Da Vid Raphael MD
143 Seminary Dr. Apt E
Mill Valley, Ca. 94941
Dear Vice President Harris,
Greetings! As Founder and Director of TheLight Party and Director of The San Francisco Medical Research Foundation I urge you to learn more about The Tobin. Tax/FinnacialTax/Robin Hood/Tax which serves to address and resolve many of the pressing economic issues of the day!
TIME TO INSTITUTE THE TOBIN TAX, A GENUINE ECONOMIC PANACEA, TO REMEDY THE MASSIVE INEQUALITY OF WEALTH
A Financial Transaction Tax on speculative trading is sometimes called a Tobin tax, A genuine Economic Panacea after the man who first proposed it, Nobel laureate economist James Tobin.
The revenue potential of a Tobin tax is huge. The Bank for International Settlements reported in 2008 that total annual derivatives trades were $1.14 quadrillion (a quadrillion is a thousand trillion). That figure was probably low, since over-the-counter trades are unreported and their magnitude is unknown.
A mere 1% tax on $1 quadrillion in trades would generate $10 trillion annually in public funds. That is only for derivatives. There are also stocks, bonds and other financial trades to throw in the mix; and more than half of this trading occurs in the United States.
TIME TO INSTITUTE THE TOBIN TAX, A GENUINE ECONOMIC PANACEA, TO REMEDY THE MASSIVE INEQUALITY OF WEALTH
The revenue potential of a Tobin tax/Financial Transaction Tax is huge. The Bank for International Settlements reported that total annual derivatives trades were $1.14 quadrillion (a quadrillion is a thousand trillion). That figure was probably low, since over-the-counter trades are unreported and their magnitude is unknown.
A mere 1% tax on $1 quadrillion in trades would generate $10 trillion annually in public funds. That is only for derivatives. There are also stocks, bonds and other financial trades to throw in the mix; and more than half of this trading occurs in the United States.
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Another arresting fact is that just five super-rich commercial banks control 97% of the U.S. derivatives market: JP Morgan Chase & Co., Goldman Sachs Group Inc., Bank of America Corp., Citigroup Inc. and Wells Fargo & Co.
Promoters of international development have suggested that a mere .005% tax could raise between $30 billion and $60 billion per year, enough for the G7 countries to double international aid.
Sen. Bernie Sanders proposed while he was campaigning for President a 0.10%… ONE TENTH of 1% Financial Transaction Surcharge which would have generated $300 Billion /YR..a Modest proposal..
We, The Light Party, propose a 1.0% Financial Transaction Tax , (Surcharge) would raise $3TRILLION Dollars/year or More!! THIS IS A WIN-WIN ECONOMIC PANACEA
Needless to say, This massive new revenues stream will easily fund many great social/critically needed environmental programs..Free college tuition,
Medicare, new Infrastructure Programs. Remineralization Of The Soil Planting of Billions Of Trees.. etc, etc, etc!!
In Service To Humanity
Founder and Director of TheLight Party and Director of The San Francisco Medical Research Foundation
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