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Robin Hood Returns!

February 11, 2010

What is the Robin Hood Tax?

The so-called “Robin Hood Tax” is a small tax on banks (around .05%) that would raise billions each year (the equivalent of $400 billion, as a matter of fact). This money would in turn be used both in the UK to stop cuts in public services due to the current financial situation as well as abroad to tackle poverty and climate change. The Robin Hood Tax would not impact personal banking or retail banking, targeting instead the high-frequency, large-volume trading undertaken by financial institutions. 

Who supports it?

Gordon Brown of the UK, Angela Merkel of Germany, and Nicolas Sarkozy of France support such a tax on financial transactions. Even the U.S.’s own Warren Buffet is behind the idea.

 According to the official website, http://robinhoodtax.org.uk/, this is an idea which transcends political parties – so far the tax has garnered nearly 20,000 “yes” votes on the site. Visit the homepage and add your voice to the poll!

And there’s a video

Also check out this clever promotional video, courtesy of the Social Europe Journal, starring Bill Nighy to find out more! http://www.social-europe.eu/2010/02/support-the-robin-hood-tax/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+social-europe%2FwmyH+%28Social+Europe+Journal%29

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One Comment leave one →
  1. February 11, 2010 4:36 pm

    Maybe these last couple of years have made me a cynic, but I think the banks would try to recoup that money via higher institutional fees for their customers. A tax on business is just an indirect tax on consumers. Sure, the banks can afford to lose 0.05% of their money, but they are not going to let that show on their bottom lines.

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