{"id":131222,"date":"2012-07-10T10:02:51","date_gmt":"2012-07-10T14:02:51","guid":{"rendered":"http:\/\/www.prosebeforehos.com\/?p=131222"},"modified":"2012-12-26T16:03:58","modified_gmt":"2012-12-26T21:03:58","slug":"the-robin-hood-tax","status":"publish","type":"post","link":"https:\/\/www.prosebeforehos.com\/article-of-the-day\/07\/10\/the-robin-hood-tax\/","title":{"rendered":"Introducing The Robin Hood Tax"},"content":{"rendered":"

The Article:<\/strong> Mark Ruffalo and Tom Morello launch Robin Hood tax plan to outlaw Wall Street excess<\/a> by Adam Gabbett in The Guardian.<\/p>\n

The Text:<\/strong> Actor Mark Ruffalo and Rage Against the Machine\u2019s Tom Morello have launched a new US campaign for a \u201cRobin Hood tax\u201d, a small levy on Wall Street transactions that organisers say could generate hundred of billions of dollars a year.<\/p>\n

The campaign, backed by National Nurses United, the largest nursing union in the US, has already launched in 14 countries, including the UK, France and Germany.<\/p>\n

Organisers of the campaign, which also features Coldplay singer Chris Martin, are calling for a tax of \u201cless than half of 1%\u201d on Wall Street transactions, which they say would not affect most Americans\u2019 financial activity.<\/p>\n

<\/p>\n

Adopting the 99% language of the Occupy movement, the campaign said the tax would \u201ceasy to enforce and tough to evade\u201d.<\/p>\n

\u201cThis is a tax on Wall Street, which created the greatest economic crisis in our nation and globally since the Great Depression,\u201d a statement said on the movement\u2019s website.<\/p>\n

\u201cThe same people who have returned to record profits and bonuses while ordinary Americans, the 99%, continue to pay the price of their crisis.\u201d<\/p>\n

A video released to coincide with the launch encourages supporters to take a $1 bill and draw a Robin Hood-style hat on George Washington\u2019s head along with a mask over his eyes \u201cbecause the government is robbing our people at this particular point\u201d.<\/p>\n

In a blogpost on the campaign\u2019s website, Ruffalo said that the \u201ctragic irony\u201d of the financial crisis was that \u201cwhile ordinary Americans are still picking up the pieces today, those most responsible \u2013 Wall Street \u2013 have returned to their stranger-than-fiction reality\u201d.<\/p>\n

\u201cA Robin Hood Tax would raise revenue from Wall Street while reining in their worst excesses \u2013 helping to rebalance the American economy,\u201d Ruffalo said.<\/p>\n

\u201cFor all these big ambitions, the tax is surprisingly small: less than half of 1%, or about 50\u00a2 on every $100 of trades. It would apply not to ordinary Americans (the rate is set so low precisely to avoid impacting ordinary people and businesses) but to Wall Street\u2019s sprawling, churning predatory casino-style trading that helped drive the financial crisis. We\u2019re talking high-frequency trades carried out by computer algorithms, billion-dollar bets on currency fluctuations, credit default swaps and other derivatives.<\/p>\n

\u201cBecause these financial markets have grown so large, the tax is capable of raising hundreds of billions of dollars a year. Money that could stop foreclosures, fund new jobs and help repair the social safety net in the US.\u201d<\/p>\n

Since the first Robin Hood Tax campaign launched in the UK in 2010 it has been supported by economists, charities and various celebrities. Bill Gates gave his backing to the tax last year, presenting a report \u2013 Innovation with Impact \u2013 commissioned by Nicolas Sarkozy to the G20 meeting in Cannes.<\/p>\n

The US campaign launch comes after hundreds of registered nurses travelled to Chicago in May, demonstrating with Rage Against the Machine guitarist Tom Morello for the Robin Hood Tax ahead of the Nato summit.<\/p>\n

On Tuesday supporters were expected to rally at JP Morgan Chase\u2019s offices in New York, the demonstration coinciding with JP Morgan chief executive Jamie Dimon appearing in front of Congress. Dimon will be quizzed by the house financial services committee over his bank losing $2bn on high-risk derivative trading.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Article: Mark Ruffalo and Tom Morello launch Robin Hood tax plan to outlaw Wall Street excess by Adam Gabbett in The Guardian. The Text: Actor Mark Ruffalo and Rage Against the Machine\u2019s Tom Morello have launched a new US campaign for a \u201cRobin Hood tax\u201d, a small levy on Wall Street transactions that organisers […]<\/p>\n","protected":false},"author":49,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[259],"tags":[],"yoast_head":"\nIntroducing The Robin Hood Tax<\/title>\n<meta name=\"description\" content=\"Could this celebrity-endorsed plan actually work?\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.prosebeforehos.com\/article-of-the-day\/07\/10\/the-robin-hood-tax\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Introducing The Robin Hood Tax\" \/>\n<meta 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