If The Robin Hood Tax is a conspiracy by “liberals” to steal from the Rich: Why wasn’t anyone arrested when the Rich stole $1 Trillion$ Dollars from:
• the US Treasury,
• Social Security & Medicare,
• The American Middle Class, and
• The American Poor
During the 10+- years of the Republican Plutocrat President George W Bush Tax cuts?
So the people who conspired to give the very rich a $trillion$ dollar tax cut over the last 10 years were criminals? They stole from the poor and the middle class a $trillion$ dollars. Now that's a lot of theft.
Tax the rich worked very well in the 1990s when Clinton raised taxes. During his years Democratic Economic Policies created 23 million jobs, the American government had a surplus of money, and the country wasn't literally falling apart. But then came 2 wars not paid for, then 2 big more tax cuts that benefited the rich, and then the GOP/Bush financial miss-management crashed America’s economy the worst since the Great Depression.
Those who believe punishing the poor is the path to prosperity will not like this. Others will understand it to be the reasonable proposal that it is. Progressive talk show host Thom Hartmann has been pushing this idea for nearly a decade now.... It should be done.
In addition: the Robin Hood Tax exempts individual taxpayer whose modified adjusted gross income does not exceed $50,000 ($75,000 for married taxpayers filing joint returns) and provides a tax credit for the amount of tax paid on covered transactions. So these Taxpayers get all their Robin Hood Tax money back.
The Robin Hood Tax on Wall Street can be a game changer start towards 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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