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Forum Post: Questioning the Robin Hood Tax

Posted 9 years ago on Nov. 1, 2011, 12:18 a.m. EST by octopodes (4)
This content is user submitted and not an official statement

Hi. I have seen a few oppupy cities saying that they support the Robin Hood Tax, and it concerns me. This tax would tax unjust banking practices and use that $ at a slush fund for bailing out banks. So in other words it just lets them carry on with their irresponsible banking & investment practices and the gov't would get to pat themselves on the back for looking like they are doing something about it, when in fact tehy are just enabling it to happen. No! What we need is to stop these bad practices from happening in the first place! Don't let the gov't try to placate the movement with these deceiving tax systems. Just because it's called the Robin Hood Tax doesn't mean it has anything to do with taxing the rich and giving it to the poor. Take a closer look!!



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[-] 2 points by TimMcGraw (50) 9 years ago

it's time to reduce the government in size, reduce it's spending, put it back in it's place.

[-] 1 points by MattLHolck (16833) from San Diego, CA 9 years ago

I have not heard any reasons to use the public money for bail outs

[-] 1 points by MattLHolck (16833) from San Diego, CA 9 years ago

any thoughts on the "Robin Hood Tax" (i.e., in conjunction with occupy?) (User Submitted)

Posted Oct. 26, 2011, 4:58 p.m. EST (2 minutes ago) by Harlequin (Wakefield, England)

for those who don't already know what this is: http://robinhoodtax.org/

check it out. I support these people and I support what they're trying to do here in the UK. I really think both movements could benefit from each other.

[-] 1 points by MattLHolck (16833) from San Diego, CA 9 years ago

Adbuster Campaign for Oct. 29 Global March for Robin Hood Tax on Financial Transactions (User Submitted)

Posted Oct. 24, 2011, 1:32 p.m. EST (12 hours ago) by VoterMarch (New York, NY)

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

http://occupywallst.org/forum/adbuster-campaign-for-oct-29-global-march-for-robi/ r

[-] 1 points by sudoname (1001) from Berkeley, CA 9 years ago

Absolutely. The news was reporting OWS is "in support" of this tax. I posted this last night: http://occupywallst.org/forum/we-are-being-co-opted-by-adbusters-and-supporters-/

Also been going to various news sites and posting that OWS doesn't care about this. Nobody is talking about it on the forums.

At first glance this tax seems great. But it's not as simple as "stealing from the rich". It specifically taxes people who are trading and keeping the market liquid. People say this will move the financial markets to Russia to avoid the tax (Russia seems to be promoting it). It could also lock down the markets, leaving the rich with their money.

I also question why, specifically, adbusters put all their weight behind this one tax. Is there some motive?

Anyhow, I think this tax has a very unlikely chance of succeeding, it just angers me that the news is reporting this as "OWS's idea".

[-] 1 points by octopodes (4) 9 years ago

I could be wrong about this...I welcome other opinions and information. I want to learn and discuss this together.

[-] 1 points by octopodes (4) 9 years ago

Johnny Guy: The Robin Hood tax was not initiated by Adbusters (and they are not an anarchist group). It is also not just for America - it is supposed to be a global tax. The concept was created by NGOs and has been supported by economists, politians and civil society organizations worldwide. Here is some information about it: http://en.wikipedia.org/wiki/Robin_Hood_taxhttp://en.wikipedia.org/wiki/Robin_Hood_tax

[-] 1 points by thebeastchasingitstail (1912) 9 years ago

Yea, I don't support it.

I have only a cursory understanding of how this would help and so many credible sources conflict with each other on the detailed pros vs cons, so I just can't support it.

[-] 1 points by octopodes (4) 9 years ago

Here is an article that questions the tax...(the only part I don't like is the little part where the writer says human-caused climate change is not real...makes me wonder about their intentions behind that article, but everything else seems pretty legit). http://www.infowars.com/robin-hood-tax-occupy-movement-now-marching-straight-into-the-globalist-trap/

[-] 1 points by octopodes (4) 9 years ago

Here are some thoughts on this issue by someone I know and respect:

I used to think the Robin Hood tax is a good idea, but no longer think so. I was once advocating Canada Uncut take this up, under the issue of tax fairness, but now am against it because it isn't good policy and I think can do more harm than good.

Occupy taking up this cause is a strong indication that too many don't have a strong enough grasp on monetary policy and the corruption on Wall Street in all its forms.

The estimates of the amount of tax they would collect includes the high-frequency, algorithmic trading. This accounts for a surprising large amount of daily trading. Wall Street makes $200,000,000 per DAY on this fraudulent practice. This is how they are ripping off the pensions as we speak.

Wall Street is spending billions on a new cable across the Atlantic to gain another millionth of a second. It's corrupt!

Rather than fight for a piece of criminal pie, better to shut down this 'trading practice'.

It is a dangerous think to do to tie your social spending to a corrupt system. I think that it makes it more difficult to kill the unjust system. Just like the toxic derivatives got "AAA" ratings so that pensions could invest in them, (Pensions are mandated to only invest in "AAA" products). this give more impetus to have the public support bailing out the banks, because their retirement is at stake.

To highlight gaps in social spending, go after the tax dodgers instead. From 2008-2010 Royal Bank of Canada dodged $2.504 BILLION in taxes using off-shore tax havens. Go to www.sedar.com and search for their 2010 annual report, last page. They brag about it. (also check out www.canadauncut.net )

$500 billion is lost globally each year due to tax dodging. If you are working on reformist positions, take up tax-dodgers paying versus austerity like the uncut movement. It's effective for spreading the awareness of all the ways were being screwed.

We pay $168 million dollars a DAY in Canada on interest on our debt. This is due to Trudeau's policies in the 70's that had the effect of reversing the good of having a nationalized central bank. Now 95% of our money supply is created by the banks and only 5% by Bank of Canada. Worse yet, this 95% is introduced by way of DEBT. There is interest on the debt, but the money to pay the interest is never created. Poverty is built into the system.

If we are looking for real economic justice, we need to go deep into the problems.

The RH tax is the weakest of band-aids, that's why it was close to passing at the G20 in Toronto. Harper blocked it because he was continuing with the myth that our banks were so wonderful.

Therefore, I don't support focusing on RH tax as any form of meaningful solution. I believe it can harm our cause too to be led by adbusters (it was their idea that occupy takes this up as our one demand). While I appreciate their contributions, I believe that the organic process that is taking place at occupies needs to continue and more education & skills sharing need to happen before we get pigeon-holed into this.

[-] 0 points by guest (68) 9 years ago

so you are saying that we need a real robin hood tax. that actually robs money from the rich and really gives it to the poor. yes lets sounds great lets do it.