General Discussion
In reply to the discussion: UPDATE: If the TPP Passes Bernie Sanders Will Be the Next President of the US. And Here's Why: [View all]Sancho
(9,211 posts)and I've been a union member of several unions, a officer, and on the bargaining teams.
In Florida, all state employees have a retirement fund (since 1974) that the state manages - mostly big Wall Street investments. Our optional plans like 403b and 401's are also various "approved" payroll deductions. Even our defined benefit plans depend on the big funds. If there isn't enough money for the actuaries, they raise our contribution or lower the states match, so any Robin Hood tax would be like negotiating less money for our employees.
Even though everyone want affordable college, paying for it with a tax on "millionaires" with a transaction tax would affect retirement funds as much as the rich. As far as I can tell, we'd rather pay for higher education by getting money from the rich the old fashion way - capital gains, closing loopholes, getting rid of offshore havens, and raising the rates on income for the wealthy.