Showing posts with label Occupy Wall Street. Show all posts
Showing posts with label Occupy Wall Street. Show all posts

Saturday, March 16, 2013

RobinHood Global March to Tax Financial Transactions

OCTOBER 29 – #ROBINHOOD GLOBAL MARCH, Adbusters, Oct. 29, 2011

Adbusters, the global network that initiated the idea of Occupy Wall Street and their website OccupyWallStreet.org, has now initiated a new campaign, a global march set for Saturday, October 29, 2011, the eve of the G20 Leaders Summit in France.

Adbusters is proposing “let the people of the world rise up and demand that our G20 leaders immediately impose a 1% #ROBINHOOD tax on all financial transactions and currency trades. Let’s send them a clear message: We want you to slow down some of that $1.3-trillion easy money that’s sloshing around the global casino each day – enough cash to fund every social program and environmental initiative in the world.”

This is a proposal by Adbusters for the general assemblies of the Occupy movement to organize protests in cities throughout the world on Saturday, Oct. 29, 2011.

A Small Tax on Wall Street Could be A Big Help to the U.S. Economy

A Small Tax on Wall Street Could be A Big Help to the U.S. Economy, The Christian Science Monitor, Opinion, Oct. 19, 2011

A modestly higher financial transaction tax, or FTT, could discourage speculation, lead to less price volatility, and encourage long-term investment. One estimate projects such a ‘sales tax’ on Wall Street may raise $175 billion a year, even if it cut the total number of transactions in half.

Liberal economist Dean Baker thinks it is a good idea to raise federal revenues to impose a special tax on stock trades and some other Wall Street trading activities.

This tax is referred to as a “financial transaction tax” or FTT a “Tobin tax” as it was first urged by Nobel prize winning James Tobin in 1972.

An FTT bill called “Let Wall Street Pay for the Restoration of Main Street Act” has already been before the Congress of the United States.

Revenues from a FTT could be used to provide useful jobs for the unemployed.

The Occupy Wall Street protests around the country voice a common objection to widespread greed and excess in the financial industry.

The 27 member countries of the European Union are considering their own FTT that would apply to stocks, bonds, and other derivatives. The President of the European Commission says such a tax could raise $74 billion annually.