Bernie Sanders Introduces Robin Hood Tax

bernie sanders

On May 19th presidential candidate Bernie Sanders joined with National Nurses United (NNU) and the US Students Association to announce his introduction of two Senate bills, the Robin Hood Tax and the College for All Act.

The Robin Hood Tax, a type of financial transaction tax, would enact a 0.5 percent tax on most stock transactions, and a lesser tax on bond and derivative trades. The Robin Hood Tax would raise about $300 billion per year. Sanders, NNU and the Students Association propose using these funds to provide free tuition at every public college and university in the United States and to slash interest rates on existing student loans.

The College for All Act would eliminate undergraduate tuition by requiring the federal government to cover 67% of college costs ($47 billion each year) and states to cover the remaining 33% ($23 billion). Sanders and NNU propose using the remaining funds to guarantee health coverage to all US residents by expanding Medicare. See Doctors Group Hails Medicare For All Bill

As of 2014,  40 million Americans had student loan debt. According to USA Today, US student loan debt amounts to more than  $1.2 trillion. (See Student Loans are Forever)

More than forty countries, including Britain, Germany and China, already have a financial transaction tax on risky financial transactions.

Minnesota representative Keith Ellison (Democratic Farmer Labor Party) has introduced a similar Robin Hood Tax bill HR1464 in the House.

photo credit: Bernie Sanders considers his reply via photopin (license)

9 thoughts on “Bernie Sanders Introduces Robin Hood Tax

  1. Pingback: Bernie Sanders Introduces Robin Hood Tax | The Most Revolutionary Act | Tales from the Conspiratum

    • A communist? He self-identifies as a democratic socialist. Most people see communism and democratic socialism as very different ideologies. In fact, many Biblical scholars view Jesus as a democratic socialist, with his strong advocacy of taking from the rich and giving to the poor.

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      • JESUS CHRIST HAS SAID THAT HIS KINGDOM IS NOT OF THIS WORLD, YOU CAN NOT ASSOCIATE ANYTHING OF THIS WORLD WITH JESUS CHRIST. HE TOOK FROM THE RICH, BECAUSE OF THEIR EVIL AND CORRUPTION. CHRIST LOVES A VOLUNTARY PERSON THAT GIVES AND HIS LAWS ARE NOT BASED UPON THE POLITICS OF THIS WORLD. HE TOOK FROM THE RICH, BECAUSE THE MONIES THEY HAD CAME ORIGINALLY FROM THE POOR AND THEIR LABOR, BUT THIS HAD NOTHING WHATSOEVER TO DO WITH POLITICS. A PERSON SHOULD BE ASHAMED OF THEMSELVES ASSOCIATING JESUS CHRIST WITH ANY POLITICAL PARTY, SINCE HIS KINGDOM IS NOT OF THIS WORLD.

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  2. “HE IS ALSO A COMMUNISTS”

    AND SO AM I! Now what?

    But seriously though Dr. Bramhall, I don’t see this actually coming to pass, not even if Bernie Sanders ascends to the presidency, which he won’t but it’s a nice gesture, nevertheless.

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    • Shelby, the only way it can come to pass is by making it a topic of public dialogue. The issue of Robin Hood Tax has been virtually invisible in the US – even though 40 other countries have already adopted it.

      Back in 1988, when I first joined Physicians for a National Health Plan, the issue of universal publicly funded health care was invisible. By doing continuous education, especially among medical students, churches and labor unions, we managed to convince 2/3 of the American public that this was the right way to go.

      We did this mainly with the support of Rep John Conyers from the Congressional Black Caucus. And now that Obamacare is bombing out, Conyers has introduced our bill to expand Medicare to all US residents.

      I don’t think Bernie will make the Robin Hood Tax a reality, but I’m really glad to see the way he’s using his candidacy to increase the public profile of this genuine banking reform measure that other countries have enacted.

      Liked by 1 person

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