SHOULD WE HAVE A ROBIN HOOD TAX?

The Robin Hood tax is a simple idea – a levy on each trade in currency or financial instruments which would go to fund development in poorer countries.  For example, there would be a small tax on trading activities.  Among other things, this would discourage day traders who are always jumping in and out of the market.

The Vatican strongly supports this new tax.  So does the Archbishop of Canterbury, Rowan Williams.  So does Paul Krugman, the Nobel prize-winning economist who writes for the New York Times.

Right now the idea of a news tax on shares, bank and financial transactions is enjoying a golden moment.  It might take another recession, but then everyone will be behind a financial transactions tax.

Should we have a Robin Hood tax?

What do you think?

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11 Comments »

  1. 1
    Tony Kondaks Says:

    No, we should not have a Robin Hood tax on trading transactions.

    Unless, of course, you also advocate giving the traders the same amount that you plan to tax them every time one of their trades results in a loss. No, you say? I didn’t think so.

    The mere fact that the idea is supported by both The Vatican and Paul Krugman should be enough to scare everyone away from it.

  2. 2
    Jim Says:

    Only on each trade of each stock etc., held for less than 5 working days on the sale of one million dollars or more.Or,
    a 1% tax on Dec 31st on one’s financial holdings,.if they exceed one million dollars.cumulative, and that it should not be a deductable expense for tax purposes..

  3. 3

    NOOOOOOO!!!

  4. 4

    I see nothing wrong with this idea. It`s basically a value added tax,and it only applies to those who conduct transactions.

    But what is the purpose,aside from throwing money at poorer people. In itself, that`s not bad idea,but I think people really want an equality of opportunity. It seems that with the serious decline of manufacturing jobs,the main method of making serious money is the financial sector. There have to be more opportunities out there,where products can be designed , made and sold here. This is not a short term solution,but it is a solution.

    By the way, in a recent issue of The Economist,they mentioned that an increase of financial jobs in a country is now seen as a sign of decline.

  5. 5
    Neil McKenty Says:

    The tax would appply to those trading in stocks and bonds. Presumably these traders belong to the moneyed class so the tax would not be onerous.

  6. 6
    Heidi Gulatee Says:

    Neil
    what about RRSPs? would you want to tax them too?

  7. 7
    Tony Kondaks Says:

    Good question about RRSPs by Heidi.

    RRSPs are “tax free” while growing and aren’t taxed until withdrawn. RRSPs are owned by the 99% for the most part, not the 1%.

  8. 8
    Heidi Gulatee Says:

    Tony
    thank you. I

  9. 9
    Heidi Gulatee Says:

    sorry for the typo

  10. 10

    The minute the word “tax” is mentioned, the hairs on the back of my neck stand up…
    Can anymore people come up with any more stupid ideas?

  11. 11

    It?s exhausting to seek out knowledgeable people on this topic, but you sound like you understand what you?re speaking about! Thanks


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