The Robin Hood Tax is a proposed tax on banks and financial institutions, that would raise hundreds of billions every year, to address problems of poverty and climate change worldwide.
Remember Robin Hood? He took from the rich and gave to the poor. And looked a bit like Russel Crowe.
The Robin Hood tax does exactly that, except in this case, the ‘rich’ are banking and financial institutions. And the ‘poor’ are the public services, poverty and climate change issues worldwide.
The current financial crisis and recession have left a massive hole in the public finances of several EU countries, as well as the US. Jobs and public services are at risk in developed countries, while many developing countries also face severe problems, the biggest being poverty and climate change.
The Robin Hood tax attempts to clear up the mess the way Robin Hood would!
Hundreds of Thousands of Robin Hood supporters worldwide believe that banks, hedge funds and the rest of the financial sector should pay their fair share to clear up the mess they helped to create.
The tax proposes a 0.05% levy on all financial transactions and has the potential to raise hundreds of billions yearly to support initiatives to help those most affected by the recession. In short, a 0.05% tax on the super-rich to help ease the effects of the recession on the poorest sections of society. For example, the tax would raise 20 billion pounds every year in the UK alone. That’s enough to protect schools and hospitals as well as stop massive cuts across the public sector.
Why tax the financial sector
That’s because it is the most profitable industry on the planet (In the UK alone, banks paid employess 6 billion pounds in bonuses in 2010) and in several instances, also the most under taxed. But more so, because the movement believes it is time that the financial sector contribtued towards maintaining the society it serves.
Guess who’s Behind the Robin Hood Movement?
Many influential people across the world including Bill Gates, Warren Buffet, Lord Turner, and financier George Soros. As well as world leaders like President Sarkozy of France, Chancellor Merkel of Germany, Prime Minister Zapatero of Spain. Also 1000s of economists from around the world including Nobel prize winners Joseph Stiglitz and Paul Krugman.
Many global charities as well as local organizations also support the movement including the Salvation Army, Oxfam and the movement has gone global to include millions of supporters.
At present, the Robin Hood tax has been tabled as a Bill in the French and German parliaments as a Financial Transaction Tax (FTT), and being pushed within the G20 nations. David Cameron and the UK parliament are opposed to it, whilst European Commission President José Manuel Barosso announced that the Commission will adopt the proposal for a Financial Transaction Tax.
In the US, thousands of nurses protested in 21 states to demand a Financial Transaction Tax on Wall Street.