Sen. Tom Harkin (D-IA) and Rep. Peter DeFazio (D-OR), have introduced a financial-transaction tax modeled after a measure approved by the European Parliament. The American measure, called the “Wall Street speculators sales tax,” has drawn the support of over 40 national nonprofit organizations and labor unions. The measure would tax stock sales $5 on each $1,000 traded. For bonds and other speculative transactions, the tax would be 10 pennies on each $1,000 traded. The plan could add $35-billion a year or more to social need programs. Federal spending on programs for the poor fell by more than $28-billion from 2011 to 2012 and for health care another $25-billion. Since then, $31-billion more in cuts have been made to domestic programs because of the automatic spending cuts known as sequestration, which were imposed because Congress failed to make a budget deal. Many of those dollars are critical to nonprofit organizations and the people they serve. Read more here>>
Posted on: Mon, 12 Aug 2013 15:47:09 +0000
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