Ellison was discussing his ‘Inclusive Prosperity Act’ measure at the July 25th Progressive Democrats of America roundtable in Washington.
“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 bottom line is we’re not broke, there’s plenty of money, it’s just the government doesn’t have it,” Ellison continued, “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. Health, welfare, housing – all these things.”
The ‘Inclusive Prosperity Act’ would levy a sales tax on the trading of stocks, bonds and derivatives. Ellison estimates it would generate $300 billion in revenues annually.
According to the bill revenue raised will go to several priorities and, “fund international sustainable prosperity programs such as health care investments, AIDS treatment, research and prevention programs, climate change adaptation and mitigation efforts by developing countries, and international assistance."