Robin Hood Tax
- Published: Monday, 30 April 2012 00:30
Articles about the Robin Hood Tax:
Site of the European Coalition working for financial speculation taxes in Europe.
A one-off summit limited to market regulation will not cut it. Durable reform must also tackle climate change and world poverty
The international financial system is broken. An integrated set of reforms will be needed to achieve sustained economic growth and shared prosperity. The G8 leaders of Europe, Japan and the US have agreed on an emergency summit this autumn in New York to revamp the international system - a good idea, provided it initiates a wide-ranging set of changes rather than being a one-off meeting focused on market regulation....Click title to read more
As you know, I supported your government's call for getting the deficit under control and I like it that this coalition government is taking a five-year perspective and laying out a medium-term expenditure framework.
It was and is important to get deficits under control. But in this deficit-cutting process, both the US and the UK need greater investment as well, notably in human capital, infrastructure and science and technology.
As these are key, I would urge budgetary adjustment that emphasises cuts in wasteful spending (for instance, I am urging the US to end its costly and ineffective military operations in Afghanistan and Iraq) but raises spending meaningfully on investment in primary, secondary and higher education, skills development, modernised infrastructure, low-carbon energy systems and other high priorities, backed by higher tax revenues collected efficiently and equitably, especially from the top tier of income and wealth distribution.... Click Here to Read More
On Thursday, President Obama will meet with leaders of the other G20 countries. On the table will be a proposal to introduce a Financial Transactions Tax (FTT). French President Sarkozy and German Chancellor Merkel will support the proposal. If President Obama is true to his recent words sympathizing with Occupy Wall Street, he will join Sarkozy and Merkel in supporting the FTT. More likely, though, he will oppose the proposal in order to protect Wall Street, thereby continuing his pattern of progressive rhetoric that masks conservative policies.
The Financial Transactions Tax is a solid idea that has been resisted by Wall Street for years. Each trade of a financial security like a stock, bond, or derivative would be taxed a tiny proportion of its value. Since the volume of trading is so high, even a tiny tax (say 5 cents per hundred-dollar transaction) would collect tens or hundreds of billions of dollars each year.Click Here to Read more...