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Old 07-23-2010, 12:13 PM
 
33,858 posts, read 17,979,629 times
Reputation: 14571

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H.R. 5783, the Investing in Our Future Act

Introduced by Pete Stark (D - CA)

Each day, $4 trillion dollars of currency are traded. For international businesses and travelers, trading dollars for other currencies serve a legitimate purpose. However, nearly 80 percent of these transactions are undertaken by a handful of major banks. Experts agree that most of these transactions are made for purely speculative purposes.

Wealthy traders and big financial institutions make huge bets on the fluctuations in currency value, and they can make massive profits if their bets are correct. This type of speculation helped to worsen the recent financial crisis and serves no purpose other than to make a few people and institutions even richer.

Today, I introduced H.R. 5783, the Investing in Our Future Act. My legislation would simply impose a small tax — of 0.005 percent — on these currency transactions. The money raised would be put toward investments in children, global health and climate change mitigation.


What would the money be used for?


Here at home, the funds from this fee would be used to improve the quality and affordability of child care. This funding would provide more child care options, so working families can obtain the quality care their children need to begin school ready to learn.


Internationally, the bill would create a U.S. fund to assist developing countries with the impacts of global warming. At the United Nations Climate Change Conference in December, President Obama pledged to fund our country's commitment to mitigating the effects of climate change. This bill would make that promise real.


Finally, the legislation would create a Global Health Trust Fund to fight HIV/AIDS, Malaria, Tuberculosis and other diseases that kill millions of people each year in developing nations. This money will fund treatments and prevention for these diseases, as well as research aimed at eradicating them altogether.

FYI - the tax only applies to currency transfers that exceed $10,000 in a calendar year at a rate of $0.005 - so for every $10,000, the gov't takes $50.

For what - stuff we have been throwing money at for years and years. Why doesn't he just say he wants to use the money for gas money? It might as well be the same thing. There will always be an assumed need for the government to pay for child care, (fake) global warming, and global AIDS - just like there will always be a need to put gas in his car.

Pay down the debt.

Help private businesses hire people by cutting taxes so we can buy and sell more which leads to more jobs.
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