National Robin Hood Day demonstrations…. Rallies in San Diego and 14 other cities across the country were held on Tuesday, June 19th to kick off a national campaign to institute a Wall Street tax that would produce billions for the public good.
This Financial Transaction Tax, called the “Robin Hood Tax,” is a levy of less than half of a percent on trades in derivatives, stocks, bonds and foreign currencies. According to the campaign, economists estimate that $350 billion could be raised each year for health care, jobs, education, infrastructure and various other needs, which may help rejuvenate the economy. The campaign states that it is pushing for “a tax for the people.”
These Robin Hood Tax events took place in front of JPMorgan Chase branches because of its recent $2 billion loss from a risky hedge investment. According to the campaign, it is “the latest bank to have the spotlight shone on their reckless behavior that has hurt millions.” Though within the last few months the campaign started reaching the United States, it has been pushed in more than 40 countries over the last two years. Several countries, including the UK, China, Brazil and India have already implemented this tax, while France and Germany have aimed to implement it by 2013.