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Jennifer Flynn, Health GAP, jflynn@healthgap.org

Health GAP is…

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• An international AIDS activist organization dedicated to eliminating the barriers to lifesaving HIV treatment for everyone.

• A strong believer in direct action organizing and strategic policy making.

• The sponsor of the Student Global AIDS Campaign• Began with a series of beautifully choreographed direct actions

targeting then VP and Pres. Candidate Al Gore for his role in preventing South Africa from importing generic, affordable medications.

• NPA is a coalition of grassroots organizing groups• NNU is one of the largest unions of professional healthcare workers.• Over 150 endorsers are members of the campaign

The Solution We Can All Work on Together-the Solution to

SequestrationGorillas, LGBT community, People

living with AIDS, Homeless, Unemployed, Unions, etc.

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What is the Robin Hood Tax?• Taxing financial instruments such as:

Stocks, Bonds, Foreign Exchange, Derivatives: Futures, Swaps, Options

• Average rate: 0.05% would generate: up to $400b worldwide-not quite high enough to slow speculative market

• Rate of .5% would generate up to $350 billion in the U.S. alone

• In Europe, campaign called for 50% domestic; 50% international: – Jobs+Development/health + climate change– 11 countries have no passed, rate of .1% on stocks

• In U.S. campaign is asking for higher percentage point to add additional demands: create jobs, provide education, full healthcare.

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History of FTTs• Tobin taxes: Originally refer to

James Tobin, currently used by the media to mean all financial transaction tax.

• 1970s: Tobin’s original idea was about taxing currency/forex

– 1% in order to REGULATE not generate revenue

– Would dramatically cut down on transactions… which Tobin wanted

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• Currency – foreign exchange: Currency – foreign exchange: • 1973: $4 trillion per year; 1973: $4 trillion per year; • mid-80s: $40 trillion per yearmid-80s: $40 trillion per year• 2004: $500 tr. pa = $1.9 tr. per day2004: $500 tr. pa = $1.9 tr. per day• 2007: $800 tr. pa = $3.2 tr. per day2007: $800 tr. pa = $3.2 tr. per day• 2010: $1,000 tr. pa = $4 trillion per day2010: $1,000 tr. pa = $4 trillion per day

Rate: 0.005% - Intelligence Capital Rate: 0.005% - Intelligence Capital • Revenue: $45-50 Billion per yearRevenue: $45-50 Billion per year

Currency Transaction Levy Currency Transaction Levy

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Legislation and Support So Far:• The Currency Tax Levy is a subset of this larger tax. Just on currency.

Would raise $30 billion if there was a .005% tax on 4 most traded currencies.

• Congressmember Pete Starks introduced legislation to create a currency transaction levy that would specifically fund the fight against global AIDS and climate change (DeFazio-Harkin bill would fund domestic jobs)

• DeFezio/Harkin, Rep. Conyers-FTT’s to reduce deficit and create jobs respectively

• Congressmember Ellison Bill, HR 6411 with a great rate of .5% and talks about AIDS in the findings.

• Gates, the Pope Emeritus, Sachs, Archbishop of Canterbury, Chris Martin, Anna Wintour, Mark Ruffalo, to name drop a few, have come out in favor

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EuroZone FTT’s• 11 countries• The U.S. is now the ONLY of the world’s major

financial sectors to have tax on financial trading.• Residence+issuance-Foreign subsidiaries are

included (taxing both buyer and seller). Sweden didn’t do this and failed.

• Stocks at .1%, derivatives at .001%• Estimates for EU wide revenues of 57 bn. Euros

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How Does It Work:

VAT? / Sales Tax04/19/23 9

Myth Busting…

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It Needs to Happen Everywhere…• FTTs – commonplaceFTTs – commonplace: over 25 years: over 25 years

introduced permanently or temporarily on stocks, introduced permanently or temporarily on stocks, corporate/government bonds, futures, general corporate/government bonds, futures, general computerised financial transferscomputerised financial transfers

• Argentina, Australia, Austria, Belgium, Brazil, Argentina, Australia, Austria, Belgium, Brazil, Chile, China, Colombia, Denmark, Ecuador, Chile, China, Colombia, Denmark, Ecuador, Finland, France, Germany, Hong Kong, India, Finland, France, Germany, Hong Kong, India, Indonesia, Italy, Japan, Malaysia, Morocco, Indonesia, Italy, Japan, Malaysia, Morocco, Netherlands, Pakistan, Peru, Philippines, Portugal, Netherlands, Pakistan, Peru, Philippines, Portugal, Russia, Singapore, South Africa, South Korea, Russia, Singapore, South Africa, South Korea, Sweden, Switzerland, Taiwan, UK and US Sweden, Switzerland, Taiwan, UK and US

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Will it Hurt the Financial Sector?

• Profit to Financial Sector:– Between 1990-2010 the colume of global financial

market transactions has swelled from 7xs global GDP to 26xs with an upward trend.

• $2.9 trillion of daily financial activity in U.S. markets.• U.S. govt. is currently operating at its lowest level of

revenue in more than 60 yrs.• IMF says financial sector of economy is undertaxed

(particularly in U.S.

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It WILL Hurt the Financial Market…

• Volume of financial transactions: 70x the size of “real economy”

• Tradebots in the US who hold a stock on average for just 11 seconds.

• Financial experts agree-this is the danger zone of trading.

• RHT will kill about 50% of (robo) trading• Our revenue estimates take this loss into

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Won’t it reduce pension income?

• NO!• Pensions are a long-term

investment. The tax affects short-term investments

• Rate of the tax is very small. Doesn’t affect invididual investors

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Grassroots Action Thus Far…

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VOCAL-NY on World AIDS Day

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AIDS Activists have been Occupying Wall Street for 25

Years…

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UPCOMING OPPORTUNITIES…• Metro Committees! Monday, 4pm, NEDAP• DRESSING LIKE ROBIN HOOD IS NEVER A BAD THING• GOING NAKED IS NEVER A BAD THING• Organize a rally outside your Member of Congress’ office or

invite them to a town hall on global AIDS. Now is the time for Congress to keep their promises on AIDS.

• Meet with your congressmember-very few people actually do this!

• Ellison bill to be re-introduced, press conference, day of actions in early March

• MOBILIZE FOR APRIL 20TH (NO, NOT THAT 4.20) IN DC (G8/G20 FINANCE MINISTERS AND GOVERNORS)

• FTT messaging at Occupy Everywhere• Do any Robin Hood Action!04/19/23 21

It will never happen…

• THE OCCUPY MOVEMENT HAS OPENED A SPACE FOR US TO FINALLY START TALKING ABOUT AN END TO REPEATED BUDGET CUTS.

• PUSHING OUR POLITICS MORE TO THE LEFT.• FINANCIAL TRANSACTION TAX HAS BEEN PROMOTED

BY ADBUSTERS.• SUMMERS GONE, GEITNER GONE, LEW ON RECORD

SAYING HE IS AGAINST, BUT OBAMA IS FOR.

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Contact Info

Jennifer FlynnManaging Director

Health GAPjflynn@healthgap.orgCell + 1 917 517-5202

Skype: jenniferaliceflynnHeadquarters: +1 212 537-0575 x 3

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