Activists seek ‘Robin Hood tax’ upon Wall Street

Activists organized in part by the California Nurses Association rallied Friday at congressional offices in 22 cities – including four in Northern California – to call for a tax on Wall Street speculation to relieve economic inequality and address basic needs.

The Oakland-based union scheduled the events for Friday because it’s the 46th anniversary of the assassination of Dr. Martin Luther King Jr., who at the time of his death was amid a campaign for economic justice that included anti-poverty and worker-rights issues.

Supporters of HR 1579 – authored by Rep. Keith Ellison, D-Minn., and cosponsored by local lawmakers including Barbara Lee, D-Oakland; Zoe Lofgren, D-San Jose; Sam Farr, D-Santa Cruz; Jared Huffman, D-San Rafael; and John Garamendi, D-Fairfield – sometimes call it the “Robin Hood tax.”

The bill would levy a tax of 50 cents on every $100 of stock trades and smaller amounts on transactions of bonds and derivatives. Its goal to reduce harmful financial market speculation; discourage high-volume, high-speed trading; and slow down proliferation of complex derivatives while raising hundreds of billions of dollars per year for jobs, health care, education, the fights against HIV/AIDS and climate change, and more.

Several dozen countries have similar taxes, and the United States had one until 1966. Business leaders including Bill Gates, Warren Buffett, Paul Krugman, Joseph Stiglitz, Jeffrey Sachs, Robert Pollin, and Larry Summers have recommended adopting a financial transaction tax, and after Wall Street’s crash 1987, such a tax was endorsed by President George H.W. Bush and U.S. Sen. Bob Dole, R-Kan. And former Rep. Pete Stark, D-Fremont, carried a similar bill in 2010.

There’s no chance the Republican-led House will ever advance this bill.

Still, Northern California activists rallied Friday at the offices of congressmen George Miller in Concord, Mike Honda in San Jose, Ami Bera in Rancho Cordova and Jeff Denham in Modesto – three Democrats and a Republican, respectively.

“My patients are trying to heal from an illness or surgery and when they go home they are forced to make a decision between buying medication or food,” California Nurses Association co-president Malinda Markowitz, an RN at San Jose’s Good Samaritan Hospital, said in a news release. “That’s why I want Rep. Mike Honda to support the people of this community by supporting the Robin Hood Tax.”

The nurses’ union notes King once said, “This is America’s opportunity to help bridge the gulf between the haves and the have nots. The question is whether America will do it.”

Josh Richman

Josh Richman covers state and national politics for the Bay Area News Group. A New York City native, he earned a bachelor’s degree in journalism from the University of Missouri and reported for the Express-Times of Easton, Pa. for five years before coming to the Oakland Tribune and ANG Newspapers in 1997. He is a frequent guest on KQED Channel 9’s “This Week in Northern California;” a proud father; an Eagle Scout; a somewhat skilled player of low-stakes poker; a rather good cook; a firm believer in the use of semicolons; and an unabashed political junkie who will never, EVER seek elected office.

  • Elwood

    The House will take up goofy Ellison’s goofy bill the same day they serve ice cold lemonade in hell.