Tuesday, March 24, 2015

Act for Prosperity - The Robin Hood Tax

I'm glad to tell you that Progressive Democrats of America (PDA) Advisory Board Member Congressman Keith Ellison reintroduced The Inclusive Prosperity Act (H.R. 1464 in the current Congress) on March 19. PDA has been working for this legislation since its introduction in the prior Congress. Please tell your Representative to cosponsor H.R. 1464, and your Senators to sponsor a Senate version.
Rep. Ellison explained, "America's working families need their country to invest in them again. The money raised from a wafer-thin tax on Wall Street's high frequency trades could raise hundreds of billions of dollars to invest in our families, protect our environment and increase opportunity for all Americans. If the United States joins the dozens of other nations already benefiting from a financial transaction tax, we can create millions of jobs, while also reducing dangerous market volatility." 
If enacted, it would ask securities traders to pay a sales tax of .5% or 50 cents per $100 on certain financial transactions. Ordinary people pay sales taxes 10 times that on many things we buy. It's time for flash traders to join the rest of us.
The Inclusive Prosperity Act represents the principles and goals of the U.S. Robin Hood Tax Campaign, with the backing of 172 national organizations representing millions of members including labor unions, religious groups, health advocates, consumers, housing activists, environmentalists, small businesses and others. Save the date! The RHT Campaign is organizing events around the nation on April 8th. 

This proposed financial transactions tax would raise hundreds of billions of dollars every year. These funds could be used to rebuild infrastructure, and create good paying jobs. These investments would create opportunity and provide financial security for American households, and help communities get back on their feet. This tax would also help stabilize financial markets by curbing volatile high frequency trading.
Please tell your Representative to cosponsor H.R. 1464, and your Senators to sponsor a Senate versionOrdinary people will not have to pay this tax. Trades made directly by investors would be exempted. All households with real incomes under $75,000 would be exempted. All ordinary consumer activity–such credit card or ATM transactions, checking accounts, personal loans, tax free municipal bonds, etc.–would be exempted. This is a tax for the people, not on the people.
In Solidarity,

Conor Boylan
PDA National Director

Paid for by Progressive Democrats of America (http://www.pdamerica.org)
Not authorized by any candidate or candidate's committee

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