A Modern Robin Hood Tax

I love this idea, and feel it is time for it to happen. See this article for details on the Tobin Tax.

Here is a statement from a well known Ontario based union about it.

June 25, 2010 OPSEU President Smokey Thomas and NUPGE President James Clancy will lead our Union’s delegation at the G20 rally on Saturday, June 26 at 1 pm.

Join us as we demonstrate against G20 governments who have spent trillions of dollars to save banks and financial markets only to turn around and cut public spending, public services, and jobs.

We are calling for a Robin Hood Tax – a tiny tax of 0.05% on trades in stocks, bonds and currencies – which would not affect ordinary consumers but would raise $650 billion a year to create jobs, reduce debt and fight poverty.

Did you know that the currency market (FOREX) sees about $2 trillion in trades every day? How many of these trades are speculative in nature? No goods or services are being made/produced. And the speculation and greed in our system had a lot to do with the financial collapse of many U.S. based financial companies last year.

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