Dems Propose New Tax On Stocks And Bond Trades

By Lisa Kellman

Sen. Tom Harkin (D-Iowa) and Rep. Peter Defazio (D-Ore.) introduced companion bills Wednesday that would prevent high-frequency trades on Wall Street.

The legislation would place a .03 percent tax on non-consumer financial trades; including bonds, stocks and debts.

“We need the new revenue that would be generated by this tax in order to reduce deficits and maintain critical investments in education, infrastructure and education,” said Harkin.

Democrats believe the legislation will not adversely affect Wall Street and argue that it would get the economy back on track by helping reduce the nation’s deficit.

“It starts with getting rid of some of the most agregious and unproductive and volatile of these super high-volume quantitatively driven traders,” argued Defazio.

This act is a simplified version of another speculation tax bill that failed to pass congress in 2007. In an effor to garner bipartisan support, Democrats have reduced the percentage taxed to one tenth of the tax rate previously proposed.

The UK, Australia, Argentina, China  and other countries already have a similar speculation tax, and the EU is currently debating implementing its own.

In the past, members of Congress, primarily Republicans, have argued that companies would move overseas to avoid the added speculation tax. However, because many robust economies now have a simlar tax, the Democrats believe the fears are unfounded.

“They’d have to give up their U.S citizenship to avoid the tax,” argued DeFazio.

Although a detailed analysis of the bills that indicate the amount of new revenues they would yeild, proponents of the plan believe it would add nearly $100 billion annually. 

Health Care Reform Celebrates Six Month Anniversary

By Kyle LaFleur - Talk Radio News Service

Secretary of Health and Human Services Kathleen Sebelius along with Senate health and finance leaders held a press conference today in Washington, D.C. to celebrate the six month anniversary of the passing of comprehensive health care reform and mark the day a number of provisions take effect.

“As Senator Harkin said, today is the day that the worst abuses of insurance companies come to an end in America,” said Sebelius, “It’s long overdue for millions of Americans who now will have some peace of mind and some health security.”

Sebelius was joined by Sens. Tom Harkin (D-IA), Chris Dodd (D-CT) and Maria Cantwell (D-WA) as they outlined some of the benefits consumers will begin seeing after today. The Senate trio touted provisions of the bill that took effect today which included banning insurance companies from denying coverage to those with pre-existing conditions and increasing the age young adults can remain covered under their parents’ plan from 23 to 26.

“I worked very hard to include in the health reform law a sharp emphasis on wellness and prevention, keeping people out of the hospital in the first place,” Harkin said. “This is good for the health of the American people and it’s our best bet for bending the cost curve downward in the years ahead.”

Obama’s healthcare reform bill has received criticism from Republicans who, as recently as today in their “Pledge To America,” vowed to repeal the plan. The bill has also remained unpopular with the American people even with the government’s addition of a website in July to help clear the air on the reform.

“I realize it’s still not popular with most Americans unfortunately but I will tell you, it will make a difference and already is in the lives of most Americans and that is what really counts to all of us here,” said Dodd.

Middle Class Will Benefit Most From Health Care Reform, Say Top Democrats

By Antonia Aguilar
University of New Mexico/Talk Radio News Service

Senate Democrats on Thursday highlighted key benefits that middle class Americans will obtain through health care reform.

“We’ll see significant reforms this year, including young people being able to stay on their parents' insurance until age 26 [and] significant investment in community health centers across the country to be able to make health care available to every family,” said Sen. Debbie Stabenow (D-Mich.).

Sen. Tom Harkin (D-Iowa) said in addition to improving health care, the new law will also reform the way students obtain loans to help pay for college, with more direct borrowing from the government, increased access to pell grants and greater funding for non-profits to help students stay in college.

“For middle class America this is a two-fer, both on the healthcare side but also on the education side,” Harkin said.

Sen. Harkin: Health Care Bill Will Be On President’s Desk Before Christmas

Travis Martinez, University of New Mexico-Talk Radio News Service

Sen. Tom Harkin (D-Iowa), who chairs the Senate Heath, Education, Labor and Pensions Commitee, asserted Friday that health care reform legislation will be passed by late December.

“The merged health care reform bill, will be on the President’s desk before Christmas, and yes it will have a public option," said Harkin during a conference call with reporters. "It will have a good strong public option."

When asked on what shape the public option will take, the Senator acknowledged that there are three viable options but is heavily promoting his committee’s option plan, because, “it does not rely on medicare reimbursement data and would be self sufficient."

During a Democratic Caucus meeting the majority agreed on the HELP public option, but the Iowa senator recognized that if a public option is included, it would be a hard battle for the required 60 votes.

The Senator estimates that the merged bill will be back from the Majority Leader’s office sometime next week, then will head to the CBO office for scoring. Harkin believes the plan will cost around $900 billion over a ten year period.

Lawmakers Introduce Legislation To Retire Age Discrimination

Senators Tom Harkin (D-IA), Patrick Leahy (D-VT), and Rep. George Miller (D-Calif.) introduced bicameral legislation called the Protecting Older Workers Against Discrimination Act that would make it easier for older workers to show that they have been victims of age discrimination.

The legislation is aimed at combating a recent Supreme Court decision, Gross v. FBL Financial, that essentially resulted in victims of age discrimination no longer being able to prove that age was a motivating factor in an adverse employment decision.

“We intend to make certain that ... all older workers in this country enjoy the full protection of the law,” said Harkin.

“Preserving the Age Discrimination and Employment Act is important to ensure that the great progress we have made in widening the doors of opportunity for all Americans continues in the future. I am concerned that the [aforementioned Supreme Court decision] will allow employers to discriminate on the basis of age with impunity,” said Leahy.