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)