National Nurses United

NATIONAL M ore than ever, the American people need a Robin Hood Tax. National Nurses United in February welcomed the reintro- duction of federal legislation from Rep. Keith Ellison, along with 17 House cospon- sors, that could raise hundreds of billions of dollars annually to fund critical social needs with a small tax on Wall Street speculation. Economists estimate that a tiny surcharge of no more than a nickel on every $10 in trades of stocks, bond, and derivatives—a tax that is proportionally smaller than what most Ameri- cans pay for a pair of shoes—could increase revenues collected by the U.S. Department of the Treasury by as much as $300 billion annually. Ellison's H.R. 1144, the Inclusive Prosperi- ty Act, is patterned after financial transaction taxes that exist in other global major econom- ic markets. NNU has joined with Ellison and healthcare and community activists in campaigning for a similar levy, also known as the Robin Hood tax, for several years. "Nurses are proud to support Rep. Keith Ellison's Inclusive Prosperity Act," said NNU Co-President Jean Ross, RN. "This small tax on Wall Street would go a long way to raising the revenue for our most vital needs, including living wage jobs, healthcare for all, student debt relief, and fighting climate change." Ellison emphasized the importance of investing in America's working families. "The money raised from a wafer-thin tax on Wall Street's high-frequency trades could raise hundreds of billions of dollars to invest in our families, protect our environment and increase opportunity for all Americans," he said. "If the United States joins the dozens of other nations already benefiting from a financial transaction tax, we can create millions of jobs, while also reducing danger- ous market volatility." H.R. 1144 would not affect households earning less than $75,000 annually. Instead, its principal targets are the wealthiest Americans whose reckless speculation fueled the 2008 recession: bankers, brokers, and rich investors who own most of the nation's stocks and bonds. The Robin Hood Tax would also slow the growth of automated high-frequency trad- ing (HFT), which makes the stock market more dangerous. A small tax would make risky HFT unprofitable, and help reduce the excess speculation on commodities like food and gas that drives up prices, which will protect the economy from computer-gener- ated collapses and market manipulation. Almost 30 nations have some form of a financial transaction tax and the United States had a similar tax from 1914 until 1966. The United Kingdom has had a tax on stock trades for decades, the same rate proposed in H.R. 1144, and their volume of trading has grown robustly. Eleven nations in the European Union will implement one soon. Nurses are joined in their campaign by 172 national endorsing organizations repre- senting millions of members in unions, student, health, clergy, civil rights, environ- mental and community organizations, and other consumer and activist groups. —Staff report J A N U A R Y | F E B R U A R Y 2 0 1 7 W W W . N A T I O N A L N U R S E S U N I T E D . O R G N A T I O N A L N U R S E 7 Robin Hood Tax Proposed Again

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