September 12, 2012
The Inclusive Prosperity Act, currently in draft form, will be introduced this Friday by Rep. Keith Ellison (D-MN). Please contact your member of Congress as soon as possible and ask him/her to sign on as an original cosponsor of the legislation.
In order to meet the many human needs we need a bill like this one that will raise hundreds of billions of dollars in revenues annually, not the much smaller amounts that alternative financial transaction tax bills would raise at a much reduced tax rate. Read more in the latest issue of NewsNotes.
The Inclusive Prosperity Act would:
- Impose a tax on the on the trading of stocks, bonds, derivatives and currency—essentially a sales tax on Wall Street trades.
- Once enacted, would impose a tax of 0.5 percent on the trade of stocks—50 cents on the purchase or sale of $100 worth of stock—and a lesser rate on the trading of bonds, derivatives and currency. Economists estimate that a tax at this rate would raise at least $350 billion annually that could be used to meet human needs.
- Call for the new revenues to be used to:
- Strengthen financial security and expand opportunity for low- and moderate-income families, including strengthening the social safety net and expand resources for child care, Social Security, and savings incentives;
- Expand resources for state and federal investments that protect our health, rebuild our crumbling infrastructure and create good paying jobs by
* Expanding and improving Medicare and Medicaid;
* Investing in education, job training and public sector jobs;
* Providing housing assistance to low-income households;
* Investing in transportation including transit and an infrastructure bank that promotes our manufacturing and construction industries; and
* Protecting our environment; and
* Funding international sustainable prosperity programs such as health care investments, AIDS treatment, research and prevention programs, and international assistance.
- Help limit the reckless short-term speculation on the market that threatens our financial stability.
Unlike many taxes, this proposed tax is difficult to evade as the tax is collected at the point of transaction, and its workability has been proven: The United States had a financial transaction tax in law from 1914-1966, and 40 other countries have such a tax. In addition, the International Monetary Fund has issued a paper stating that financial transaction taxes are feasible.
By 4 pm Thursday, September 13: Contact your member of Congress by visiting his/her webpage through www.house.gov, or call the Capitol switchboard at 202-224-3121. Ask for the aide who works on finance and tax issues. Your message: I urge Rep. _____ to cosponsor the Inclusive Prosperity Act, which will raise significant funds for human needs. Please contact Carol Wayman in Rep. Keith Ellison’s office in order to cosponsor. (202-225-4755)