Forum Post: Support the Robin Hood Tax
Posted 12 years ago on Oct. 29, 2011, 12:57 p.m. EST by billyhayesmunich
(0)
This content is user submitted and not an official statement
The so-called robin hood tax (aka financial transaction tax) would impose an 0.05% levy on bank transactions that don't involve the public, and could generate up to £200M per year for use in overseas aid, social projects and public works. Let's lobby the US government and governments worldwide to introduce a Robin hood Tax, so that the big banks are forced to give something back whether they want to or not!
http://www.youtube.com/watch?v=qYtNwmXKIvM
please get behind this as it is an extremely positive initiative which will have a real impact on the world. If this measure is passed, it will demonstrate a commitment by governments to spreading the wealth of the big banks amongst the people they are getting rich off.
for those of you not familiar with the story, Robin Hood was an English folk hero in Medieval Nottingham who used to rob the rich (especially the oppressive sheriff) and give to the poor.
We don't need a new tax what we need is enforcement of the present tax system and to give additional meat to it. So far I have not seen on the news one constructive point via the media coming out of the OWS movement which would accomplish what is desired to increase the amount of taxation on the 1%. As a retired IRS Agent I can tell you that if you want to get at the fat cats being the corporations here is an ironclad way to do it. There does exist a federal tax directed exactly at the problem herein in the USA which is never enforced. If a corporation witholds too much earnings it is subject to a tax called the Accumulated Earnings Tax. It is explained at Internal Revenue Code Section: " Sec. 531. Imposition of accumulated earnings tax In addition to other taxes imposed by this chapter, there is hereby imposed for each taxable year on the accumulated taxable income (as defined in section 535) of each corporation described in section 532, an accumulated earnings tax equal to 15 percent of the accumulated taxable income.." Anyone can call the IRS toll free number and have it explained then you can call the Office of the White House and ask the question as to why the IRS is not enforcing this law on the Corporations for whom the media states that they are holding onto trillions of dollars not spending into the economy to create jobs. I can tell you the IRS is not enforcing the law because the law does not have enough meat into it and it has not been enforced because of that thus making the law a joke. The OWS movement will absolutely grab the attention of the world wide media if it focuses on the AET and makes it a World Wide buzz in protest signs and does interviews regarding it with the business news programs of Fox Business Channel and NBC's Business Channel and CNN. If you make the AET a household term instead of Herman Cain's stupid 999 = 9% sales tax = regressive taxation of poor and compete with that you can get it to become a part of the Republican Presidential candidate debates especially with Michelle Bachman who should be aware of it being a former tax attorney. Do you think Herman even knows what the AET is? You don't so find out about it because it could force corporations to start spending their cash hoards to create jobs and end force the stopping of foreclosures because Corporation HATE and FEAR the AET when an IRS Agent brings it up in an audit examination. Put some muscle in your arguments. In addition sound off to the White House on the issue of taxing: "Unreasonable Compensation" being paid to Corporate Officers wherein "Reasonable Compensation" should = what the President of the USA makes and let the IRS go after all amounts in excess of that be considered as "unreasonable" = not deductible by the corporations on their tax returns of income tax purposes. WALL STREET will definitely not like that one and discuss that in interviews you give with the business networks. REPOST this if you understand this tax talk. If you don't ask questions for further explanation.
I think OWS has already pushed this idea through, because two senators including Tom Harkin from Iowa have introduced legislation in the US for something like what you suggest. OWS is already making a difference--notice the longer sentences inside traders have gotten recently. That guy Raj Raj__ (forgot his full name) got 11 years, compared to 2-1/2 or 3 years in the past for similar crimes. And another Wall Street insider a week or so later.
THANKS!
I am a fan of this tax.