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First proposed in the 1970's by economist James Tobin, later a Nobel Prize winner, the concept of a tax on financial transactions has reignited a revenue movement around the globe.
"Driven by populist anger at bankers as well as government needs for more revenue, the idea of a tax on trades of stocks, bonds and other financial instruments has attracted an array of influential champions, including the leaders of France and Germany, the billionaire philanthropists Bill Gates and George Soros, former Vice President Al Gore, the consumer activist Ralph Nader, Pope Benedict XVI and the archbishop of Canterbury. "
No one is proposing "stealing" from anyone ... they are proposing a tax on financial transactions ... just as there are taxes on other products and services across the globe.
From last I understood, Robin Hood stole monies stolen by government through taxation. Seems like the pro-government people would've wanted him burned at the stake as a witch.
So, the very people who screamed bloody murder about the unfairness of higher debit card and credit card transaction fees are the same ones cheering for a "Robin Hood" tax.
My, my, isn't hypocrisy convenient.
Wouldn't the ultimate "fairness" be to go to the pockets of the politicians and their banks wrote the legislation which created the great global banking debacle to begin with? But noooooooo, it will be the consumer, the individual saver/investor, and retiree who gets hit by this the hardest. Your Bill Gates, Warren Buffetts, etc... will barely be touched by this. Their hedge funds will get hit by the fees but it will have very little effect on them personally.
See why banks should not be "too big to fail" and why in the long term no bailout was better than kicking the can down the road?
So, the very people who screamed bloody murder about the unfairness of higher debit card and credit card transaction fees are the same ones cheering for a "Robin Hood" tax.
My, my, isn't hypocrisy convenient.
Wouldn't the ultimate "fairness" be to go to the pockets of the politicians and their banks wrote the legislation which created the great global banking debacle to begin with? But noooooooo, it will be the consumer, the individual saver/investor, and retiree who gets hit by this the hardest.
See why banks should not be "too big to fail" and why in the long term no bailout was better than kicking the can down the road?
No, didn't think you would.
b-b-b-b-b-ut we needed a bailout. Obama told us so.
And now endorsed by another nobel prize winner, obama. how could we go wrong?
Uh, yeah ... except for the pesky fact that Obama hasn't endorsed it ... but why let facts get in the way of partisan knee-jerking, right?
From the linked NYT article you could have read before making an uninformed comment:
"The Obama administration has also been lukewarm, expressing sympathy but saying it would be hard to execute, could drive trading overseas and would hurt pension funds and individual investors in addition to banks. Administration officials say they would prefer a tax on the assets of the largest banks as a way to discourage them from risky activities. “The president is sympathetic to the goals that a financial transactions tax is trying to achieve and he is pushing for a financial crisis responsibility fee and closing other Wall Street loopholes as the best and most feasible way to achieve those goals,” an administration official said."
From last I understood, Robin Hood stole monies stolen by government through taxation. Seems like the pro-government people would've wanted him burned at the stake as a witch.
Again: taxation isn't stealing. It is legal revenue collection.
So Robin Hood stole money from the government.
But the government hadn't technically stolen from the people.
In this case, the tax proposed isn't stealing from the people or the government.
There are financial transaction taxes at various places around the globe now and have been for a very long time.
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