Anorak | The Robin Hood Tax Is Unworkable, Ridiculous And Supported By The Elite

The Robin Hood Tax Is Unworkable, Ridiculous And Supported By The Elite

by | 15th, June 2011

TO the City of London for the Robin Hood Tax Protest. To protest against bankers, the campaigners set up a giant roulette table in a satire on them gambling with our money. Peter Kennard’s gaming board was in front of the Royal Exchange. The bankers could not lose; teachers and nurses lost their jobs. It all looks great. Then we look at the Robin Hood tax website. We learn:

A tax on banks that would give billions to tackle poverty and climate change, here and abroad.

And this is where it goes awry. They want to tax the rich to pay to fight the weather and feed foreigners? And that will be popular how..?

The Guardian concocted this headline that is not a parody:

How the Robin Hood tax could help fight climate change in the Outer Hebrides

Toby Young put it thus :

The idea is to tax all bank transactions not involving members of the public by approximately 0.05 per cent and use the resulting revenue “to tackle poverty and climate change”… There are several problems with this proposal. First of all, it’s entirely possible that the cost of collecting a tax of 0.05 per cent would be greater than the amount of revenue it raised. Then there’s the issue of who would decide how the money would be spent…

But the real problem with a financial transaction tax — the reason it has never been introduced and never will be — is that no country is going to impose it unilaterally for fear of placing its own banking sector at a competitive disadvantage. If Britain introduced a Robin Hood Tax, for instance, the international banks that are headquartered here would simply relocate to a country in which their transactions aren’t taxed.

Yes, but the main problem is that tax will be passed onto the consumers. Although they say:

The Robin Hood Tax will not impact on personal banking or on retail banking. That’s because it targets a distinct area of bank operations – high-frequency large-volume trading, undertaken by financial institutions in the ‘casino economy’. 

If you change money to go on holiday, send remittances abroad, invest in a pension fund or take out a mortgage, you will not be affected by this tiny tax.

Anyone who knows anything about

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Posted: 15th, June 2011 | In: Money Comments (3) | Follow the Comments on our RSS feed: RSS 2.0 | TrackBack | Permalink