Our Current Sales Tax System Does Not Tax the Items That the Top 10% American Households (by Wealth) almost exclusively own.
Things everyone has to buy have a Sales Tax like toilet paper, toothpaste, cars, condo’s and homes. Things only the top 10% of Wealthy Households buy have no sales tax. Sadly that’s True.
Even Worse the top ten percent of American Households have 81% to 94% of stocks, bonds, trust funds, and business equity, and almost 80% of non-home real estate. Since financial wealth is what counts as far as the control of income-producing assets, we can say that just 10% of the people own the United States of America.
Sadly this is another clear example of: Those that have the gold get to make the rules.
The Robin Hood Tax can be a game changer for a fairer, more democratic, more humane, more balanced, and more moral American Tax System.
This tiny sales tax on Wall Street is:
.5% on stocks, just $.50 (50 cents) for each $100 of stock trades;
.1% on bonds, just $.10 (ten cents) for each $100 of bond trades;
.005% on derivative speculation in currencies, commodities, or other trades, just $.005 (half a penny) for each $100 of trades
The revenue generated is estimated by economists to be up to 350 billion each year!
The Robin Hood Tax can be a game changer for a fairer, more democratic, more humane, more balanced, and more moral American Tax System.
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