Sunday, October 28, 2012

Sharia Compliant Transaction Tax in Committee Now

Muslim Congressman promotes Sharia Compliant Transaction Tax ?  by 

America’s first Muslim Congressman and Co-chair of the Congressional Progressive Caucus Keith Ellison, has proposed a new financial transaction tax .The “Inclusive Prosperity Act” (HR 6411) seeks to tax all Wall Street financial transactions to provide “the revenue needed to invest in the education, health and communities of the American people.”

Minnesota Congressman Ellison (D.) serves on the House Financial Services Committee which has jurisdiction over the banking system, stock exchanges and the housing and insurance industries. Before running for the federal legislature Mr. Ellison was a noted Minneapolis community activist practicing civil rights and employment law and Minnesota State Representative. Sound familiar?

Touted as the “Robin Hood Tax” HR 6411 (described at imposes a tax of “0.5 percent on stocks, 0.1 percent on bonds and 0.005 percent on derivatives or other investments” and it is expected to raise billions of dollars by taxing “highly speculative financial transactions.” Speculation or “Maisir”, a form of “Riba” is prohibited by the Quran along with commodity exchanges and an earned increase in capital without services provided (capital gains).  “Riba” according to the Mohammed, is a sin akin to “a man committing adultery with his mother” and requires financial penalties.

You see Congressman Ellison’s bill is not really a tax, but a penalty (much like the Obama care tax is not a tax, but a penalty). Muslim’s don’t believe in the merits of American capitalist finance and its ill-gotten gains. To them charging or earning interest is a sin and any profits must be purged through a penalty that is donated to charity. A closer look at the Inclusive Prosperity Act (HR 6411) reveals the true nature of the proposed law.

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