To: U.S. Congress
U.S. Congress: Help Our Students with a Robin Hood Tax on Wall Street
Soaring levels of student loan debt are crippling the success of college students. A small sales tax on Wall Street transactions of stocks, bonds and derivatives could raise enough revenue to fund student debt relief. Additionally, revenue would support programs for issues affecting and of interest to young people including job creation, healthcare, environmental protection, and global health and HIV/AIDS.
Support HR 1579 to establish a Robin Hood tax on Wall Street of 0.5% to reduce the crushing burden of student loans, and give college students a chance.
Why is this important?
College and University students in the United States today are drowning in insurmountable levels of student loan debt. This year, the Class of 2013 will graduate only to face some of the highest levels of student loan debt our country has ever seen. The average college graduate owes over $26,000 after graduation - while unemployment rates continue to soar and college graduates are often unable to find work.
A small financial transactions tax, or a Robin Hood Tax of 0.5% could yield up to $350 Billion - revenue that could be used to increase support for federal student aid and grant programs. These programs have suffered since the economic recession, while tuition rates for students have continued to climb and unemployment rates spiral. Many college graduates leave school with crippling student debt levels in the face of unemployment.
That's why Representative Keith Ellison (D-MN) has introduced a bill in Congress, HR 1579, that would create this tax as a way to fund important education grant and financial programs and student debt relief. With up to $350 billion in revenue each year, the tax would also be used to combat other social justice issues that affect and are of interest to young people today. Revenue would be used for job creation, healthcare, climate change prevention, global health and AIDS, and for other educational programs.
This is not an outrageous idea. 40 countries around the world already have Robin Hood Taxes, and it’s time the United States did too.
Please sign my petition in support of HR 1579 to establish a Robin Hood Tax on Wall Street of 0.5% to eliminate student debt and give college students a chance.