Skip to main content

please read
   I attended a demonstration for the Wall Street sales tax at Nancy Pelosi's office, one of about 20 nationwide, today and this was the response I got when I asked our representatives what they heard from her staff after their meeting. The deficit is a problem but by no means the biggest or most urgent one facing our country. Securing the social safety net and addressing the rampant, cancerous inequality in our economy are bigger and more urgent needs to be sure. The Wall Street sales tax actually accomplishes all three goals at once.
  This president has been very clear that tax rates for the top 2 per cent will go up and I believe him. What I'm not so sure of is what he will give in order to get that on which he won't compromise. It is becoming increasingly clear that Republicans will concede on individual tax rates but the debt ceiling still looms and they have not hidden the fact that they intend to retake that hostage. I heard someone on MSNBC tonight say that sanity was the president's leverage in that negotiation. We're counting on sanity to save us from this GOP? That's like trying to bid at an auction with Confederate money, it holds no currency. President Obama has said he "won't play that game" when they (inevitably) move to hold the debt ceiling hostage, but what does that mean?
   The country would be best served if Democrats came to the fiscal negotiations putting a Wall Street sales tax squarely on the table. It's great that the White House didn't begin this process by starting out with concessions as has been the usual pattern through the first term. It would be more appropriate though to start with actual solutions that have the benefit of pleasing one's base as well as getting the job done. Let's then hear the president say that if the GOP will release the debt ceiling hostage he will consider a 0.5 per cent Wall Street tax instead of a full per cent.
   Rep. Ellison has proposed legislation to enact the Wall Street sales tax but discussion of this issue in the mainstream is far too scant. Democratic leaders are simply not stepping up in the way they sorely need to do. Ellison's bill has its flaws, it is in fact only a 0.5 per cent tax and actually goes less on derivatives which are typically so parasitic in nature they should probably be taxed more. However, right now the biggest problem with the bill is the lack of caucus members willing to sign on to it. FDR once famously told a liberal group lobbying him "you've convinced me, now make me do it." I guess that's what Congressional Democrats and this president are waiting for. To no surprise, the MSM is no help on this. It is with that in mind that I write this. I see this as the most important first step our government can take at this point in our history. There are many critical things that should get done but the progressive agenda begins with this.
 I lack a lot of tech savvy and a diary like this really needs a link (or several that I can think of). To that end I want to leave with this link attempt to a diary from a few days ago here.
 

EMAIL TO A FRIEND X
Your Email has been sent.
You must add at least one tag to this diary before publishing it.

Add keywords that describe this diary. Separate multiple keywords with commas.
Tagging tips - Search For Tags - Browse For Tags

?

More Tagging tips:

A tag is a way to search for this diary. If someone is searching for "Barack Obama," is this a diary they'd be trying to find?

Use a person's full name, without any title. Senator Obama may become President Obama, and Michelle Obama might run for office.

If your diary covers an election or elected official, use election tags, which are generally the state abbreviation followed by the office. CA-01 is the first district House seat. CA-Sen covers both senate races. NY-GOV covers the New York governor's race.

Tags do not compound: that is, "education reform" is a completely different tag from "education". A tag like "reform" alone is probably not meaningful.

Consider if one or more of these tags fits your diary: Civil Rights, Community, Congress, Culture, Economy, Education, Elections, Energy, Environment, Health Care, International, Labor, Law, Media, Meta, National Security, Science, Transportation, or White House. If your diary is specific to a state, consider adding the state (California, Texas, etc). Keep in mind, though, that there are many wonderful and important diaries that don't fit in any of these tags. Don't worry if yours doesn't.

You can add a private note to this diary when hotlisting it:
Are you sure you want to remove this diary from your hotlist?
Are you sure you want to remove your recommendation? You can only recommend a diary once, so you will not be able to re-recommend it afterwards.
Rescue this diary, and add a note:
Are you sure you want to remove this diary from Rescue?
Choose where to republish this diary. The diary will be added to the queue for that group. Publish it from the queue to make it appear.

You must be a member of a group to use this feature.

Add a quick update to your diary without changing the diary itself:
Are you sure you want to remove this diary?
(The diary will be removed from the site and returned to your drafts for further editing.)
(The diary will be removed.)
Are you sure you want to save these changes to the published diary?

Comment Preferences

  •  You're doing fine, Diary-wise. (3+ / 0-)
    Recommended by:
    DRo, marleycat, FloridaSNMOM

    If you double-space between paragraphs, it would make your text so much easier to read.

    You mention:

    ...the debt ceiling still looms and they have not hidden the fact that they intend to retake that hostage.
    That is the number one issue that could damage the nation financially. This will happen if there is even a hint of a disagreement about this routine approval process that has taken place without controversy for over 50 years.

    No amount of taxes or revenues can prevent that. The Republicans regard it as "mutually assured destruction" and believe that a collapsed credit economy is worth the ensuing financial horror if it will destroy this presidency.

    The Wall Street tax issue will not be taken up for many years because Republicans control all legislation related to spending and taxes.


    A child of five would understand this. Send someone to fetch a child of five. -- Groucho Marx

    by Pluto on Tue Dec 11, 2012 at 02:33:15 AM PST

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site