News & Events
MNA/NNU Members Pay Visit to Offices of Scott Brown To Seek His Support for Robin Hood Tax on Wall Street
|MNA/NNU was joined by activists from Progressive Dems of America, the Anti-Foreclosure Task Force and activists from Worcester at the Robin Hood Tax Rally in front of the Scott Brown’s Worcester legislative offices today. We’re calling on Scott Brown to join Robin Hood in the campaign to pay back Main Street!|
MNA/NNU was joined by activists from Progressive Democrats of America, the Anti-Foreclosure Task Force and activists from Worcester at the Robin Hood Tax Rally in front of the Scott Brown’s Worcester legislative offices today. We’re calling on Scott Brown to join Robin Hood in the campaign to pay back Main Street!
Our members were there to ask him directly if he is going to side with Wall Street or side with Main Street and H.R. 6411 – The Robin Hood Tax.
The bill, introduced in Congress by Rep. Keith Ellison (D-MN), is a sales tax on Wall Street speculation and would raise up to $350 billion in revenue annually to be used to rebuild Main Street communities as well as to fund international health, sustainable prosperity and environmental programs.
“The American public provided hundreds of billions to bailout Wall Street during the global fiscal crisis yet bore the brunt of the crisis with lost jobs and reduced household wealth,” said Rep. Ellison in a statement issued September 18, the day the legislation was introduced, “A financial transaction tax protects our financial markets from speculation and provides the revenue needed to invest in the education, health and communities of the American people.”
H.R. 6411 embodies the Robin Hood Tax, a 0.5% tax on the trading of stocks and lesser rates on trading in bonds, derivatives and currencies. It marks the return of a sales tax on financial transactions in place during the years 1914 to 1966 and targets the high-risk, high-frequency trading that dominates the markets in the U.S. today. This trading has been tied to market instability, including spikes in the prices of food and fuel. Some form of the financial tax is in place today in more than 40 countries.