If you, like me, will be scrambling to complete your taxes this weekend, and feeling a bit disgruntled about being taxed more than the big boys on Wall Street, Jobs with Justice has a great plan on how to work out your angst.
Jobs with Justice, the feisty union representing workers in 25 states, is calling for a Tax Wall Street Day of Action on April 15th.
"Big banks helped plunge the nation into the worst financial crisis since the Great Depression. They lobbied for deregulation and corporate tax breaks, then went on a reckless gambling spree, creating complicated, risky mechanisms to make profits off of destabilizing the economy. They have tightened lending for consumers and small business, and they have refused to modify home mortgages. Millions of Americans have lost their homes, their jobs and their retirement savings," says a Jobs with Justice flyer.
Indeed, Americans have lost $14 trillion in wages, savings and housing wealth since the start of the financial crisis. According to the Center for Media and Democracy's Wall Street Bailout Cost Table, we are still $2 trillion in the hole for the bailout, plus we read with astonishment that the bailout enabled Wall Street to pay out $140 billion in bonuses in 2009 to top executives. With tax lawyers and accountants up the wazoo, big bankers know how to dodge taxes on their earnings and bonuses leaving middle class Americans holding the bag.
The solution? It's time to take it back.
Jobs with Justice, SEIU, AFL-CIO and the broad coalition Americans for Financial Reform are all calling for a teeny tiny Bankster tax, 0.20 percent, on the sale or purchase of a share of stock, bonds or derivatives, which would would help us to recoup our losses and put the money to work rebuilding America. The idea is supported by Nobel Prize-winning economist Joseph Stiglitz as a way of dampening high-speed, high-stakes gambling on Wall Street and raising a steady stream of revenue. It was even touted at one time by President Obama's chief economic adviser Larry Summers. A bill has been introduced in Congress recently by Rep. Peter DeFazio (D-Oregon) and Senator Tom Harkin (D-Iowa) that uses the revenue to create jobs and reduce the deficit.
"Champagne, caviar, tell us where our good jobs are!"
You too can join the fun. Take action on April 15th at a local branch of a big national (bailed out) bank like Bank of America, Citigroup, JP Morgan Chase, Wells Fargo or Goldman Sachs. Get an easy to use action kit and learn more by visiting the Jobs with Justice site.
"Hey Wall Street, its not fair, it's time for you to pay your share!"
Start your workday the right way with the news that matters most. Learn more