|Exit sign at the US Treasury Dept.|
Several weeks ago, President Obama's new Treasury Secretary, former Citibank VP Jack Lew, told the Senate Finance Committee, “The administration has consistently opposed a financial transactions tax on the grounds that it would be vulnerable to evasion; create incentives for financial re-engineering, and burden retail investors.”
Jack Lew's statement is exact opposite of the truth.
It's like Treasury Secretary Jack Lew and the Obama administration live in some bizarro alternative reality. In fact a billion dollar industry has grown up around enabling big business and people like Mitt Romney to pay little or no income tax. Just Google 'GE Tax Return' for example and you learn about a company that states in its disclosures to investors that it is making billions in profits yet somehow not only doesn't pay any income tax, it's gets billions back in a refund.
You don't have to go billion dollar tax cheats like GE or Apple to prove Lew's statement a load of baloney, simply consider your own income tax return. While the average person doesn't even come close to the shenanigans of GE, it is fairly easy to claim you donated money to a church that you really didn't or maybe exaggerate some business expense like car mileage. Then consider the sales tax, when you go to Walmart is there really any chance of getting out of paying the sales tax on a pair of jeans? Of course not. The financial transaction tax is just a sales tax on stocks and bonds. There is virtually no way to get out of it other than picking up and moving your business to another country.
|Steal from the poor and give to the rich? Not on my watch!|
This is why we urge you to join the Robin Hood Tax Campaign in front of the Department of the Treasury on April 20 to tell Bankster lackey Jack Lew and President Obama that the key to the government's financial troubles is a Robin Hood Tax on Wall Street greed, and not slick deceptive cuts to Social Security and Medicare.
A Robin Hood Tax like the one proposed by Congressman Keith Ellison’s (D-MN) “Inclusive Prosperity Act” that taxes financial transactions at the point of sale or purchase is nearly impossible to avoid, covers multiple kinds of financial transactions so as to prevent re-engineering, and mainly impacts big financial institutions that are trading on the millisecond and thus being taxed numerous times for their many transactions.
11 European countries (Belgium, Germany, Estonia, Greece, Spain, France, Italy, Austria, Portugal, Slovenia, and Slovakia) have already figured this out, and are going forward with implementing the first ever regional Robin Hood Tax on the trading of stocks, bonds, derivatives, and other financial instruments. We should too.