Nurses Take the Message "Heal America Tax Wall Street" to 60 Congressional Offices - page 2
nurses' imaginative tactics breathe life into progressives: make wall street pay for the crisis it created street theater, soup kitchens, and a giant talking michele bachmann were just part of the... Read More
Sep 4, '11 by DoGoodThenGoQuote from DoGoodThenGoAnd furthermore:Taxing stocks as they exchange hands, a "sales tax" if you will has almost never worked and for a good reason. All exchanges are international so persons/banks will simply move their business to where it is cheaper.
Just because one deals with a bank or brokerage house in NY does not mean said company has to route the deal via that market. Rather they are legally free to use any of their other offices anyplace in the world.
The UK levied a "bank tax" and London's financial markets at once saw a drop in volume that is only going upwards as trades are executed elsewhere.
While the movement of trades outside the USA might not worry those in many parts of the United States, Wall Street/the financial sector is really the only big thing driving NYC and by extension NYS and much of the tri-state area. When that area catches a cold we all here feel the fever.
As much as one lauds the goals of such ideas as noted in the OP do not believe many have thought through the ramifications.
Sep 4, '11 by Gemini25wow, just got done reading through this thread, and some of the links posted. this is awesome, and yes, amen!
Sep 8, '11 by herring_RN Guidelet wall street pay
let the mega-rich financiers begin paying for the rebuilding of america
last thursday, sept. 1, a group of nurses demonstrated at rep. wally herger's office at 11 a.m. and then, from noon to 1 p.m., set up a "soup kitchen"--actually, they served mexican food--in city plaza. they were among some 10,000 members of the national nurses union who mounted similar actions that day in 61 congressional districts as part of their main street campaign.
they called for members of congress to stop cutting programs that help people and instead begin taking action. locally, they pointed out that there are 115,000 people in herger's district without health insurance, more than 35,000 children who live in poverty, and nearly 23,000 people dependent on food stamps.
saying it was time for the wall street financiers who created the current economic crisis to start contributing to its rebuilding, the nurses called for passage of a transaction tax on the trading of stocks, bonds, derivatives, currency and credit default swaps that could raise hundreds of billions of dollars to pay for desperately needed programs....
...this is not a new idea. the united states had a financial transaction tax from 1914 to 1966, and following the stock market crash of october 1987, the first president bush wanted to reinstate it.
the problem is that most of congress is bought and paid for by wall street. rep. herger, for example, has received $1.2 million from the financial sector.
getting congress to pass a financial-transaction tax, no matter how worthwhile, will be difficult. it will happen only if the american people insist on it--and insist hard and persistently....