A tax FOR the people, not a tax on the people.
Simply put, the big idea behind the Robin Hood Tax is to generate hundreds of billions of dollars. That money could provide funding for jobs to kickstart the economy and get America back on its feet. It could help save the social safety net here and around the world, and it will come from fair taxation of the finance sector.
This small tax of %0.5 on Wall Street transactions would generate hundreds of billions of dollars each year in the US alone.
The revenue raised would be enough to protect American schools, housing, local governments and hospitals, to pay for lifesaving AIDS medicines, to support people and communities around the world, and to deal with the climate challenges we’re facing.
It won’t affect ordinary Americans, nor their personal savings, nor everyday consumer activity, such as ATM usage. It’s easy to enforce and tough to evade.
This is a tax on the same Wall Street interests that created the greatest economic crisis since the Great Depression – and that continue to reap record profits and bonuses while ordinary Americans cleaned up the mess.
The Robin Hood Tax is just. The banks can afford it. The systems are in place to collect it. It won’t affect ordinary members of the public, their bank accounts or their savings. It’s fair, it’s timely, and it’s possible.