The Trumpublicans tell us the economy is doing better than ever. Really? Not according to so many millions of us who are hurting, left behind by the “new normal” of skyrocketing corporate profits and stagnant wages. We need a truly inclusive economy with benefits shared by all, not a bubble-driven, boom-bust, exploitative economy that lavishes obscene levels of wealth on the elite few.
Progressive Democrats of America (PDA) has been honored to work with the National Nurses United (NNU) and other allies developing the original Inclusive Prosperity Act (aka “Robin Hood Tax”) in 2012 with then-Representative Keith Ellison, and building support for this important legislation ever since.
Last week, PDA’s National Advisory Board member Rep. Barbara Lee joined with Sen. Bernie Sanders to reintroduce the Inclusive Prosperity Act. Gaining cosponsors will be a primary focus of PDA’s monthly Educate Congress letter drops in district offices coast-to-coast and on Capitol Hill. Click Here to contact MikeFox@PDAmerica.org to work with us educating Congress about the need for prosperity not austerity.
Some background on this issue: The United States had a Financial Speculation Tax (FST) from 1914 to 1966, and Real GDP growth surged 350% per capita during those years. Since the FST was repealed, Real GDP growth slowed significantly.
PDA enthusiastically works with our allies to restore this sensible, fair, and effective tax policy. We call on Congress to restore this modest sales tax on speculative financial transactions. Several European nations have already done so. This policy would generate revenues and stabilize financial markets by preventing harmful speculation, market manipulation, and other abuses.
Keith Ellison and NNU spokespeople joined with John Nichols (The Nation, MSNBC) discussing the need for the Robin Hood Tax at PDA’s Progressive Central event back on September 4, 2012 in Charlotte, N.C. A week later, Rep. Ellison introduced The Inclusive Prosperity Act—an effective Financial Speculation Tax.
We appreciate all you do to help make progress on these and other issues. Click Here to let Mike Fox know if you want to help PDA Educate Congress by dropping a letter at an office near you.
Too busy to drop a letter? You can still help PDA pressure our elected officials. We need your support now more than ever. Click here to support PDA’s issue organizing—and click the box to make your gifts automatic sustaining gifts to have the greatest positive impact.
PS: Click here to watch PDA Executive Director Alan Minsky’s interview in which he discusses current political and economic issues. Join PDA investing early to recruit and elect progressives in 2020