Resolution on the "Robin Hood" Tax on Financial Trading

WHEREAS our nation requires revenue to pay for investments in our youth, our work force, our environment, our infrastructure and other needs, and it is both fair and practical to collect additional revenue from individuals and entities with the greatest income and wealth, and

WHEREAS most financial trading is conducted by large institutions and wealthy investors, diverts capital from more productive longer-term investments, increases other investors’ cost of buying investments and subtracts from their return, often escapes income taxes on profit by being conducted from offshore accounts, and is not subject to sales tax, while consumers pay sales tax on their purchases and income tax on their earnings, and

WHEREAS forty other nations including fast-growing emerging countries already have a tax on financial trading, the U.S. had such a tax from 1914 to 1966, and over 1,000 economists have signed a letter in support of it,

THEREFORE, IT IS HEREBY RESOLVED that the Democratic Club of Claremont urges our Congress and President to enact a small tax on the trading of stocks, bonds and derivatives, with an exemption for small investors, as contained in H.R.1579, and

IT IS FURTHER RESOLVED that the Democratic Club of Claremont will send this resolution to President Obama, Senators Boxer and Feinstein, Representative Chu, and the bill’s author, Representative Keith Ellison.

Approved at the Democratic Club of Claremont General Membership Meeting, June 24, 2013