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THE ROBIN HOOD TAX

Updated on December 18, 2010

While the Robin Hood movie makes its debut in movie theatres in North America and worldwide, there is another kind of Robin Hood circling the world. It is not a movie but something they call tax. In short it aims to tax the global financial markets’ transactions around the world to give to the poor.

Called the Robin Hood Tax, it is a proposed new tax on financial transactions, which could generate the funds needed to pay for the social costs of the economic crisis, fight global poverty, and fund global public goods such as health care and to mitigate and adapt to the impacts of climate change.

While as low as .005% of financial transactions, this new tax would contribute to greater stability of the financial system by reducing speculation and excessive liquidity.

With the bursting of the most recent bubble, millions of women and men have lost their jobs. Hundreds of billions of dollars have been mobilized internationally to save the banks and the financial system. At the same time, neither the social nor the climate emergency is being addressed with the political urgency it deserves and with the necessary financial resources to back it.

Proponents of Robin Hood Tax believe that the financial sector has caused the current historic crisis. The exponential growth of the financial sector with a focus on short-term speculative gain has created a ‘casino economy’. Financial services corporations benefited for decades from the absence of meaningful regulation and are largely responsible for the crisis. It is time for them to pay their fair share of the costs of recovery. A Financial Transactions Tax would be the most effective instrument to secure this.

According to the proposal, the establishment of the Robin Hood Tax is a real way the G8 & G20 Summits could make a long-lasting positive difference to the economy.

For more information about the Robin Hood Tax, please visit

http://www.makefinancework.org/

 

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  • MercuryNewsOnline profile image
    Author

    MercuryNewsOnline 7 years ago from Toronto, Canada

    Your initial statement brings to mind similar incidents in the Philippines and throughout the world. When corporate pockets are hurt, the big companies use their money to influence public opinion.

    This Tony can easily get on with his life. But the environmental damage and disastrous ecological impact of the BP oil spill in the Gulf of Mexico will take hundreds of years for Mother Nature to repair.The destruction of the coral reefs, one of marine life’s breeding grounds and home to millions of aquatic species, will bring untold ecological imbalance to the Gulf of Mexico and other surrounding coastal areas today and many years to come.

    BP, its oil subsidiaries, their government lobbyists and government officials will continue to soften the impact of this huge disaster by mouthing the same overused slogan of “ Everything is under control.”

    The mainstream media in many cases “abnormally” acts as a mouthpiece of the elite. Thanks again Lynda.

    Clicking on the second link:

    http://www.makefinancework.org/ can bring a little smile of relief.

  • lmmartin profile image

    lmmartin 7 years ago from Alberta and Florida

    Precisely so. That's how they can get two recently widowed women to beg the U.S. govt not to stop drilling in the Gulf as so many rely on those drilling jobs --even though the work claimed their husbands. What about the hundreds of thousands of jobs lost: tourist trade, fishing, shrimping -- gone, gone, gone!

    So BP want to declare bankruptcy -- then we must make sure that every single available asset be liquidated and used to pay reparations. And to that Tony fellow, the CEO who said the other day "I want to put all this behind me and get on with life" I say you are an arrogant prick.

    So yes sir, Mercury it is definitely the interests of the corporate world and the govt. lobbyists (not to mention our elected officials) to see the general public remains apathetic.

    Do you know, yesterday CNN ran a story about things you CAN do on an oil polluted beach ("But don't go in the water") for those folks who may have already made and paid for their vacation plans? Why is everyone making light of this?

    I know, I should be writing my own hub, not ranting on yours. But somehow it seems to fit.

  • MercuryNewsOnline profile image
    Author

    MercuryNewsOnline 7 years ago from Toronto, Canada

    Terrific analysis. Of course, it is in the best interests of the corporate financial institutions and their government lobbyists to spread and use the red scare tactics and see to it that the general public remain apathetic, ignorant and brainwashed. Thanks Lynda.

  • lmmartin profile image

    lmmartin 7 years ago from Alberta and Florida

    Interesting. This is bound to find mixed reaction. Friends from my left hand side will welcome it as something that addresses the inequitable results of this latest crisis and man's never satisfied greed. Those to the right (particularly here in the great red state of Florida, among others) will decry it as yet another symptom of rampant socialism, something so evil it is to be avoided even when it addresses your own best interests -- but then such is the way of ignorance and brain washing. How anyone can think that a world where 90% of the wealth is held in 1% of the hands is healthy or right is beyond me.

    But then, there is much I do not understand. Lynda

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