A big day for the Robin Hood Tax
Today is Day One of France’s new financial transactions tax (FTT). The 0.2% tax is expected to raise half a billion euros in the first year, with a pledge from President Hollande that a part of the revenue will go towards combatting AIDS. This is a huge step forward for the Robin Hood Tax campaign and the great efforts of our sister organisation in France: Robin des Bois.
Former French President Sarkozy first proposed the tax at a rate of 0.1%. However, as soon as President Hollande took office, he doubled it to 0.2% - promising some of the revenue to development with the exact allocation being finalised this autumn. This initial step by France heralds a more ambitious FTT that nine European countries - including Germany, Spain and Italy - plan to implement by the end of 2012.
The UK Government is standing firm in its opposition to the Robin Hood Tax, though in fact the French FTT is modelled on the UK's own 0.5% FTT on shares (the Stamp Duty), which brings in over £3billion every year. Curiously, the UK Government rarely mentions the Stamp Duty - perhaps as it undermines their arguments against the FTT.
By taking such a lead with this tax, France is signalling the direction of travel following the economic crash that is still affecting us – that the financial sector has to pay a greater share in taxation from now on. With this progress, surely it is time for the UK Government to rethink its position on the FTT. It should join with other leading European countries and extend its FTT on shares to other assets, which would bring in an additional £20 billion a year. An amount the City can afford and ordinary people at home and abroad desperately need.
Comments
#1 Bravo!!
Bravo, Monsieur Hollande et la France!!
#2 FTT and CTT
The FTT in France is the right step in the right direction, however it does not comprise a Currency Transaction Tax based on the "Tobin Tax". FOREX transactions amout to more than $ 4 trillion every day. A CTTof 0,05% only would generate hundreds of billion $ per year world wide without significant impacts on banks and customers. Robin Hood Campaign has now good reasons to celebrate, but we must keep on fighting for the CTT - the Currency Transaction Ta.x
#3 Vive la TTF!
Good news! Now we will see the introduction of an FTT in action. Bon courage!
#4 FTT and CTT
The FTT in France is the right step in the right direction, however it does not comprise a Currency Transaction Tax based on the "Tobin Tax". FOREX transactions amout to more than $ 4 trillion every day. A CTTof 0,05% only would generate hundreds of billion $ per year world wide without significant impacts on banks and customers. Robin Hood Campaign has now good reasons to celebrate, but we must keep on fighting for the CTT - the Currency Transaction
#5 Gaiataxes
France has got the game going but a Financial Transaction Tax is only in the first half.
We need to preserve the FTT carefully using 50% of revenues for UN Millenium Goals and 50 % to repay UK National Debt.
When Third World countries get drinkable water and proper sewerage then girls get more edcation, take responsibility for their own fertility & plan for the future. The Gates Foundation is supporting work in this field.
We keep hearing that we live in a global economy and current crisis shows just how true that is. So lets make the economy work for us all in the world not the corporations , financiers or national goverments.
So lets have more global ( Gaia ) taxes be it on : derivatives, legal internet porn or air travel (capital costs or ticket prices). We also need to find ways to tax property, wealth or capital rather than just focussing on income.
Bradley Wiggins won both the Tour de France & the hearts of the French people. Won the time trial over here too. VIve La France and its Carpe Diem to Boris, David & George.
Future genarations will wonder why we took so long so grasp how obvious global taxes now are. More sustainable, more equitable , easy to administer and future proof.
Thank you.
#6 best aspect of Robin Hood Tax
If France has a good use for the new revenue, that's fine, but...
The reason I think this tax is urgently needed is to provide a disincentive for reckless financial overtrading. There is now a worldwide boom in mechanized, super-high-speed information networks facilitating trading that does nothing to help the real economy. Did you notice the size of the financial bubble discussed when the LIBOR controversy surfaced? It's out of any proportion to the finances of real people or even the budgets and deficits of large countries: Think the US deficit is large at $16 trillion? There is a financial bubble with size estimates varying from $700 trillion to over a quadrillion dollars.
#7 A Big Day that comes at the same time as a scary warning
I agree.
I may detest your stupid name for this crucial tax (Calling it 'Robin Hood' dangerously undermines our arguements. See why: http://tronline.blogspot.co.uk/2011/11/thank-god-for-archbishop-of-canterbury.html ) but this is an important landmark and the French must be congratulated.
How signficant that it should happen just as we see yet another vivid warning of the dangers ahead.
Today the Knight Capital Group (Wall Street brokers) is fighting for survival after a glitch on its high-frequency trading computers lost them £440m in 40 mins.
http://www.guardian.co.uk/world/2012/aug/03/knigh-capital-group-440m-loss
Nobody knows exactly what percentage of trades are now conducted automatically in the secret datacentres run by the spivs and gamblers in the financial markets. A professor talking today on the BBC said estimates range from 55% to 90%.
These guys are trading at over 400,000 transactions a second. (So much for the concept of 'responsible share ownership'!)
As big and as important as Knight Capital is in the financial world, thankfully it is insignificant in the real world. But just consider how quickly millions of innocent people around the world will be ruined by the financial, cash-point closing, armageddon when a high-frequency trading crash brings down the likes of Goldman Sachs, Barclays, JP Morgan Chase, and/or HSBC with their 'get out of jail free' moral hazard guarantees (too big to fail).
Besides physically splitting the investment banks from retail banking (also crucial), the ONLY scalable way to curb high-frequency trading and bring it under control is a transaction tax. Its rate should be set, NOT to raise revenue or give to the poor, but as a market braking mechanism to prevent a high-speed global market crash.
Like I say, congrats to the French. Over here (& in the USA) our politicians deserted us a decade or so back. They don't do what we tell them any more.
#8 Not such a great step when
Not such a great step when all a company needs to do to avoid it is register itself across the border in Luxembourg.
Tesco, Amazon, etc. are already practicing it anyway
#9 Well Done
A big, big well done to all those who've campaigned on this over the last two years, you have made a real difference and will do so more and more to people in France. You have worked so hard for something so just and should be very proud. To all our friends in France congratulations.To those in the UK, let's continue to push for this as hard as possible. We need this along with otehr strict banking reforms to ensure that everyone lives by the same economic rules and wealth and prosperity reaches the many not the few..
A happy day.
Nick Lalvani
#10 TAX
Isn't it about time we stopped pussyfooting around. What is needed is an increase in the basic rate of taxation to 30p in the pound - now !!!!
As someone who paid this rate of income tax - and more all my working life - this is the way to ensure taxation is fair.
Direct taxation of income is progressive - the more you earn - the more you pay.
This talk of the high paid bankers leaving the country if this happens is scaremongering on the greatest scale. Let them go. The mess they've made of the country's economic position by their greedy criminal actions should go down in the records of the history of the UK - so that we don't forget it - ever !!!!
#11 Result!
Great news. Good on the les Francais. Never thought i'd be saying that! Its now time for Cameron and his masters to wake up and smell the French coffee. Good work all at Robin Hood Tax, thanks and hats off to you for your perseverence.
#12 Should have happened years ago.
There is not a nickles worth of difference between a Financial Transaction tax and taxeson services like hair cuts and spa treatments. The concept is neither new nor radical. A sales tax is legitimate.
#13 Robin Hood Tax & UK 'government'
Its the same old story. Europe shows a way forward, the London Cartel does its' devious, insidious-level best to oppose it. How many more wars & wasted economies must we endure before this feudal anachronism (The UK Tory party) is bypassed ?
#14 Well done to the French
Well done to the French government....lead by a good example!! Congratulations!
#15 HMRC...Stealth tax on Landlords
I hereby wish to notify your organisation how this Rotten Corrupt / deceitfull / fraudulent coalition government is doing all in its powers to penalise private landlords via stealth...It is a know / common fact that whatever way they can use stealth to cover up their failed / bungling incompetant policies to create a false industry built on this issue.
I recently viewed a Chanell 4 Programme (DISPATCES).. "Secrets of the Taxman"...This programme revelied the deep cover up by the HMRC. (Her majesty's Revenue & customs, plus the money laundering that exists by senior CEO'S (Civil Servants) in this government run department...Together with sponsorship / support from major UK high street banks...It was reveilved why the past (Labour), plus present coalition governments are keeping tightened lips / low key about this massive cover-up fraud going on.
It also exposed the present / continuous fraud of tax payers money being exported / laudered to such places as the Chanell Islands, by rich "Fat cat" company directors of UK based companies, who try to avoid paying their taxes..(Guernsey) in particular was mentioned as a safe haven for the above fraudsters.
It is high time that these Financial Terrorists are brought before the courts to expose, plus pay back all of tax payers money they continue to use to promote their ill gotten gains.
Everyday, low paid workers / small business, are being penalised / blame,d while the Corrupt bankers, plus MP'S / politicians who continue to be paid by tax payers money, plus "fiddle" their tax expenses, are getting away with the above fraudulent crminality practises.
I trust the above will bring positive light to our campaign in order to (STOP) further damage to all those concerned by the above mentioned, who wish to abuse our Human Rights in a manner by "Feathering their own nests" to acheive / install their own self righteousness indeoligies.
#16 Greedy Bankers
The latest scandal is food price inflation helped by our Bankers.
Their commodity trading in futures and the huge amount of speculation on food commodities helps no-one but them.
They hold stock until the price goes up then they cash in.How worthy is this.David Camerons words on helping poverty are just that -Words!!! No action to tackle serious issues and the same old protection of the "sacred cow" Bankers.
Remember the polititions are also protecting their long term interests - tony blair now gets money from J.P Morgan etc etc (note gets- not earns being the operative words).We have to crack down on the Bankers after all was it not the banks who paid the ratings agencies to rate their products.AAA rated crap - the corrupt Bankers & rating agencies should have been investigated and prison sentences + large fines should have been issued against offenders -- White collar crime does pay handsomely.
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