pbmus
pbmus's JournalThe Insanity of Not Having a Financial Transaction Tax
The logic for the tax is indisputable:
Financial industry speculation devastated middle-class homeowner wealth.
US investors pay zero tax on their speculative transactions.
The tax is easy to implement, and is very successful in other countries.
The emotional appeal reaches most of America:
Why should the rest of us pay up to 10% on the necessities of life while risky derivative purchases aren't taxed at all?
Why should kids around the country lose their arts programs while trillions of dollars flow, untaxed, to Wall Street?
On July 8th, 2013, Chicago Political Economy Group (CPEG) member Bill Barclay and Illinois Green Party Chair Rich Whitney presented arguments for the Financial Transaction Tax (FTT) in front of the Illinois Pension Reform Committee. The video is available here (01:29:40), and the slideshow here. Much of the following derives from their work.
The Tax Works in Countries With the "Freest" Economies
A good place to start is Singapore. Or Hong Kong or Switzerland. These are three of the top five countries on the Heritage Foundation's Index of Economic Freedom, and they all have FTTs. Critics who might argue that non-FTT taxes are lower in Singapore and Hong Kong should look at World Bank and CIA World Factbook datasets, both of which show the U.S. with lower tax revenues as a percentage of GDP. The U.S. is clearly undertaxed across a wide range of taxes.
http://truth-out.org/buzzflash/commentary/the-insanity-of-not-having-a-financial-transaction-tax/18099-the-insanity-of-not-having-a-financial-transaction-tax
A National Call to Link Arms for Democracy
"When I despair I remember that all through history, the way of truth and love has always won. There have been tyrants and murderers, and for a time they can seem invincible, but in the end they always fall, think of it - always!" - Mahatma Gandhi
For Americans, these are dangerous and momentous times. We have only a small window of opportunity to break the grip of moneyed interests on our government, before an advancing oligarchy consolidates power and locks in tyranny.
This article is an urgent call to organize a mass-based political movement in the coming months and through the 2016 elections. If we rise to the occasion and fight, we can reclaim democracy, regain control of our future, and preserve the dreams of our children, and for the coming generations.
Without a sweeping grassroots movement, loudly pushing and protesting for reforms, populist candidates, or coalitions in Congress will never have the power to defeat the forces of a corrupt ruling class. Robber barons have resurfaced with a vengeance in the past four decades, openly attacking our democratic system, while buying power to extend and protect their privilege in perpetuity.
The immense tide of social progress that flourished in the 20th century, from antitrust reforms and the New Deal social safety net, to environmental regulation, civil rights and women's rights, are collectively in the bull's eye of a demolition ball. As manufactured austerity and deep cuts to essential social services continue, Wall Street banks and US multinational corporations remain the true welfare queens. In 2013, corporate tax breaks amounted to $176 billion. Incredibly, companies like General Electric, Boeing, Verizon, Bank of America, and Citigroup paid no income tax at all, and some even received a refund!
http://www.truth-out.org/opinion/item/24033-a-national-call-to-link-arms-for-democracy
Profile Information
Member since: Wed Aug 22, 2012, 08:01 PMNumber of posts: 12,422
