Keith Ellison: "There's plenty of money, it's just the government doesn't have it" [VIDEO]

Categories: Keith Ellison
keith ellison rect.jpg
Ellison favors some redistribution from traders of stocks and bonds to those utilizing public services.
During the Progressive Democrats of America roundtable in D.C. on July 25, Keith Ellison laid out a theory of taxation that one conservative website characterizes as "closer to Marx than it is to John Locke." (Of course, whether that's a good or bad thing is arguable.)

SEE ALSO: Keith Ellison: "Really disappointing" Apple won't pay more taxes than it legally owes [VIDEO]

Speaking about concerns that government doesn't have enough money to adequately run social programs, Ellison said, "The bottom line is we're not broke, there's plenty of money, it's just the government doesn't have it."

He then used that observation as part of an argument on behalf of his Inclusive Property Act, a measure that would levy a sales tax on the trading of stocks, bonds, and derivatives. According to CSN News, Ellison estimates it would generate $300 billion in revenues annually.

"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 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."

Here's the video:



During an appearance on Gregg Jarrett's Fox News show earlier this week, Republican strategist Tony Sayegh blasted Ellison's remarks as representing "a radical view of progressives who believe that the American people are indentured servants to the state... literally he thinks we should be an ATM machine for government programs."

"You get the clear sense that he thinks that your hard-earned wages are literally government property and folks in Washington can reach into your pocket and grab more of it anytime they want," Jarrett replied.

But as a Media Matters post points out, plenty of reputable economists support a transaction tax, including the New York Times' Paul Krugman. Here's an excerpt from his November 27, 2011 column entitled, "Things to Tax":
And then there's the idea of taxing financial transactions, which have exploded in recent decades. The economic value of all this trading is dubious at best. In fact, there's considerable evidence suggesting that too much trading is going on. Still, nobody is proposing a punitive tax. On the table, instead, are proposals like the one recently made by Senator Tom Harkin and Representative Peter DeFazio for a tiny fee on financial transactions.

And here's the thing: Because there are so many transactions, such a fee could yield several hundred billion dollars in revenue over the next decade. Again, this compares favorably with the savings from many of the harsh spending cuts being proposed in the name of fiscal responsibility.

But wouldn't such a tax hurt economic growth? As I said, the evidence suggests not -- if anything, it suggests that to the extent that taxing financial transactions reduces the volume of wheeling and dealing, that would be a good thing.
-- Follow Aaron Rupar on Twitter at @atrupar. Got a tip? Drop him a line at arupar@citypages.com.

My Voice Nation Help
49 comments
senatortombstone
senatortombstone

A 100% tax on existing wealth and future income of every American would not be enough to cover our national debt and upcoming social security and Medicare liabilities. The fact is that politicians of the past and present have made promises to the American people that they could not keep. It's their fault for lying and our fault for believing such unbelievable lies. We don't have to go cold turkey to avoid this inevitable catastrophe, we could increase the retirement agent for social security and government employee pensions, we could reassess pension plan benefits, we could reduce our military, deregulate, etc. However, too many Americans worship the government and consider it their savior. No solution will come, until the millions of Americans worshiping that false God stop doing so.

Kent Erickson
Kent Erickson

The answer to our problems is not more government but less government. Social services are not being run poorly because of not enough money, they are being run poorly because the government doesn't know how to run the programs. Welfare queens, people exploiting unemployment and etc. Lets take money from some people and give it to people who don't want to work and sit on their asses all day, because they deserve it. It doesn't take much money to crack down on the EBT abuse. Make it illegal to use it for anything other than groceries. Cigs, booze and etc shouldn't be allowed, and a person who breaks this should be forced to pay a fine if they do, and then 3 strikes take them off EBT for good.

k2yeb
k2yeb topcommenter

Good God I hope this partisan bullshit stops soon (Progressive Democrats of America). Anyone that has a polarizing position on politics, naively thinks that makes a difference. Same shit, different ass. 

I for one, would actually contribute to a 3rd party that doesn't have ties to oil, business, or foreigner entities....that both the GOP and Democrats maintain for the sake of self preservation, greed, and power. Government should be an accessory, not the damn outfit.  Yes I read the article. No I don't think the government needs to stick their hand in every pot they can find.

Gregory John Herder
Gregory John Herder

Read the article. Poor, poor wording, but this is about a very reasonable transaction tax as a brake on speculation craziness.

digitalprotocol
digitalprotocol topcommenter

"hard-earned wages" are not what is earned by gaming the system and exploiting the stock market.


This is an excellent idea. These markets only exist because of the federal govt and should be paid as such. 


Joseph Bartel
Joseph Bartel

"The money is out there. It's just up to us to take it. Arrgh, matey!"

ChazDanger
ChazDanger topcommenter

We haven't changed our tax code in 27 years. Corporations have figured out how to cheat the system and now it's big business to save as much money as possible by not paying taxes.


We need to change it up and support the infrastructure that made these corporations the best in the world.

MicheleBachmann
MicheleBachmann topcommenter

@Kent Erickson You are too stupid to understand the story.  You didn't even bother to read the article or what Keith was talking about.  Stupid fools like you are why Wall Street crooks can use high frequency trading to steal from the middle class.  

digitalprotocol
digitalprotocol topcommenter

@Kent Erickson cant buy cigs and booze with EBT stoop

kennyX
kennyX

@Kent Erickson Liberal politicians can't crackdown on Welfare or SSI abuse because if they did, they would alienate a huge percentage of their voter base.

mingtran
mingtran topcommenter

You and CP's Michelle Bachman should kiss

goodgod
goodgod

@ChazDanger You don;t know what the fuck you are talking about. Just keep spewing  lame talking points fed to you by your OWS masters. Get a brain and opinion of your own zombie. 

MicheleBachmann
MicheleBachmann topcommenter

@mingtran You are so stupid you don't even understand the issue.  Since you aren't an adult who actually deals with things like investing or having a good job you can't possible understand this article.  The tax Keith is talking about is needed to curb high frequency trading.  I know you are too stupid to actually read a news article and retain information but basically high frequency trading is a way investment bankers steal billions from the middle class every year.  Sadly corrupt Republicans exploit stupid bigots like you in order to make rich scumbags even richer.   Thank God we have smart good people like Keith who are trying to fix these problems.  Too bad stupid trash like you hold everyone back.  

ChazDanger
ChazDanger topcommenter

@goodgod @ChazDanger Like a man with no arms, you bring nothing to the table.  


Having a brain would mean that you bring something to the conversation.  You sir have proven to be worthless

bryanwade3
bryanwade3

@MicheleBachmann  , I'm under no obligation to pay for programs I don't particularly care for because of my demography. How does they way private business makes money entitle others to a piece of it based on their wealth & how they earned it ? maybe Government should have a strict criteria on how welfare is distributed. Libs Exploit the system everyday & you guys should thank republicans since their redistributed wealth funds all of these programs. And Obviously you don't own a business or you wouldn't be posting you're "left logic" all day on CP on every article that is posted. Do us all a favor quit hiding behind the handle "Michele Bachman" or quit posting your rhetoric .   

mingtran
mingtran topcommenter

You still think the murder weapon in Sandy Hook was an AR15. Everyone on CP posted links to autopsy reports and eyewitness accounts stating only two handguns were used. But no, Mighty MB won't have it because it goes against the left's agenda. What does this have to do with taxes?: nothing. Just reminding you and others how

fucked up your reality is...

goodgod
goodgod

@MicheleBachmann You're just another shithead towing a line you don't understand. Go put your tampon in and shut your mouth. 

mingtran
mingtran topcommenter

Sad sack. Same tired bullshit. Nothing new. This is what "progressivism" is?

k2yeb
k2yeb topcommenter

That is a pretty nasty and pathetic response to a 2 word post.  Since I am guessing you don't actually know if that person is stupid...you seem like the type to point fingers everywhere but yourself.

digitalprotocol
digitalprotocol topcommenter

@goodgod derive? you didnt post anything other than personal attacks and you cleary do not understand who or what would be taxed.

if your so tough why dont you come see me and we can discuss this misunderstanding face 2 face

i dont think you have any idea what you are talking about and know that you cannot back up anything.  prove it, come see me

digitalprotocol
digitalprotocol topcommenter

@goodgod @ChazDanger@goodgod maybe you are the most worthless poster on here - WHAT IS YOUR STANCE? make a claim , posit an idea. tell us how wall street, effectively stealing money with robots, makes america a better place and improves my quality of life?


ChazDanger
ChazDanger topcommenter

@goodgod You must have some personal problems that you need to work out. 

goodgod
goodgod

@ChazDanger @goodgod Follow this pandering welfare hero's advice and all of America would soon go the way of detroit as every dollar underwriting growth and entrepreneurial risk as well as propping up every pension and retirement fund in existence would go overseas faster than you can say chazdanger is a dickless dunce. 

MicheleBachmann
MicheleBachmann topcommenter

@mingtran Liberals are doing something about it.  It's called the transaction tax and you were too stupid to read an article about it you worthless stupid dumbfuck. 

mingtran
mingtran topcommenter

Then do something about it instead of being an ignorant asshole

MicheleBachmann
MicheleBachmann topcommenter

@mingtran Yeah, I pointed out you never use facts and don't know anything about high frequency trading.  In response you started babbling about Sandy Hook.  In what fantasy world do you think that makes you look smart you stupid asshole?  

MicheleBachmann
MicheleBachmann topcommenter

@bryanwade3 Why are you obsessed on finding out my real name psycho?   Creepy loser.   I notice you are still too stupid to actually debate.  No facts just more and more stupidity.  

bryanwade3
bryanwade3

@MicheleBachmann You talk a lot of shit but then again you're to scared to post under your real name. I thought Libs were supposed to be nice? Don't let that petuli fuck up your head more than it already has ...

mingtran
mingtran topcommenter

When you leave classic MB comments like that, all it does it help my cause. Thanks :)

MicheleBachmann
MicheleBachmann topcommenter

@mingtran This is how you fix the system stupid.  This tax was first put in place in 1914 idiot.  Ming you are nothing but a loud annoying worthless moron yelling nonsense as adults try to talk.  Fuck off you stupid worthless loser.  Seriously, its so fucking obvious you've never bought a stock in your entire life.  Those of us in the real world are sick of the thieving high frequency traders and know how to fix the problem.  We don't want to hear the thoughts of a stupid fucking dumbass like you.  

MicheleBachmann
MicheleBachmann topcommenter

@bryanwade3  You don't understand what the story is about or what I'm saying so don't talk you stupid fucking loser.  You don't know what a transaction tax is nor do you know what high frequency trading is.  Why don't you go sit in your garage with your car running and take a nap.  I promise you will be a lot smarter afterwords.   You aren't smart enough to discuss things with the adults.  Go the fuck away dipshit.

mingtran
mingtran topcommenter

Then you should be for CHANGING THE SYSTEM, not making it more complicated. It's not Wall St., you fool. It's the government that lets Wall St rape and pillage. But the biggest problem is the Fed, with all their currency devaluation and war mongering. Focus your energy where it's needed, don't waste it. Real progressives are for changing the system, do something instead of flinging your filth around.

digitalprotocol
digitalprotocol topcommenter

@bryanwade3  high frequency trading is problematic and effectively does steal money that would otherwise end up in regular joes pocket

wall street is making too much money by just doing a multitude of transactions - there is no product, no goal, its just a mechanized money vacuum.

there is a difference between the super rich exploiting the system v. poor people trying to subsist.

greed and money are bad - if you dont agree, you wrong

MicheleBachmann
MicheleBachmann topcommenter

@mingtran lol way to show how you understand the story by connecting it to Sandy Hook you stupid fuck.  You are such a stupid loser.  

mingtran
mingtran topcommenter

If you could read effectively, there would be no need for you to ask me silly questions.

digitalprotocol
digitalprotocol topcommenter

@mingtran thats what you offer?  its clear that i can and do read. 

what even are you?>

mingtran
mingtran topcommenter

You can't read

digitalprotocol
digitalprotocol topcommenter

@mingtran waht difference does the weapon make?

so trite of you to bring up weapon bullshit

are you not of asian decent? is anyone in your family or you yourself a refugee?  if so, why would you support the conservative base?

you will never have any wealth doing so ... only suffering

MicheleBachmann
MicheleBachmann topcommenter

@goodgod Please explain high frequency trading and the problem it causes.  Please then suggest an alternative solution than what Rep. Ellison is suggesting.   I know you are incapable of smart discussion.  You are just a stupid piece of white trash who reflexively hates anything the Dems do because you hate black people or gay people or something.  You are nothing but a stupid worthless loser.  Shut the fuck up when grown ups are talking.  You aren't smart enough to talk here.  

MicheleBachmann
MicheleBachmann topcommenter

@k2yeb Wahhhhhhh wahhhh wahhhh more Republican crybaby bullshit.  Considering you and ming are nothing but stupid racist crybabies I don't feel the need to be civil to idiots like you.  All ming ever posts is racism and stupid insults.  You want a civil board, deal with him.  Maybe then I'd listen.  Instead all you are is stupid crybaby who only goes after liberals.   You don't care about civility you lying asshole.  You are too stupid to actually debate the facts of my post so you whine about my tone.  

Now Trending

Minnesota Concert Tickets

From the Vault

 

Loading...