During a July 25 round table talk with Progressive Democrats of America in Washington D.C., Rep. Keith Ellison (D-MN) touted the benefits of his proposed “Inclusive Prosperity Act” before the gathering of Democratic activists. Ellison told the group that the spending proposals contained within the act could be funded with new taxes. “The bottom line is we’re not broke,” Ellison said. “There’s plenty of money, it’s just the government doesn’t have it.”
Ellison touted the benefits of a “transactional tax” which would impose a sales tax on financial transactions including the trading of stocks, bonds, and derivatives. Those new revenues would go to fund health care programs and climate change mitigation and adaptation efforts around the globe.
“People like George Soros, Bill Gates, Warren Buffett, Paul Krugman, Joe Stiglitz, Jeffrey Sax, Dean Baker, Robert Poland, Larry Summers have said they all support a transaction tax,” Ellison said.
“The government has a right, the government and the people of the United States have a right to run the programs of the United States,” he continued “Health, welfare, housing – all these things.”
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