from:
http://www.sourcewatch.org/index.php/Financial_transaction_tax
Bills in Congress
There have been a number of bills in Congress that contain a financial transaction tax.
House Bills
1) In 2010, Rep. Pete DeFazio (D-Oregon) introduced HR 4191, the "Let Wall Street Pay for the Restoration of Main Street Act." [18] Senator Tom Harkin (D-Iowa) has introduced S 2927, the "Wall Street Fair Share Act." [19] Under these companion bills, half the funds would be deposited in a job creation reserve fund and half would be designated to reduce the deficit. A new version of this bill is expected in 2011.
2) In 2011 and in 2010, Rep. John Conyers (D-Michigan) introduced HR 870 - 21st Century Full Employment and Training Act. This bill is designed to ensure full employment (4% unemployment rate) after 10 years. It sets a series of unemployment targets that, if not met, would trigger the disbursement of funds from a "National Full Employment Trust Fund," which would be made up of revenue from a new financial transactions tax on financial corporations. The funds would be used for a direct jobs program that would immediately place unemployed people in public, non-profit and small business jobs in areas hardest hit by unemployment.[20]
3) In 2011 and in 2010, Rep. Pete Stark (D-California) introduced H.R. 755, the Investing in Our Future Act. “My legislation would simply impose a small tax — of 0.005 percent — on these currency transactions. The money raised would be put toward investments in children, global health and climate change mitigation."[21]
4) HARKIN/DEFAZIO BILL: In 2011, Rep. Pete DeFazio (D-Oregon) and Senator Tom Harkin (D-Iowa) introduced HR 3313, to which will apply a tax of .03 percent on financial transactions. [22] The companion bills would apply the tax to stocks, bonds and all derivatives contracts and would exempt initial issuance and debt with an original term of less than 100 days. Harkin said at a press conference in Washington that Wall Street can “easily bear this modest tax.” [23] Cosponsors include: Earl Blumenauer [D-OR3] Bruce Braley [D-IA1] John Conyers [D-MI14] Donna Edwards [D-MD4] Bob Filner [D-CA51] Maurice Hinchey [D-NY22] Mazie Hirono [D-HI2] Henry Johnson [D-GA4] John Sarbanes [D-MD3] Louise Slaughter [D-NY28] Betty Sutton [D-OH13] Peter Welch [D-VT]
5) On February 11 2011, Rep. John Conyers (D-Michigan) introduced HR 676, the Expand & Improve Medicare For All Act. The bill will create a publicly financed, privatley delivered healthcare system that expands and improves the Medicare system with the aim of covering 51 million Americans currently without healthcare coverage. This bill would be partly funded by a small tax on stock and bond transactions, and in addition it would seek to Establish a 5% health tax on the top 5% of income earners, 10% tax on top 1% of wage earners. [24]
6) On May 26 2011, Rep. Peter DeFazio (D-Oregon) introduced HR 2003, the Taxing Speculators out of the Oil Market Act. The purpose of the bill is to To amend the Internal Revenue Code of 1986, the domestic portion of the Federal statutory tax law, to impose a tax 0.01% on transactions in oil futures, options, and swaps, with the aim of reducing volatility in the oil market. [25]
7) On December 13 2011, Rep. Raul Grijalva (D-Arizona) introduced HR 3638, Act for the 99%. The bill is aimed at creating American Jobs, reducing debt, and 'other purposes' including grants for the renovation and modernization of public school facilities, student jobs corps, neighborhood heroes corps, and other work programs through the use of state revenue generated by a 0.03% tax on stocks, bonds, treasuries, and derivatives. [26]
8) On June 4th 2012, Rep. Rosa DeLauro (D-Connecticut) introduced HR 5727, the Rebuild America Act. Similar to H.R. 3313 'Act for the 99%,' the 'Rebuild America Act,' plans to modernize and renovate public school facilities, renovate energy systems, and rebuild infrastructure through the use of a 0.03% tax on stocks, bonds, treasuries, and derivatives. [27]
9) On June 7th 2012, Rep. Elijah Cummings (D-Maryland) introduced HR 5909, the Comprehensive Dental Reform Act. The bills purpose is to improve access of Dental health care to under served populations. It would be partially funded by a 0.025% tax on stocks, bonds, and treasuries. [28]
10) On September 14th 2012, Rep. Keith Ellison (D-Minnesota) introduced HR 6411, the Inclusive Prosperity Act also known as the Robin Hood Tax. The purpose of the bill is to impose taxes on trading transactions such as a 0.5% tax on stocks, a 0.1% tax on bonds, and a 0.005% tax on derivatives. [29]
Senate Bills
1) On May 9 2011, Bernie Sanders (I-Vermont) introduced S. 915, the American Health Security Act of 2011. The bill would establish the state-based American Health Security Program to provide every U.S. resident who is a U.S. citizen, national, or lawful resident alien with health care service. The bill would be partly financed by a 0.25% tax on stock and 0.02% on credit default swaps. On options, taxes would be placed at the rate of the underlying transaction. [30]
2) On November 2 2011, Tom Harkin (D-Iowa) introduced S. 1787, the Wall Street Trading and Speculators Tax. This bill would amend the Internal Revenue Code of 1987, the domestic portion of the Federal statutory tax law, to impose a tax 0.03% on trading transactions including stocks, bonds, treasuries, and derivatives.[31]
3) On March 29 2012, Tom Harkin (D-Iowa) introduced S. 2252, the Rebuild America Act. Similar to H.R. 3313 'Act for the 99%,' the 'Rebuild America Act,' plans to modernize and renovate public school facilities, renovate energy systems, and rebuild infrastructure through the use of a 0.03% tax on stocks, bonds, treasuries, and derivatives. [32]
4) On June 7 2012, Bernie Sanders (I-Vermont) introduced S. 3272, the Comprehensive Dental Reform Act. The bill is intended to improve access to oral health care for undeserved populations by Medicaid and Medicare coverage, improving Oral Health education, placing dental clinics into public schools, and providing research funding. The bill proposes a 0.025% tax on stocks, bonds, and treasuries. [33]
Support for financial transaction tax
Individuals: Micro-soft founder Bill Gates gave a presentation at the November 2011 G-20 meeting in France in support of an FTT. John Fullerton, former managing director at JP Morgan, gave a hill briefing in October 2011 in support of the idea. Financiers George Soros and John Bogle (founder of the Vanguard Group) support the idea along with Warren Buffett, who signed onto an Aspen Institute report recommending a Financial Transaction Tax. Overseas prominent leaders including French Prime Minister Nicolas Sarkozy and German’s Angela Merkle support a global FTT. The New York Times highlighted the FTT as a top idea of 2008, and a long list of prominent economists have supported it including John Maynard Keynes, Nobelists Paul Krugman, James Tobin and Joseph Stiglitz, Jamie Galbraith, Dean Baker, Robert Pollin and Larry Summers. After the 1987 Wall Street crash, an FTT was endorsed by Bob Dole and President George H.W. Bush. Prominent journalists like New York Times columnist Nicholas Kristof and Washington Post columnist Steven Pearlstein have also supported FTT.
Growing grassroots support: Hundreds of groups in the Americans for Financial Reform coalition, including the AFL-CIO, AFSCME, Alliance for a Just Society, Alliance for Retired Americans, Americans for Democratic Action, Americans for Financial Reform,Arizona Interfaith Alliance for Worker Justice, Arkansas Interfaith Committee for Worker Justice, Building and Construction Trade Dep't., AFL-CIO, Campaign for America's Future, Campaign for Community Change, Center for Biological Diversity, Center for Media and Democracy, Chicago Political Economy Group, Citizen Action of New York, Citizen Action of Wisconsin, Citizen Action/Illinois, Clergy and Laity United for Economic Justice, Communications Workers of America, Community Organizations in Action, Community Reinvestment Association of North Carolina, Community Voices Hear, Connecticut Citizen Action Group, Consumer Action, Consumer Watchdog, Courage Campaign, CtW Investment Group, Demos, Essential Information, Floria Consumer Action Network, Foreclosurehamlet.org, Friends of the Earth US, Georgia Rural Urban Summit, Good Old Lower East Side, Grass Roots Organizing (Missouri), Greater New York Labor-Religion Coalition, Health Alliance International, Health GAP, Illinois People's Action, Institute for Agriculture and Trade Policy, Institute for Policy Studies, Interfaith Worker Justice, Interfaith Worker Justice Committee of Colorado, International Forum on Globalization, Iowa Citizen Action Network, Iowa Citizens for Community Improvement, Its Our Economy, Jobs with Justice, Keystone Progress, Koreatown Immigrant Workers Alliance, KyotoUSA, Lakeview Action Coalition, Liberty Tree Foundation, Main Street Alliance, Maine People's Alliance, Maryknowll Office for Global Concerns, Michigan Citizne Action, Michigan Organizing Project, Missouri Progressive Vote Coalition, MoveOn.org, National Alliance of Latin American and Carribean Communities, National Council of Women's Organizations, National Education Association, National Employment Law Project, National Nurses Union, National Organization of Women, National People's Action, National Priorities Project, National Women's Law Center, NEDAP, NETWORK, New Bottom Line Campaign, New Hampshire Citizens Alliance for Action, New Jersey Citizen Action, New New Deal Project, NH Citizen Alliance, NJ Citizen Action, Ocean State Action, OMB Watch, Oregon Action, Pennsylvania Association of Staff Nurses and Allied Partners, Penn Action, PICO National Network, Progressive Democrats of America, Progressive Maryland, ProgressOhio, Public Citizen, Rebuild the American Dream, Responsible Wealth, SEIU, SOUL, Sugar Law Center for Economic and Social Justice, Sunflower Community Action, Syracuse United Neighbors, TakeAction Minnesota, Tax Justice Network USA, Tennessee Citizen Action, The Chicago Political Economy Group, The International Brotherhood of Teamsters, U.S. PIRG, United for a Fair Economy, United Action for Idaho, USAction, Virginia Organizing, Voices of Community Activists and Leaders, Washington CAN, Washington Community Action Network, West Virginia Citizen Action Group. The letter of support signed by these groups can be found here:
» AFR Letter: Support Financial Transaction Tax - Americans for Financial Reform
Public Support: Taxes on Wall Street speculation appear to be popular with the public. For instance, a January 2010 poll showed that 81% of Americans agree with the following statement: “We need to rein in the greedy, reckless behavior of the big banks on Wall Street that cost millions of jobs and led to huge bailouts on our dime. This tax will put a limit on the casino culture of Wall Street that provides no real value and only exists to line the banker’s pockets. This reform will strengthen our financial system to help prevent another crisis and reduce the deficit.” Strongly agree 51% Somewhat agree 30% Agree 81% Disagree 15%.[34]
Financial transaction tax - SourceWatch
