The following Statement was adopted by the Child Labor Coalition in Washington, D.C.
We urge members of Congress to enact a Financial Transactions Tax and commit the revenue to help young children at home and around the world. Investing in children is investing in our future.
The global community has repeatedly affirmed its desire to help children thrive. Yet total U.S. foreign assistance is less than 1 percent of the national budget and the U.S. Congress has recently made deep cuts to vital domestic programs that provide food, housing and education opportunities for children growing up in poverty. New sources for funding must be found and dedicated to securing basic rights to food, shelter, education and health care for the world’s future generations.
We the undersigned believe a small Financial Transactions Tax should be implemented in the United States with funds dedicated to help meet the unmet needs of children in the US and abroad. The tax would function like a sales tax on trades in stocks, bonds and derivatives, but set at only a fraction of a percent rather than the 3 to 9 percent sales tax consumers are used to paying.
In addition to providing a new source of revenue to help counter staggering global inequality, an FTT would help eliminate the empty speculation at the heart of the 2008 economic collapse and skyrocketing food commodity prices by reducing risky, high-frequency trading and market instability. Economists agree that the financial transactions tax would be easy to collect and hard to avoid.
A Financial Transactions Tax would raise tens of billions of dollars every year. Ten countries in the European Union are implementing the tax in 2017 and currently a dozen countries around the world use the tax to raise revenues. It's time for the U.S. to do the same.
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