Rally for 'Robin Hood' Tax in New York Today Is Part of Worldwide Day of Action
More than 1,000 New Yorkers will rally today , marching past the U.N. General Assembly meeting to call for a "Robin Hood" financial transaction tax on banks and financial institution to fund the restoration and expansion of vital public services, to implement a real recovery, to fund international efforts for AIDS/HIV research and treatment and to address climate change.
More than 200 organizations will be participating in today's rally at 5 p.m. EDT. The rally will specifically ask President Obama and Congress to back the Inclusive Prosperity Act, H.R. 1579 , sponsored by Rep. Keith Ellison (D-Minn.). The bill would add a tax of a fraction of a percent on transactions done by Wall Street firms and stock traders. Along with raising significant revenue to fund vital domestic needs, a financial transaction tax would also reduce harmful financial market speculation, discourage high-volume, high-speed trading and slow down the proliferation of ever more complex derivatives.
Some 40 countries have similar taxes, and last year a group of 50 financial professionals—investors, traders, academics and banking executives— urged the Group of 20 countries and European leaders to back small financial transaction taxes on financial industry speculation. They wrote such taxes:
offer a real opportunity to help restore the financial sector to its proper role, while raising massive revenues for people in urgent need at home and in the world’s poorest countries.
The rally also will call out JP Morgan Chase & Co. for predatory lending, ask the New York Metropolitan Transportation Authority to use tax revenue to fully fund public transportation and end the march in front of the State University of New York chancellor’s office to call for full funding for the university hospital.
Today's event in New York is part of a worldwide set of actions in support of the Robin Hood financial transaction taxes and improved working conditions, salaries and wages for nurses and improved patient care at hospitals around the globe.
Follow the event on Twitter with the hashtag #S17 and the Robin Hood Tax campaign at #RHT. Check back tomorrow for the best tweets from the event.
If you are in the New York area, RSVP to the event on Facebook .
Anyone can sign the petition supporting the Robin Hood Tax or support the event on Thunderclap .
