Tax Wall Street to Heal Main Street
Wall Street recklessness and corporate greed have pushed millions of Americans out of jobs and homes, while concentrating record profits and bonuses for the very top – megawealth that gives them a stranglehold on both our economy and democracy. They want to redefine “normal” as a permanent “jobless recovery” with high profits for them and high unemployment and insecurity for the rest of us. One US Senator went so far as to say the banks “own” Congress. Breaking the grip of Wall Street is a necessary part of the fight for Full and Fair Employment and a New Economy.
As a national network, JwJ has been pushing for a Financial Speculation Tax (FST, aka financial transactions tax or 'sales tax on Wall Street') ever since our "peoples bailout" agenda in late 2008. It has been part of efforts to make Wall Street pay for wrecking the economy, pass bank reform and end the jobs crisis, supported by multiple coalition partners. An FST not only can generate substantial revenue for creating the good jobs, green infrastructure and public services we need, it can help restrain the more destabilizing short-term financial transactions. The FST was affirmed as a JwJ demand as part of "Building a New Economy" at the JwJ national conference.
National Nurses United (NNU), as a centerpiece of its Main Street Contract, is campaigning to "Tax Wall Street to Heal Main Street", and has called for a national day of action September 1. Actions will vary place to place, asking members of Congress to save social security and medicare and support a FST/FTT that generates at least $350 Billion per year. JwJ coalitions inNew York, Massachusetts, Florida, Ohio, Maine, Illinois, California and elsewhere are participating.
The wisdom of a tax on financial speculation is catching on. Great Britain has one now. Even the leaders of Germany and France have proposed it (The USA had one from 1914-1966).