As Top Democrats Embrace a Robin Hood Tax, It’s Time for Activists to Go Big
http://www.thenation.com/blog/194673/top-democrats-embrace-robin-hood-tax-its-time-activists-go-bigWith backing from House minority leader Nancy Pelosi, D-California, Maryland Congressman Chris Van Hollen moved Monday to present an “action plan” that is designed to frame the Democratic message in the new Congress. At the heart of it is a proposal to address the rapid redistribution of wealth upward in the United States with a small tax on high-volume stock trades and a new initiative to aid working-class individuals and families.
“This is a plan to help tackle the challenge of our times,” declared Van Hollen, a key figure in the House Democratic Caucus and a particularly influential voice in debates on economic policy. “We want a growing economy that works for all Americans, not just the wealthy few.”
The “action plan” calls for a 0.1 percent tax on transactions by high-volume traders—Wall Street’s “high rollers”—that would yield an anticipated $800 billion in fresh revenues over a decade. Reductions in tax breaks for the wealthiest Americans would yield another $400 billion. The combined $1.2 billion windfall would, according to a Washington Post review of the plan, help to fund “a ‘paycheck bonus’ of $1,000 for individuals and $2,000 for married couples, a bonus of $250 for people who save at least $500 a year and reduced ‘marriage penalties’ for couples.”
While the numbers may sound big, what Van Hollen has proposed is a modest plan that only begins to explore the potential of a financial transactions tax. The 0.1 percent tax on trades is far below what unions and activist groups have proposed. For instance, Ellison’s 2013 proposal called for a 0.5 percent tax rate on stock trades, along with a 0.1 percent tax rate on bonds and a 0.005 percent tax rate on derivatives or other investments.
Of course, any proposal for taxing the wealthiest Americans faces daunting odds in a Congress now wholly controlled by Wall Street–aligned Republicans such as Senate majority leader Mitch McConnell, R-Kentucky, House Speaker John Boehner, R-Ohio, and House Ways and Means Committee chair Paul Ryan, R-Wisconsin. Ryan can, in particular, be counted on to use his powerful new position to defend the financial interests that have so generously supported his campaigns.
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$250 for saving 500?
That's a "tax break" right?
If someone ONLY saved $500 their
not paying any Federal income taxes.
Correct me if this is inaccurate.
Is this the BOLD ideas Schumer was seeking?
Where's the "equal pay" plan?
Why not make republicans go on the record rejecting equal pay?
This awful plan plays into EVERY right-wing narrative against Democrats!
The "Action Plan" makes Democrats look like they are waging CLASS WAR.
Democrats are taxing the rich and giving to the "takers".
That Democats want to "punish success"... Fox Nooz will tear this up!
Yet another feckless example from weak democrats.
Pelosi needs to go. We need REAL leadership.
This "Action Plan" is pure crap.
It does NOT address real economic disparities.
It's rearranging deck chairs on the Titanic.
But at 70 I've seen this country sink. The average person doesn't seen to care. The msm lies.
Come on people!
The 
needs us to rearrange the deck chairs!
There's brass that needs to be polished!
If we don't ACT NOW republicans will get their way!
You don't want to lose this once in a congress opportunity
to address economic inequality, do you?!?
Yes, there are daunting odds.
Well ok, lets be frank, there's no chance in hell this will pass.
But it's our time, John Nichols said so...
now, GO BIG people!
