National Campaign to Tax Wall St. Kicks Off in 15 Cities Tomorrow -- Join In!
Americans will rally in 15 cities across the country at noon tomorrow to kickoff a national campaign to establish a Wall Street tax that would generate billions for the public good. This Financial Transaction Tax, called the "Robin Hood Tax," is a levy of less than half of a percent on trades in derivatives, stocks, bonds and foreign currencies. According to the campaign, economists estimate that $350 billion could be raised each year for health care, jobs, education, infrastructure and various other needs, which may help rejuvenate the economy. The campaign states that it is pushing for “a tax for the people.”
These Robin Hood Tax events will take place in front of JPMorgan Chase branches because of its recent $2 billion loss from a risky hedge investment. According to the campaign, it is “the latest bank to have the spotlight shone on their reckless behavior that has hurt millions.” A Robin Hood Tax event will also take place in Rio de Janeiro tomorrow at the Rio +20 international conference on climate change.
Though within the last few months the campaign started reaching the United States, it has been pushed in more than 40 countries over the last two years. Several countries, including the UK, China, Brazil and India have already implemented this tax, while France and Germany have aimed to implement it by 2013.
The Robin Hood Tax idea has drawn a lot of support. Businesspeople like Bill Gates, George Soros and Warren Buffet support the tax along with economists Joseph Stilglitz and Paul Krugman. Political leaders such as Al Gore and President Regan's Budget Director David Stockman also endorsed it. It also has the support of the Vatican, Ban Ki-Moon, and a variety of other groups such as unions, nurses, AIDS activists and environmentalists.
You can go here to find a rally near you.