Supporters of the Robin Hood Tax are finally being heard! A Bill was introduced in Congress that will charge 0.05% on financial transactions: if passed, this bill will generate 350 billion in revenue per year. What's most exciting is the possibility that Robin Hood Tax becomes a reality in Congress: this could be the tipping point that finally gets this “slow-down-fast-money” idea to be adopted worldwide in 2013. Already, 11 EU countries are behind it – Austria, Belgium, Estonia, France, Germany, Greece, Italy, Slovakia, Slovania, Spain, and Portugal – and more can opt in anytime.
As Ken Zinn, political director of National Nurses United says so aptly:
This money could meet human needs...it is not intended for the deficit, but to take care of the real people across the country that are suffering. Wall Street got bailed out to the tune of hundreds of billions, money has not yet found it's way to Main Street. It's time for Main Street to get bailed out.
Let those who “churn” stocks, bonds and derivatives on Wall Street pay for it!