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THE ROBIN HOOD TAX
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