A small tax on Wall Street that could transform Main Street
The “Robin Hood” Tax – a small tax on financial transactions – has the power to raise hundreds of billions every year to provide funding for jobs to kickstart the economy and to get America back on its feet. It could help save the social safety net in the US and around the world.
As proponents say: Not complicated. Just brilliant.
The tax would have the added benefit of slowing down the destructive computerized high frequency trading that doesn’t add value to the real economy, but rather undermines the stability of the financial system. High frequency trading has the potential to cause havoc in markets for commodities like wheat and gasoline, which are central to our economies and the lives and well being of hundreds of millions of people.
A tax of less than a half of one percent could raise hundreds of billions of dollars a year. We pay sales taxes, while Wall Street pays nothing.