"Robin Hood" Tax Campaign Launched

[muriel_volestrangler]

Source: New York Times/Reuters

LONDON (Reuters) - A global tax on banks' financial transactions should be introduced to fight poverty, protect public services and tackle climate change, a group of nearly 50 organisations said in a letter to political leaders.

The campaign for a "Robin Hood Tax," launched on Wednesday, is backed by charities such as Oxfam, as well as aid agencies, unions, green groups, financiers and economists and features actor Bill Nighy in its promotional film, seen here: http://robinhoodtax.org.uk

"You could ignore the big problems facing the world ... or you can work to find an innovative, modern, regular way of accumulating a fund of money," the campaign wrote in a letter to the leaders of the country's political parties.

"We would ask you to seriously consider the Robin Hood Tax as that radical new option -- a small tax on bankers that would make a huge difference to the UK, to the poorest countries and to our planet. Let's turn the crisis for the banks into an opportunity for Britain and the world."

Read more: http://www.nytimes.com/reuters/2010/02/10/business/business-uk-britain-banktax.html

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It needs to be international to work, of course, not just in UK markets. But I think calling it something other than a 'Tobin Tax' is a good idea, because the vast majority of people have no idea what that means at all. 'Robin Hood' gets the purpose across, at least.

For those in the UK, a petition from 38 Degrees: http://www.38degrees.org.uk/page/s/RobinHoodTax (include the Bill Nighy video)

Letter to The Guardian from some of the heads of charities etc. supporting this: http://www.guardian.co.uk/business/2010/feb/10/robin-hood-tax-pressing-problems

[Turbineguy]

1. The Sheriff of Nottingham

will be furious!

[Arkana]

18. That's going to COST you, Loxley!

I'LL PAY FOR THIS!



















ER, UM...YOU'LL PAY FOR THIS!

[dkf]

2. I don't get the correlation between taxing banks and world charity.

If its to combat global warming shouldn't it be a tax on fossil fuels? For poverty, why not a tax on a country's GDP?

Look, if the financial system didn't do all this rampant speculation, there probably isn't as much profit in it. We need to fix the financial system so that it doesn't present a systemic risk, not bow down to the attitute that it will continue to generate tons of trading that can be taxed for who knows what.

This tax just continues the perception that how the banks are profiting by speculating with taxpayer guaranteed deposits is fine because it generates some charity funds. Its all wrong.

[JerseygirlCT]

15. I agree

And there are certainly other areas of our economy where industry benefits greatly from gov't money while giving little back into the economy.

The "punish the rich guys" bit always fails politically. And as you say, it just sets the bad regulation up as ok, since it's for charity.

[Lorien]

16. Watch the video at the site and read what they have say

it'll start to make sense, though I understand the whole American "protect the wealthy at all costs" mindset.

Climate change effects everything. And I mean EVERYTHING. It's something that needs to be addressed NOW. If not, billions will die of starvation, thirst, death from cold etc. because the climate will change so rapidly that ecosystems won't be able to keep up. Massive die offs. Floods, droughts, less oxygen from forest and oceans ecosystem collapse...not a pretty picture.

[ShockediSay]

21. They are where all the money & bonanza bonuses be

& they created our global recession/depression.

The Gospel says if a man have two coats and his neighbor
has none, then the man should give his neighbor a coat.

[melm00se]

3. the nickname for the tax

plays right into the hands of those who claim that/view taxation is a form of theft; after all, Robin Hood "robbed from the rich to give to the poor".

[FBaggins]

4. Even more than that

Robin Hood robbed from the taxers to give back to the people who had been over-taxed.

Not the best illustration.

[Travis_0004]

5. I will never agree to an international tax. Ever.

I am taxed locally, by the state, and the feds. I don't want the international community taxing me on anything. Some federal money can go to help these causes, but I would never agree to an international tax on anything.

Some people might claim that this is a tax on businesses, and not individuals, but where do you think the money for these businesses comes from: You and me.

[DJ13]

14. This kind of tax has to be international

Otherwise you'll get some pissant country willing to cut a deal to become the next haven for bankers and brokers.

I will agree though, while a proposal like this should be on an international basis the revenues should be collected and disbursed within a defined geographic area (not sent to the UN) so the money collected can serve those in need within the region the money being taxed is generated.

[dipsydoodle]

6. The illustration

is taking from the "rich", who created this mess, to give back to the "poor" who have suffered as a result.

The background of the transferance of wealth that Robin Hood conducted is incidental.

[FBaggins]

7. I agree...

...but if it's incidental, then don't make the mistake of calling it that.

IIRC, this was tried a couple years back in Congress (the label, not the global tax) and quickly abandoned when republicans spun it effectively.

[dipsydoodle]

8. I guess they could think of an alternative.

Could hardly have used Jesse James. :)

:hi:

[w4rma]

13. Considering these banks are applying a stealth tax on just about everything we buy, I'd say that

a "Robin Hood tax" is an accurate name for robbing those who over taxed us.

[Blue_Tires]

12. +1

although i agree with the idea, it has already lost the PR battle with that name

[Lorien]

17. And he was a hero for it.

because the taxes on the poor were unjust and the rich feudal Lords did nothing for the poor in return.

[HeresyLives]

9. It should remain the Tobin Tax.

http://en.wikipedia.org/wiki/Tobin_tax

At least then, it would be clearly understood.

[anokaflash]

10. Dooh Nibor

Interesting how these folks didn't have an issue with Robbing the Poor to pay the Rich. I posted on a Krugman article back in 2004 about this very thing:

http://centrisity.blogspot.com/2004/06/dooh-nibor-krugman-was-in-fine-form.html

Flash
Centrisity.com

[Mopar151]

11. If this would cut down on low-margin, high-volume speculation

Like arbitrage, currency speculation, derivatives, and similar schemes, which has the net effect of a casino skim on the actual commerce of goods and services, I think it would be an excellent thing.

[Uncle Joe]

19. This sounds like a good idea, and I believe this tax; if properly utilized could help in averting

global calamity, whether it be global warming climate change or the pressures of the population explosion.

I believe the key would be in helping the poorest nations develop in a sustainable manner.

"We would ask you to seriously consider the Robin Hood Tax as that radical new option -- a small tax on bankers that would make a huge difference to the UK, to the poorest countries and to our planet. Let's turn the crisis for the banks into an opportunity for Britain and the world."

The tax, which the group say could raise hundreds of billions of pounds, would be levied on transactions between financial institutions rather than on banks' transactions with high street customers.

Different rates would apply to different transactions but they would average around 0.05 percent, starting at five pence for every thousand pounds traded.

Thanks for the thread, muriel.:thumbsup:

[Bigmack]

20. Didn't Robin Hood use weapons and force...

to take the money from the rich?

I'm down with that. Too old and fucked up to do the fighting. I did mine, but of course, I was on the wrong side when I did it. But I'm ready to teach the skills.

Now if we only had the young people. Too bad .... I think they're all texting, or on Facebook, or fucking with their ipods, or something.

[Xenotime]

23. What kind of skillz?

[muriel_volestrangler]

22. Goldman Sachs caught trying to game the online poll

But being tarred with the same brush as the Sheriff of Nottingham seems to have been too much for at least one insider at the blue chip investment bank.

Between 3.41pm and 3.57pm yesterday, little more than 24 hours after the Robin Hood tax campaign's high-profile launch, supporters noticed a sudden spike in the number of people rejecting the plan in their online poll. More than 1,700 came from a Goldman-registered server, with the rest from what appeared to be a personal address. It was unclear whether the stunt involved an individual or a number of people. Goldman said: "We have just received this information, and we are investigating the matter fully."

A spokesman for the Robin Hood tax campaign said the "dubious" votes had been discounted. "It's great that public support for a tax on banks' financial transactions is making people in the City of London sit up and notice," he added.

http://www.guardian.co.uk/business/2010/feb/11/goldman-sachs-tobin-tax

(Bonus points for anyone who gets the allusion behind the headline "Goldman Sachs, Goldman Sachs, clicking in the votes")