Speaking at a union hall in Pittsburgh, the president called it a vision to create "the strongest, most resilient, innovative economy in the world" — and millions of "good-paying jobs" along the way. The White House said the tax hike, combined with measures designed to stop offshoring of profits, would fund the infrastructure plan within 15 years. In the new move, the administration aims to approve a first proposal designed to create jobs, revamp U. To put it another way — we can't afford not to. While Democrats narrowly control both chambers of Congress, the party faces challenges in passing the infrastructure plan.
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A Tobin tax was originally defined as a tax on all spot conversions of one currency into another. Tobin's tax was originally intended to penalize short-term financial round-trip excursions into another currency. By the late s, the term Tobin tax was being, contrary to its original use, used to apply to all forms of short term transaction taxation, whether across currencies or not. Another term for these broader tax schemes is Robin Hood tax , due to tax revenues from the presumably richer speculator funding general revenue of whom the primary beneficiaries are less wealthy. More exact terms, however, apply to different scopes of tax.