the way around sufficient way to give people help that need it.


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    Re: New Robin Hood Tax Introduced In Congress

    Quote Originally Posted by MaggieD View Post
    It may well pass down the line a ways. Our government is looking for $$. As for it being a huge headache for business owners? Give me a break. They're already paying state sales taxes, With computers, it'd take just the click of a button to determine one's liability. And another minute to write the check. This has nothing to do with 1099's.
    Not all states have sales tax and not all businesses collect sales tax (think service economy). Who pays the sales tax on your mammogram under this program you or your insurance and is it collected on the billed amount, the amount actually paid, or just the amount you pay or the insurance pays? Are seniors going to be paying sales tax on the drugs they already struggle to buy? How much is it going to cost to run this program because you are going to need lots of auditors and enforcers. If I get injured in a car wreck and collect $10K do I get taxed on that now since I already have had to pay tax on the medical bills that were taxed? It would be far easier to just increase corporate taxes than have to deal with that crazy-scheme. If you don't pay your bill do I have to still pay your sales tax?

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    Re: New Robin Hood Tax Introduced In Congress

    It's NOT a "Robin Hood" tax. It's just a new tax on everyone. And it doesn't take money from everyone and give it to the poor. It is the government taking money from everyone and gives it to the government.

    As Pelosi and Reed said, the private sector is doing "just fine." It is the government that needs more jobs and income. That is the Democratic Party's main issue: More money for government by taking more money from the people." To take it from the "greedy non-government employment sector."

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