[Closed] Robin Hood...

well for a start the film let's itself down at 1:17: the tobin tax isnt on money "made" but on the volume of the transaction. It is akin to a Stamp Duty rather than a capital gains tax. The reason the rate would have to be nominally so small would be so as not to gum up liquidity in capital markets.

Personally I have a little sympathy for the idea but I would probably apply it only to quite a few classes of trade.

2010 called. They want their campaign back.

I like the way it calls it a [i]"tiny tax"[/i] and then goes on to say it would raise 100 billion or more a year.

It may be a "tiny" percentage amount, but that 100 billion isn't appearing by magic. That is a direct cost to the banks.

(not that I'm necessarily against it - just thought the video was a bit disingenuous on that point).

2010 called. They want their campaign back.

Fair play, I felt like a wally for a mo there, but thankfully, they're still plugging away...

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it's no brainer really, especially as the banks are effectively holding the world to ransom with ridiculous debt on currency that they conjured out of no-where

it's no brainer really

It really isn't.

You'd be saying to banks [i]"if you want to do business in the UK then it is now going to cost you an additional 100 billion a year in tax"[/i].

I would imagine there is a very real possibility that faced with that cost, some of them might decide to take that business (and the taxes they already pay) elsewhere.

What, like Jersey?

[url= http://mag.newsweek.com/2014/01/17/jersey-taxes.html ]http://mag.newsweek.com/2014/01/17/jersey-taxes.html[/url]

Being as it's a crown dependency of Her Maj, we'll all be sharing in the wealth, right? 🙄

What about the banks that we the taxpayers bailed out?

I mean folk like Britain's biggest bank, good old [url= http://en.wikipedia.org/wiki/HSBC ]Hongkong and Shanghia Banking Corporation[/url], [url= http://www.theguardian.com/business/2012/feb/28/hsbc-tax-bill-dispute-hmrc ]who already got into a fair bit of trouble over £3 billion[/url], might well decide to up sticks and return to Asia if they faced an additional £100 billion a year tax burden.

What about the banks that we the taxpayers bailed out?

Are you suggesting that the best course of action is ensure that the banks we have taxpayer's money invested in are put at a significant competitive disadvantage?

Ideally, it should be rolled out on a global basis~ a possible scenario once it has proved it's worth; the banks can bitch, whine and hop around the globe as much as they like, but the fact remains they are more of a curse than a blessing in the current scenario.

Or are you suggesting we capitulate further, continuing to slave away to clean up the mess they orchestrated in the 1st place?

I for one am tired of licking their cheesy wotsits... this would go some way to restoring a degree of balance.

Ideally, it should be rolled out on a global basis

Agreed - that would be ideal - never happen though.

Europe-wide might just work.

Or are you suggesting we capitulate further, continuing to slave away to clean up the mess they orchestrated in the 1st place?

I don't like it any more than you but given the difficulties in rolling it out globally or potentially crippling the competitiveness of our own economy I'm not sure what option there is.

[url=ft.com/cms/s/0/eab58f7e-6345-11e3-a87d-00144feabdc0.html]Well done Iceland[/url]
Pity our govt are mostly in fear of the bankers

Apparently Sweden did a similar thing and received something like 3% of the predicted revenue from the new Transaction Tax.

Don't know if that was due to Banks moving their transactions elsewhere, but I'd be better that was a pretty big reason for the lower than expected return.

Plus a bit of "legal avoidance" I would imagine.