Congressman Keith Ellison, D-Minn., has re-introduced legislation that would impose a “Robin Hood Tax” on financial transactions and use the money to fund social programs and other causes.
The bill, known as the Inclusive Prosperity Act, would impose a fee of less than a half-penny per transaction. The tax could potentially generate hundreds of billions of dollars in revenue annually for needs such as health care, education, job creation and the fight against HIV/AIDS and climate change.
The micro-tax would apply to the financial trading of stocks, bonds, derivatives and other financial instruments. Ellison previously introduced the bill in 2013.
The tax would aim to curb harmful speculation and raise hundreds of billions of dollars of new revenue. Eleven European countries are in the process of setting up a regional financial transaction tax.
The proposal won support from the environmental group, Friends of the Earth. “Friends of the Earth U.S. wholeheartedly endorses the Inclusive Prosperity Act and urges its passage into law,” said Friends of the Earth U.S. president Erich Pica in a statement. “By making Wall Street pay its fair share, this legislation would help shore up funding for public goods and services that keep people and our communities healthy and whole, at home and around the world.”
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