Saturday, June 29, 2013
#180 / Robin Hood And The Tax Code
Friends of the Earth publishes a quarterly newsmagazine. The "Ecobites" column in the Spring 2013 edition talks about a "Robin Hood Tax," which is what might be called a nickname for the tax proposal contained in HR 1579. The official name of HR 1579 is the "Inclusive Prosperity Act." HR 1579 was authored by Representative Keith Ellison (D-Minn), and is co-sponsored by Representative Barbara Lee (D-Calif). Click the link to read the full text of HR 1579.
HR 1579 proposes a small tax on securities transactions, and the amount of the tax proposed is not very great. The way I see it, if you are trading securities, you have money. The nation needs money, and taxing securities transactions is one good way to get some.
If the Republicans and the Tea Party advocates are correct, our nation cannot long endure if we continue to keep spending more money than we bring in. I pretty much agree with that perspective. Something has to be done. I am in favor of making big cuts to military spending, but that idea doesn't seem to be going anywhere. So, absent that way to reduce unnecessary spending, I am in favor of taxing those who have money, to provide the governmental services we all need.
Somehow, the Republicans and the Tea Party types don't see it that way. The appear to be more interested in making sure that those with great wealth don't have to pay more taxes (and in fact, they'd like them to have to pay even less than they do now).
That is not my perspective, which is why I'm with Robin Hood.