Robin Hood Tax
Posted by Gail | Filed under Taxes
You remember Robin Hood: he stole from the rich and gave to the poor. Well, did you know that France implemented a financial transaction tax, otherwise known as a Robin Hood Tax? And now Germany, Spain, Italy, Austria, Belgium, Portugal, Greece, Slovenia, Slovakia and Estonia have all followed suit.
After just three years of campaigning, Robin Hood Tax advocates consider this a significant achievement.
So what is a Robin Hood Tax? Well, financial transaction taxes work by taxing large companies on financial transactions, and using the money to benefit society as a whole. In France, the government applies a 0.2% tax — so that’s $2 on every $1000 — on financial transactions made by companies worth over €1bn. France plans to use the money to help eliminate global poverty and raise HIV awareness.
In the US, groups are now focusing on getting their message out that a small tax on Wall Street could mean transform Main Street. Since U.S. banks have raked in over $100 billion in subsidies since 2009, advocates think it’s time for payback.
Here in Canada the proposed Robin Hood Tax is just 0.05% levied on all financial market transactions in order to raise resources for fighting poverty and climate change at home and abroad. It would cover financial transactions traded through stock exchanges, futures exchanges or any other facility established for the purpose of trading (“exchange trading”) by financial market actors. Want more information? Go to Robinhoodtax.ca