{"id":4700,"date":"2012-06-20T15:20:31","date_gmt":"2012-06-20T23:20:31","guid":{"rendered":"http:\/\/www.fogcityjournal.com\/wordpress\/?p=4700"},"modified":"2022-11-15T18:50:53","modified_gmt":"2022-11-16T02:50:53","slug":"nurses-rally-support-for-robin-hood-tax-on-wall-street-transactions","status":"publish","type":"post","link":"https:\/\/www.fogcityjournal.com\/wordpress\/4700\/nurses-rally-support-for-robin-hood-tax-on-wall-street-transactions\/","title":{"rendered":"Nurses Rally Support for Robin Hood Tax on Wall Street Transactions"},"content":{"rendered":"
\"\"<\/a>

A man who identified himself as Robin Hood expressed support for a Robin Hood Tax on Wall Street transactions during a rally Tuesday outside JP Morgan Chase in downtown San Francisco. Photo by Rosie Linares.<\/p><\/div>\n

By Maggie Ortins<\/a><\/strong><\/p>\n

June 20, 2012<\/p>\n

Dressed in red scrubs and chanting \u201cWall street says cutback, we say fight back,\u201d members of National Nurses United gathered Tuesday outside JP Morgan Chase in downtown San Francisco to rally support for a \u201cRobin Hood Tax<\/a>\u201d that aims to tap Wall Street investment transactions to fund social services.<\/p>\n

Wearing Robin Hood hats, protesters drew double-takes from passers-by as they demonstrated – some with children in tow.<\/p>\n

The tax, commonly known as a financial transaction (or speculation) tax, would apply to trades in stocks, bonds, currencies and derivatives. The tax would generate 50 cents for every $100 traded.\u00a0 According to a 2009 report by the Center for Economic and Policy Research, the transaction tax, which has not yet garnered political backing, could raise as much as $350 billion per year.<\/p>\n

Sue Fendley, a rally organizer, said the tax could make up for the shortfall in national education and health care funding.<\/p>\n

\u201cWe are very surprised at the push back against this legislation,\u201d Fendley said. \u201cWho is pushing back? Essentially it is the one percent.\u201d<\/p>\n

\"\"<\/a>

National Nurses United members dance in support of the investment transactions tax. Photo by Shane Menez.<\/p><\/div>\n

Charles Idelson, director of communications for the California Nurses Association, blames misguided priorities in the political system.<\/p>\n

\u201cPeople have hospital bills they cannot pay, causing patients to self-ration care,” he said.<\/p>\n

Bank officials did not return repeated calls for comment.<\/p>\n

Travis Majers, an investment banker, declined to disclose the company he works for but said the nurses do not understand \u00a0where the money for the tax would come from.<\/p>\n

\u201cWhenever you raise taxes on a corporation, that will turn around and hurt the consumer in the end with banks raising fees,\u201d Majers said. \u201cI don\u2019t see anyone getting mad at Apple for their profit margins. Banks are going to walk the fine line of profits. This is a matter of what is fair and right.\u201d<\/p>\n

Retired teacher Terry Bailley travelled from Stockton \u00a0to show his support for the tax. He said he is appalled at the lack of funding for education and healthcare.<\/p>\n

\u201cWe\u2019re dying stupid,\u201d Bailley said. \u201cThe banks are more often than not getting tax breaks and often get tax money returned.\u201d<\/p>\n

Several countries benefit from taxes on financial transactions including the United Kingdom and China – without significant loss to business according to the International Monetary Fund website.<\/p>\n

\u201cSuch taxes do not automatically drive out financial activity to an unacceptable extent,\u201d the website says.<\/p>\n

A concurrent effort to raise revenues from financial transactions is underway in the US.\u00a0 A bill called the Wall Street Trading and Speculators Tax Act was introduced in November by US Senator Tom Harkin (D-IA) and Congressman Peter DeFazio (D-OR), but currently remains in committee, according to the Library of Congress.<\/p>\n

The legislation aims to raise 3 cents for every $100 traded on most non-consumer financial transactions including stocks, bonds and other debts.<\/p>\n

\u201cTrue deficit reduction in this country must come from a balance of spending cuts and necessary revenue increases,\u201d said Senator Harkin. \u201cThis trading tax would help raise necessary funds to invest in our infrastructure and the education of our children, among other priorities, and would do so without hurting job creation.\u00a0 There is no question that Wall Street can easily bear this modest tax.\u201d<\/p>\n

Harkin’s proposed tax would take effect January 1, 2013.<\/p>\n

\"\"<\/a>

National Nurses United members rally for the Robin Hood Tax outside JP Morgan Chase building in downtown San Francisco. Photo by Rosie Linares.<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

Dressed in red scrubs and chanting \u201cWall street says cutback, we say fight back,\u201d members of National Nurses United gathered Tuesday outside JP Morgan Chase in downtown San Francisco to rally support for a \u201cRobin Hood Tax\u201d that aims to tap Wall Street investment transactions to fund social services.<\/p>\n","protected":false},"author":8853,"featured_media":4704,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1317,127,191,222],"tags":[1459,1479,1483,1484,1480,1481,1485,1482,1100,1486],"class_list":["post-4700","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-economy","category-labor","category-news","tag-bnr","tag-cna","tag-congressman-peter-defazio","tag-investment-tax","tag-jp-morgan-chase","tag-national-nurses-united","tag-robin-hood-tax","tag-senator-tom-harkin","tag-wall-street","tag-wall-street-trading-and-speculators-tax-act"],"yoast_head":"\nNurses Rally Support for Robin Hood Tax on Wall Street Transactions - 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