MNA RNs to join national effort Tuesday, will call for Robin Hood Tax

18 Jun

MEDIA ADVISORY
Media Contact: John Nemo, MNA, 651-442-7176 (cell) or john.nemo@mnnurses.org
WHO: Dozens of Minnesota Nurses.
WHAT: Gathering outside of JPMorgan Chase Bank, handing out water bottles and speaking to citizens as part of a national Robin Hood Tax awareness effort.
WHEN: 12:00 pm on Tuesday, June 19, 2012.
WHERE: Sidewalk area outside of JPMorgan Chase Bank, 225 South 6th Street, Minneapolis, MN.

MAJOR NEW CAMPAIGN FOR A ROBIN HOOD TAX ON WALL STREET LAUNCHES IN MINNEAPOLIS, ACROSS U.S. WITH CELEBRITIES, ECONOMISTS AND ACTIVISTS

Tax on Wall Street Transactions Could Raise Hundreds of Billions for Health Care, Education, and to Address Global Poverty

As JP Morgan Chief Dimon Testifies in Congress, Nationwide Rallies Call for Wall Street to Pay Fair Share Through Robin Hood Tax

Dozens of national organizations including National Nurses United and Health GAP, celebrities including Mark Ruffalo, Rage Against the Machine’s Tom Morello and Coldplay’s Chris Martin, leading economists including Jeffrey Sachs, former JP Morgan and Goldman Sachs executives and global leaders such as Desmond Tutu have joined together for an unprecedented coalition, calling for a “Robin Hood Tax” on Wall Street.

The Robin Hood Tax is a small sales tax, less than half of 1% — or 50 cents per $100 on trading in stocks, and even smaller assessments on bonds, derivatives and currencies, that could raise hundreds of billions in the U.S.

“Wall Street’s reckless speculation and risky deals caused our economy’s most devastating crash since the Great Depression, forcing millions of Americans to lose their jobs, their homes, and their pensions,” said Jean Ross, a Minnesota Nurses Association RN and co-president of NNU.  “Three years later, Americans on Main Street still struggle to recover from a crisis we didn’t create.  This is the way to start to turn it around.”

Mark Ruffalo, star of the current movie “The Avengers,” releases a video on Tuesday, June 19, calling on Americans to join the campaign.   He was joined in the video by Chris Martin and Tom Morello.

The Robin Hood Tax is aimed at high-volume trading, which today makes up a majority of all trades.   Experts say it will help place limits on the reckless short-term speculation that threatens financial stability—as with  JPMorgan Chase’s losing bet of $3 billion recently.  A Robin Hood Tax would also assist in curtailing speculation in essentials, such as food and fuel.

“In cities and towns across the country and around the globe, people are hurting,” said Matt Kavanaugh of Health GAP. “Millions have been pushed into poverty, our social safety net has been shredded, and the winnable fights to end AIDS, food insecurity, and environmental destruction lack the resources to succeed. By adopting the Robin Hood Tax in America, we could go a long way towards solving our nation’s, and our planet’s, most pressing concerns.”

As the Robin Hood Tax prepares to launch, members of Congress are questioning JP Morgan Chase CEO Jamie Dimon about his bank’s massive trading loss and inquiring overall about the frenzy of speculative trading.   Over 1,000 leading economists have endorsed the policy behind Robin Hood, including Nobel Laureate Joseph Stiglitz and Lawrence Mishel of the Economic Policy Institute.  Some type of Robin Hood Tax is already in place in more than 40 countries.

In 16 cities across the country, including New York City, Washington, D.C., Chicago, Minneapolis and Los Angeles, activists will call for a Robin Hood Tax in the U.S., rallying outside JP Morgan Chase branches on Tuesday at noon.

For more information go to www.robinhoodtax.org.

6 Responses to “MNA RNs to join national effort Tuesday, will call for Robin Hood Tax”

  1. ftfsos June 19, 2012 at 9:03 am #

    Stop calling robin hood tax (slang for FTT) a bank tax. FTT taxes the entire transaction infrastructure that all of us use. Individuals will pay all of this tax. For investors, investment yields will drop. Businesses use the investing infrastructure, meaning the cost of goods and services rise. IMF’s FTT Final Report For The G-20, June 2010, “Its real burden may fall largely on final consumers rather than, as often seems to be supposed, earnings in the financial sector.”

    • mnnurses June 19, 2012 at 10:17 am #

      ftfos – thanks for weighing in! We appreciate your comments. However we’d urge you to read the fact sheet on the Robin Hood Tax and exactly how it works and its impact: http://robinhoodtax.org.uk/how-it-works

      • ftfsos June 19, 2012 at 1:40 pm #

        I have read that site several times and no, that is not how it works.

        This is what Europe has found.
        Even Before the Damaging Relocation Effects: UK’s European Scrutiny Committee citing the EU Commission’s FTT Impact Assessment, “a 3.43% fall in EU GDP equates to a fall in economic output worth €421 (£362) billion and a 0.34% fall in employment equates to a loss of 812,000 jobs.”

        UK’s Economic Sub-Committee of the House of Lords, “The FTT is likely to induce a loss in GDP between five and 20 times larger than the revenues raised from the tax.”

        Sweden’s short-lived FTT raised 3 percent of projected revenues, not enough to cover the cost of collecting the tax.

        This is not an investment crisis. It is a debt-based crisis in a debt-based economy. Stocks, bonds, and their investors, traders, funds and exchanges, did not create the financial crisis.

        http://financialtransactiontaxes.com/

      • mnnurses June 19, 2012 at 1:44 pm #

        Curious ftfsos would you or do you hold any of the Wall Street traders accountable for creating the current economic situation in the U.S.? Why or why not?

        I respect your viewpoint and the links you’ve shared, but the Robin Hood Tax has the support of everyone from Bill Gates and Warren Buffett and hundreds of world-renowned economists. Could some of the smartest and richest people on the planet all be wrong?

  2. ftfsos June 19, 2012 at 8:32 pm #

    The housing bubble, the subprime mortgage crisis led up to the financial crisis. It resulted in the decline of securities backed by those mortgages.

    Those deals are conducted by institutions off the public exchanges. Do what you want with them.

    These are not stocks and bonds. Google and Apple and their investors did not create the financial crisis.

    Not one exchange-traded instrument was involved in creating the financial crisis. Debt-backed, sub-prime, mortgage securities are the cause of much of the crisis like the credit default swaps that JP Morgan recently and previously lost money on. They do not trade on exchanges like stocks do. Nor would a tax stop them or even slow them down. They would only take on more risk.

    Billionaire Gates has nothing to worry about with such a tax. Some billionaire investors, Buffet, will be happy to see the tax as it will eliminate their competition.

    Those that rely on taxpayers for their multi-million dollar retirements are receiving notice from voters lately.

    Hands off our investments.

Trackbacks/Pingbacks

  1. MNA Daily NewsScan: June 18, 2012 – Robin Hood Tax and State of the (Labor) Unions « Minnesota Nurses - June 18, 2012

    [...] RNs Prepare for Robin Hood Tax Action: Tomorrow (June 19) is going to be a day to remember, as MNA RNs join celebrities, economists and activists nationwide in calling for the implementation [...]

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