Demonstrators Rally Downtown In Favor Of A 'Robin Hood' Tax On Wall Street

LOS ANGELES (CBSLA.com) — Saying it's time the rich give more to the poor, demonstrators rallied in more than 20 cities in support of a tax on Wall Street dubbed "the Robin Hood tax."

Protesters in Robin Hood-like green hats in downtown Los Angeles said the government needs to levy Wall Street transactions to provide up to $300 billion a year for services for the poor.

The bill, H.R. 1579, (more formally known as "The Inclusive Prosperity Act") would place a tax of a fraction of a percent on the transactions to fund social programs and reduce income inequality, according to the bill's website.

The proposed tax has yet to gain major support in the House and Senate.

Margie Keenan, a registered nurse, said it is time for Wall Street to pay "their fair share."

"Transactions that we are taxing are the ones that caused the financial meltdown in the first place," Keenan said.

Rallies were held in Los Angeles as well as at least 22 cities across the country.

In Washington, D.C., the bill's author Rep. Keith Ellison, D- Minnesota, said the country is on the brink of another financial crisis.

"This tax alone will generate up to $300 billion a year in revenue, stabilizing the deficit and allowing us to invest in the things that matter, education, roads and bridges, and health care for our seniors and veterans," Ellison said.

Ellison contends that in 2011, 40 countries had a similar tax, as did the United States until 1966.

For more on the bill, click here.

The protests coincided with the 46th anniversary of the assassination of Dr. Martin Luther King Jr., an outspoken champion for workers and poor people.

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