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    The US Financial Transactions Tax: A Primer

    What do Bill Gates, Archbishop Desmond Tutu, House Minority Leader Nancy Pelosi, and former UN Secretary General Kofi Annan, Nobel-prize winning economist Joseph Stiglitz, have in common?  All of these prominent figures support some type of Financial Transactions Tax, a progressive tax on financial speculation. 

    The proposed U.S. Financial Transactions Tax (FTT), commonly known as the “Robin Hood Tax,” seeks to raise billions of dollars in federal revenue by levying a small excise tax on certain transactions in the financial sector. This study explores at how a Financial Transactions Tax will work, precedents for the tax, and current arguments for and against the tax.

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    We Deserve Better

    If you have young children or grandchildren, you’ve probably had some difficult conversations with them since the election.

    My granddaughter Genesis is 9 years old. She was born in this country while her mom was a legal permanent resident. The day after the election, she went about her routine and was on the way to her 3rd grade class. As soon as she got in the car with her mom and little sister, she asked, “Mami, who won the election?”

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  • Featured Event

    "Born on Third Base" – A Brown Bag Lunch with Chuck Collins

    With the heart of an agitator and the soul of a storyteller, inequality expert (and UFE Co-Founder) Chuck Collins upends our assumptions about America’s deep wealth divide—one that, for the first time in recent history, locks the nation’s youth into a future defined by their class and wealth at birth; limits our ability to address crises like climate change; and creates a world that no one, not even the rich, will ultimately want to live in. In Born on Third Base, Collins calls for an end to class war, busts the myths that define our views of rich and poor, and offers bold new solutions for bridging the economic divide and re-engaging the wealthy in rebuilding communities for a resilient future.

    WHEN
    December 08, 2016 at 12pm
    WHERE
    United For A Fair Economy
    62 Summer St
    Second Floor
    Boston, MA 02110
    United States
    DIRECTIONS
    rsvp
  • Featured Page

    Trumped-Up Trickle-Down Economics: A Primer

               Trickle-down economics, a theory that has been disproven numerous times (source), became part of mainstream rhetoric again in a recent debate between Hillary Clinton and Donald Trump.  Building on a popular United for a Fair Economy blog post first written during the George W. Bush administration, this article will discuss why Trump’s trickle-down economic plan is a farce, much as Reagan’s was. 

                Simply put, trickle-down economics is the idea that tax cuts on businesses and the wealthy will cause wealth to “trickle down” to everyone else.  The idea was particularly popular during the Reagan administration, when it was also known as “voodoo economics.”  Many people forget that humorist Will Rogers actually came up with the term “trickle down” to criticize President Herbert Hoover’s policies during the Great Depression (source).  But working people aren’t laughing about the disastrous consequences of these policies.

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    Chris Christie's Millionaire Tax Meltdown

    You may not have heard, but New Jersey Governor Chris Christie continues to prove that he’s a millionaire’s best friend– at least when it comes to taxes. Read UFE's newest article here.

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    Open Letter to Gov. Chris Christie & the NJ Assembly about the Estate Tax

    We are among the wealthiest New Jerseyans. We value the quality of life in our state. We believe New Jersey should have top-notch public schools and universities, well-funded public services, hospitals, parks, and public transportation, all paid for through a progressive federal, state and local tax structure.

    We agree that New Jersey’s transportation infrastructure is in dire need of improvement, long overdue for adequate funding, so we applaud our elected officials’ intention to replenish the state’s Transportation Trust Fund. These infrastructure improvements benefit all of our citizens, but especially those at the lowest economic rungs who stand to pay less in transportation costs and car repairs. But this new revenue should not be paired with tax cuts for the wealthy.

    At current levels, each signatory below would pay the estate tax in New Jersey. As citizens who are among the wealthiest 5% of residents in our beloved state, we have both the means and the responsibilityto contribute more to the needs of our state. We strongly object to the proposal to eliminate New Jersey’s estate tax on people like ourselves as part of the transportation bill.

    The estate tax is not only an important source of revenue, but is also our only tax on accumulated fortunes, the bulk of which have never been subject to capital gains taxation. It would be a travesty to give a tax break to a small cohort of wealthy families (including ourselves) at the expense of adequately funding schools, health care, public infrastructure and other pressing needs in the state.

    Eliminating New Jersey’s estate tax after 100 years would be a short-sighted mistake. We urge Governor Christie and the legislature to REMOVE this provision from the Transportation Trust Fund bill (S-2411; A-12). A more responsible plan would be to raise the exemption level to $2 million per person, which would exempt 78% of current estates but preserve 72% of the roughly $300 million in annual revenue from the estate tax. 

    Signed,

    Diane Abel, Bloomfield • Elizabeth Bates, Princeton • Ira Belsky, Franklin Lakes • Theodore Chase, Jr., Princeton • Jun Choi, Edison • William Corwin, Princeton • Elizabeth Counselman, Princeton • David Drukaroff, Lakewood • Wilma Emmerich, Princeton • Grover Furr, Bloomfield • Eliane Geren, Princeton • Elizabeth Gibson, Princeton • Steve Gold, Caldwell  Carol Golden, Princeton • Ed Gracely, Sicklerville • Brian Greenberg, Shrewsbury • Lonnie Hanauer, West Orange • Stephanie Harris, Hopewell • Joann Held, Pennington • Fred Hillmann, Union • Matthew House, North Brunswick • Jeffrey Keefe, Lakewood • Pat Kenschaft and Frederick Chichester, Upper Montclair • Shelley Krause, Princeton • James Litvack, Princeton • Carleton Montgomery, Medford • Diane Riley, Madison • Beth and Andrew Rothman, Princeton • Eric Schoenberg, Franklin Lakes • Jane Silverman, Princeton • Robert Steinbaum, Montclair • Kevin Walker, Collingswood • Karl Walko, Audubon • Torry Watkins, Hightstown • David B. Wilson, Jersey City • Susan N. Wilson, Princeton • Francis Wood, Mendham

    You can sign this letter by clicking here.

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  • Featured Page

    Liberation Economics

    We are excited to introduce you to an amazing 2016 “Liberation Economics” class from across the nation – representing communities from Anchorage, Alaska to Washington DC, from Cambridge, MA to rural Kentucky.

    This year we are offering more scholarship money than ever before.

    We know the work for Economic Justice MUST be accessible to those who are the most deeply affected by economic inequalities. 

    That's why we need you

    As a small not-for-profit organization, we are asking for your support in assuring we can continue the vital work of education for movement building far into the future. We hope that you will pay your wisdom forward.

    We are asking you to lead with us as you have so many times in the past: grassroots funding for grassroots movement building. 

    Your donation is an investment in the leaders our movements need now more than ever

    In Solidarity,

    The Popular Education Team: Jeannette, Riahl, and Eroc

    “United for a Fair Economy is excited to once again present LIBERATION ECONOMICS, an advanced training for experienced facilitators! For 20 years UFE has facilitated hundreds of workshops and trainings on Popular Economics Education around the country. This year UFE is honored to partner with the Highlander Center and Equipo Maiz from El Salvador to provide an advanced training for experienced organizers and facilitators.  This training will provide participants with tools for facilitating conversations about capitalism, racism and sexism that are meaningful, highly interactive and even fun!”   

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  • Featured Page

    A Victory for Postal Banking

    A little over a year ago, United for a Fair Economy released State of the Dream 2015: Underbanked and Overcharged. This groundbreaking report looks at the banking industry from the perspective of low-wage workers and people of color. We are thrilled to be sharing a small victory that has happened partly because of this report and the policy solutions it proposed.

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  • Featured Page

    The Art of the Steal: GE's Massive $270-Million-Dollar Massachusetts Megadeal

    According to a recent quarterly earnings report, GE is doing fantastically well, bringing in $23.5 billion in orders and income during the first three months of 2016. It has done so well, in fact, it bought back $6 billion worth of stock, while also giving $2 billion worth of dividends to shareholders.

    In the face of this incredibly profitable three months, it seems almost laughable that the Commonwealth of Massachusetts and the City of Boston­­—spearheaded by Governor Baker and Mayor Walsh—have committed to shelling out over $270 million in public funds for the luxury of moving some several hundred white-collar workers to Boston’s Seaport Innovation District. 

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  • Featured Page

    Sharing in the Solution: Responsible Wealth for Fair Taxes

    In 2009, New York State was facing a $15-20 billion budget deficit, and nobody was talking about taxing the wealthy. Responsible Wealth (a project of United for a Fair Economy) wrote an open letter, signed by 100 upper-income New Yorkers, and suddenly the conversation changed. It was renewed in 2011, but now the temporary tax rates are set to expire again, and it's time for a permanent, more progressive tax on upper income New Yorkers. 

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