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Forum Post: Adbuster Campaign for Oct. 29 Global March for Robin Hood Tax on Financial Transactions

Posted 2 years ago on Oct. 24, 2011, 1:32 p.m. EST by VoterMarch (34) from New York, NY
This content is user submitted and not an official statement

Adbusters has initiated a new campaign for a global march for this Saturday, Oct. 29 in support of the Robin Hood Tax. Oct. 29 is the eve of the G-20 summit in Southern France set for November 3 and 4. The Robin Hood Tax (or Financial Transaction Tax) is a type of sales tax on financial transactions, such as trades of stocks or bonds.

For more information, see Adbusters - Oct. 29 RobinHood Global March @ http://www.adbusters.org/ or Tax Wall Street blog @ http://www.TaxWallSt.org

21 Comments

21 Comments


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[-] 3 points by globcit (14) 2 years ago

For Institutions yes, for small investors no

[-] 1 points by MattLHolck (16833) from San Diego, CA 2 years ago

stock transactions do not produce products or services

[-] 1 points by MattLHolck (16833) from San Diego, CA 2 years ago

small investors would be taxed less because they trade less

[-] 1 points by VoterMarch (34) from New York, NY 2 years ago

Good point - any Financial Transaction Tax should have an exemption for small investors.

[-] 1 points by MattLHolck (16833) from San Diego, CA 2 years ago

is this on the table somewhere?

[-] 1 points by CulturalCreative (2) 2 years ago

This is a brilliant idea that 99% of the world can rally behind. Those who criticized the occupation for not having a nice neat demand will wish they hadn't asked for it. If OWS helps win such a victory for equality the movement will grow as popular as Robinhood in a woods full of starving peasants. And as icing on the cake, it may just slow down the rampant gambling in the financial casinos. Count me in!

[-] 1 points by VoterMarch (34) from New York, NY 2 years ago

Agreed, 99% of the world can agree on this global issue. The Robin Hood Tax will be discussed at the G20 meeting in Cannes, France on November 3. France and Germany are in favor of a financial transaction tax, but the UK is opposed because of the influence of the London Stock Exchange.

[-] 1 points by DonRoritor (1) 2 years ago

Agreed. When we start talking about radical changes, people become alienated from the movement. The way I see it, we need to rally behind a series of small, incremental goals that will lay the foundation for long-term economic change. Causes like this one are tangible and accessible for the 99%.

[-] 1 points by joerauh (32) 2 years ago

support!

[-] 0 points by Frankie (733) 2 years ago

Great. Just what I need when I pull money out of savings that I have in stock and bonds to pay for my kid's school. More taxes! lol

[-] 1 points by MattLHolck (16833) from San Diego, CA 2 years ago

long term socks and boots wont be taxed if they aren't traded

[-] 0 points by Frankie (733) 2 years ago

The old buy and hold approach is kinda done at this point. Not entirely, but you do need to move things in and out or around at times for various good reasons.

And that applies to those managing most people's retirement funds, union pension plans, municipal funds, etc., etc., so those taxes will just futher reduce returns/increase costs both directly and indirectly for the "99%" too.

[-] 1 points by MattLHolck (16833) from San Diego, CA 2 years ago

but such fees are already charged by the stock traders

[-] 0 points by Frankie (733) 2 years ago

This would be over and above any commissions, which are fairly trivial these days and in some cases waived entirely with certain account levels or other promotions.

On the other hand, something like a 1% tax would be a lot more significant and huge for something like a pension plan. They're in bad enough shape as it is, they don't need any more help.

Not a great idea IMO and doesn't appear that it's been very well thought through beyond just seeming like a way to "punish" traders. Better ways to do more productive things.

[-] 1 points by MattLHolck (16833) from San Diego, CA 2 years ago

I disagree

the sales tax revenue would rise with the inflated trade prices

the rise would be linear I assume

if the rise were exponential, that might create a cap on run away stock prices

[-] 0 points by Frankie (733) 2 years ago

You're free to disagree. I'd guess that you have no real financial background as seems to be the case with most others suggesting this. Seems more like a case of it just appearing to be an easy target as a big pot of money with not much thought given to unintended consequences.

I'm not sure what constitues "run away" stock prices and why you'd necessarily want to "cap" stock prices. That's not even really the intent of this. Any "tax revenue" generated is going to come out of the "99%" more than anyone else since such costs will just be passed along just like the bank fees and debit card fees as a result of the Dodd-Frank deal. The vast majority of money traded in the stock market is traded for someone else's benefit, not for the trader's own benefit.

[-] 1 points by MattLHolck (16833) from San Diego, CA 2 years ago

If banks start changing debit fees.

people will start carrying cash again.

Beggar class increase will income.