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Nurses to Take Tax Push to Congressional Districts

John Commins, for HealthLeaders Media, September 1, 2011

While unions generally rely on a more sympathetic reception from Democrats, Burger says NNU will press both parties to support the transaction tax because NNU does not believe it is a partisan issue. "We are pressuring Republicans and Democrats. We are not out there fronting for the Democratic Party," she says. "We are holding both sides accountable because both sides have been pandering to Wall Street and have bailed them out with trillions of dollars." 

"We want to make sure that everybody understands that you aren't off the hook just because you're a Democrat or a Republican. We are targeting the entire system, because the entire system is morally bankrupt."

Burger says NNU will release data contrasting contributions Democratic and Republican lawmakers have received from Wall Street even as the lawmakers' districts suffer from economic woes.

Rep. Paul Ryan (R-WI), for example, allegedly has accepted $2,417,672 in campaign contributions from Wall Street financial institutions over the past 12 years. In the meantime, NNU says 69,241 people in Ryan's district are uninsured, 22,884 use food stamps, and 20,394 children and 7,939 seniors live in poverty.

Sen. Michael Bennett (D-CO) allegedly has collected $2,409,806 campaign contributions from Wall Street while Colorado is among the top 10 states for home foreclosures, has 184,689 children in poverty, 116,941 people using food stamps, and 13,390 homeless, NNU says.

Burger says NNU is not supporting a specific bill right now. "What we know is that legislation always gets watered down. We aren't endorsing a particular piece of legislation until we are assured that it will raise more money than what I would consider 'couch change,'" she says. "Right now there are some lukewarm financial tax proposals out there, but they would only raise $1 billion or so and that is not sufficient to make a credible different in rebuilding the infrastructure."

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1 comments on "Nurses to Take Tax Push to Congressional Districts"


Carol (9/2/2011 at 9:44 AM)
Financial transaction taxes destroy jobs and retirement accounts. All forms of investments that did not remotely play a role in creating the crisis will be taxed. Debtors, defaulters and lenders are bailed out and investors, savers and the traders and exchanges that support them are scapegoated. The tax will cause competition to decrease and the bid-ask spread and broker fees to increase. Even if individuals are exempt from paying the actual tax, the reduced liquidity that the tax [INVALID]s will increase the cost of purchasing stock 8 times greater than the proposed tax rate. The increased spread, increased fees, etc., will cost 2 to 3 percent yield loss every year. Using a financial calculator, over a working lifetime, a person's retirement account will be reduced by a minimum of one half in a best case scenario. The Canadian government and The Independent Budget Office of New York City have conducted extensive research and find financial transaction taxes to cause net negative revenue, and substantial economic and job losses. A real world example would be Sweden's experiment with a short-lived, broad-based and comprehensive transaction tax. Government bonds for example had a rate of only 0.03 percent. Trading of bonds fell 85 percent the first week, bond futures trading [INVALID]ped 98 percent, bond options stopped trading entirely. The government could not sell bonds to raise revenue. Businesses could not raise capital to expand and [INVALID] jobs. Total net revenue from the transaction tax was negative after subtracting loss of revenue in other areas of the economy and job losses that the transaction tax [INVALID]d. "Burger says the NNU does not want the tax applied to transactions such as home mortgages, loans..." Those in part are what caused the financial crisis. Instead, all forms of investments that did not remotely play a role in creating the crisis will be taxed. Debtors, defaulters and lenders are bailed out and investors, savers and the traders and exchanges that support them are scapegoated. The tax will cause competition to decrease and the bid-ask spread and broker fees to increase. Even if individuals are exempt from paying the actual tax, the reduced liquidity that the tax [INVALID]s will increase the cost of purchasing stock 8 times greater than the proposed tax rate. The increased spread, increased fees, etc., will cost more than 2 percent yield loss every year. Using a financial calculator, over a working lifetime, a person's retirement account will be reduced by one half in a best case scenario. Sounds like a savings and retirement account raid. The International Monetary Fund, the Canadian government, The Independent Budget Office of New York City, the Swedish government, etc., have conducted extensive research and conclude that financial transaction taxes hit savers, investors and retirees severely. Competitive trading would stop and increase the bid-ask spread that we the people pay on stock purchases or indirectly through mutual funds. That alone would reduce the yield by around 2 percent per year, costing several times more than even the tax itself. Then add increased broker fees as many will go out of business. Over a working lifetime, our potential retirement yields will be reduced by one half, at least. And stop with the outright lies. This tax, according to the studies mentioned above will not raise billions of dollars. The studies conclude and Sweden proved that transaction taxes are net revenue negative as much financial and investing activity stops and the economic and job losses increase. FTT and its true purpose: let's let Hitler's 1922 Munich speech speak for the proponents: "Capitalism as a whole will now be destroyed, the whole people will now be free. We are not fighting Jewish or Christian capitalism, we are fighting every capitalism: we are making the people completely free." IMF states in the Final Report For The G-20, June 2010 about the financial transaction tax, "Its real burden may fall largely on final consumers rather than, as often seems to be supposed, earnings in the financial sector...A tax levied on transactions at one stage 'cascades' into prices at all further stages of production." [INVALID][INVALID][INVALID][INVALID][INVALID][INVALID][INVALID]