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Tobin ("Robin Hood") Tax

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buffalobill90 On July 12, 2013
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Viaticum, United Kingdom
#1New Post! Feb 11, 2010 @ 12:07:36
Film maker Richard Curtis is to release a short film starring Bill Nighy which will advocate the introduction of an international Tobin tax - or Robin Hood tax - which would put a 0.05% tax on all business transactions by banks.

The money generated by such a tax is estimated at about $700 billion (?450 billion). It could be used to fight domestic and global poverty as well as climate change, and also allow countries to cut their deficit.

There are potential problems for implementation: it would have to be adopted by all the major economies, and the US has always been strongly against a Tobin tax. Furthermore, it is unlikely to be enough on its own to prevent the reckless speculation that led to the financial crisis.

The idea already has the support of many economists and some statesmen such as Gordon Brown and Nicolas Sarkozy.

https://www.guardian.co.uk/business/2010/feb/09/tobin-tax-nighy-curtis-film

What do you think? Is it "Small change for the banks, big change for the world"? Or is it a move towards global redistribution of wealth and a threat to soveriegnty?
SparklyKatie On March 07, 2014
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Sheffield, United Kingdom
#2New Post! Feb 11, 2010 @ 12:24:56
Won't the banks just get the ?450 billion from somewhere else, i.e. us mugs by bringing in other chanrges?
buffalobill90 On July 12, 2013
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Viaticum, United Kingdom
#3New Post! Feb 11, 2010 @ 12:32:00
@SparklyKatie Said

Won't the banks just get the ?450 billion from somewhere else, i.e. us mugs by bringing in other chanrges?



This is one of the criticisms. The charges to the banks might be felt by their cutomers. But banks spending $5 more for every $1000 business transaction isn't going to make a huge impact on consumers, and most of their customers are in developed countries anyway so it is still 'taking from the rich and giving to the poor', so to speak.
SparklyKatie On March 07, 2014
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Sheffield, United Kingdom
#4New Post! Feb 11, 2010 @ 12:42:07
@buffalobill90 Said

This is one of the criticisms. The charges to the banks might be felt by their cutomers. But banks spending $5 more for every $1000 business transaction isn't going to make a huge impact on consumers, and most of their customers are in developed countries anyway so it is still 'taking from the rich and giving to the poor', so to speak.


That's all well and good but would it? I doubt many rich people get charged ?25 for going 13p overdrawn like some people I know have. The majority of bank charges like that come from the poor not the rich IMHO.
buffalobill90 On July 12, 2013
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Viaticum, United Kingdom
#5New Post! Feb 11, 2010 @ 12:53:19
@SparklyKatie Said

That's all well and good but would it? I doubt many rich people get charged ?25 for going 13p overdrawn like some people I know have. The majority of bank charges like that come from the poor not the rich IMHO.



It would be a tax on currency exchange transactions between banks, no transactions made by customers. James Tobin saw this as a way of preventing currency exchange from transmitting dusturbances in international financial markets. He actually had two solutions: one is to adopt a common currency and common economic policy across international borders, which he preferred but decided was not politically realistic, and the other is a Tobin tax.

https://en.wikipedia.org/wiki/Tobin_tax#Concepts_and_definitions
SparklyKatie On March 07, 2014
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Sheffield, United Kingdom
#6New Post! Feb 11, 2010 @ 12:58:37
@buffalobill90 Said

It would be a tax on currency exchange transactions between banks, no transactions made by customers. James Tobin saw this as a way of preventing currency exchange from transmitting dusturbances in international financial markets. He actually had two solutions: one is to adopt a common currency and common economic policy across international borders, which he preferred but decided was not politically realistic, and the other is a Tobin tax.

https://en.wikipedia.org/wiki/Tobin_tax#Concepts_and_definitions


Then I'm all for it
Nullzone On October 28, 2010




London, United Kingdom
#7New Post! Feb 11, 2010 @ 14:08:04
How about clamping down on the tax avoidance practices of film makers, artists and studios?
SparklyKatie On March 07, 2014
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Sheffield, United Kingdom
#8New Post! Feb 11, 2010 @ 14:12:03
@Nullzone Said

How about clamping down on the tax avoidance practices of film makers, artists and studios?


I think businesses and (some) rich individuals dodge more tax than those do.
markfox01 On October 23, 2021
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Welshman in Brum.., United Kin
#9New Post! Feb 11, 2010 @ 14:18:41
The tobin tax will only work if every bank in the world agrees to it. if not, you will see banks flock to them countries that don't charge it. and/or some how wangle a new charge into our accounts.. but they say its only on commercial transaction and not on personal transaction.

The banking industry needs a bigger overhaul than just this tax.
jmo On April 29, 2021
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Yorkshire, United Kingdom
#10New Post! Feb 11, 2010 @ 14:22:32
I'd support it. Never going to happen though.
buffalobill90 On July 12, 2013
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Viaticum, United Kingdom
#11New Post! Feb 11, 2010 @ 15:20:09
@markfox01 Said

The tobin tax will only work if every bank in the world agrees to it. if not, you will see banks flock to them countries that don't charge it. and/or some how wangle a new charge into our accounts.. but they say its only on commercial transaction and not on personal transaction.

The banking industry needs a bigger overhaul than just this tax.



It's not the banks that have to agree to it, it's governments. And not necessarily every country in the world, only the major economies would need to agree; the EU, US, Australia, China, Japan, Russia, etc. The UN could easily implement it if it had more power. The US is historically very opposed to imposition of international economic regulations, however, as it undermines national independence. Apparently Fidel Castro has argued for it as well, so that automatically makes it rather scary for Americans.
markfox01 On October 23, 2021
innit!





Welshman in Brum.., United Kin
#12New Post! Feb 11, 2010 @ 15:29:07
@buffalobill90 Said

It's not the banks that have to agree to it, it's governments. And not necessarily every country in the world, only the major economies would need to agree; the EU, US, Australia, China, Japan, Russia, etc. The UN could easily implement it if it had more power. The US is historically very opposed to imposition of international economic regulations, however, as it undermines national independence. Apparently Fidel Castro has argued for it as well, so that automatically makes it rather scary for Americans.



My bad, i meant governments not banks.. but ye your right dude. its like trying to make the bankers take a bonus cut.. it will only happen if all the banks cut the same. otherwise all the good bankers will flock to the bank and country paying more.
Alanna On February 13, 2010




Cincinnati,
#13New Post! Feb 13, 2010 @ 04:23:37
I tend to agree with the richest man in the United States who said that some redistribution of wealth in the form of taxes is not a bad thing. Especially when the taxes are only small change to the super rich being taxes.
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