It’s not a new idea, but then again liberals are not known for “new” ideas. Since the 1910’s, progressive initiatives have been little more than a string of recycled redistributive concepts, and innovative ways to reduce the private ownership of wealth. The ‘Inclusive Prosperity Act’ is the latest in a long string of “transaction tax” proposals. Essentially the act would levy a sales tax on the trading of stocks, bonds and derivatives. And while the tax might be ill-conceived, and economically damaging, it was the sales pitch for the tax that proved to be most disturbing.
“The bottom line is we’re not broke, there’s plenty of money, it’s just the government doesn’t have it,” said Rep. Keith Ellison (D-Minn.), “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.”