WHEREAS, three legislative proposals in the 1131 Congress- H.R. 880, IS, 410 the Wall Street Trading and Speculators Tax Act, and H.R. 1579, the Inclusive Prosperity Act, --would impose a new .03% tax on Wall Street transactions - less than Y2 of 1%; and
WHEREAS, dubbed the "Robin Hood tax", this proposal would generate hundreds of billions of dollars each year to go to the U.S. Treasury; and
WHEREAS, a "Robin Hood tax" won't affect ordinary Americans, their personal savings, or every day consumer activity, such as ATMs or debit cards. It would only affect Wall Street bankers, hedge fund managers, and others in the financial services sector, the very same men and women who lead the U.S. economy to the brink of disaster in 2008 and then were subsequently bailed out by the U.S. taxpayers; and
WHEREAS, a small per-trade levy would raise needed revenue from an under taxed sector and foster greater income equality; and
WHEREAS, as proposed this initiative would also have the impact of curbing speculation, and making the banking system more stable, by putting high frequency traders out of business by denting the profits made from each transaction; and
WHEREAS, supporters of a Robin Hood tax include former Vice President AI Gore, Microsoft Founder Bill Gates, and David Stockman, who served as the Director of the Office of Management and Budget under President Ronald Reagan, several trade unions, nurses, small business owners, community organizers, faith leaders, AIDS activists, environmentalists, movie stars and musicians, and more than 220 million people in 25 countries.
THEREFORE, BE IT RESOLVED that the NAACP would support legislation that generates a new revenue source that imposes a small, per-trade levy on financial transactions; and
BE IT FURTHER RESOLVED that before any new legislation is fully supported by the NAACP, it must be guaranteed that low- and moderate- income Americans will not be adversely affected; and
BE IT FINALLY RESOLVED that any new revenues generated by the above referenced legislation must be used to ensure the strength and continued viability of federal health, education, housing, small business development, child care, job training, job creation, and other crucial social programs to help less fortunate Americans.