G20 Summit and the 'Robin Hood Tax'

Friday, November 04, 2011

World leaders at the Group of 20 meeting in Cannes. (pool/Getty)

The G20 summit is under way in Cannes. While the European sovereign debt crisis is at the top of the agenda, one of the more noteworthy topics being discussed is a so-called "Robin Hood Tax," a financial transaction tax on stocks, bonds and derivatives trades. Microsoft founder and philanthropist Bill Gates is at the summit to address world leaders in support of the tax, which he says could be utilized to help developed nations meet their global aid obligations to the world's poorest countries.  

Earlier this week two Democrats, Congressman Peter DeFazio (D-OR) and Senator Tom Harkin proposed this very plan as a way to deal with the deficit.Rep. DeFazio talks about why he thinks the tax in necessary. New York Times Wall Street and finance reporter Louise Story looks at the tax from a global perspective.


Rep. Peter DeFazio and Louise Story

Produced by:

Joseph Capriglione

Comments [1]


Didn't Robin Hood protect the poor from the local tax collector and the misrule of an oppressive king? Can the Democrats even get their ancient fairytales correct while they concoct new ones?

So it is only the rich that have stocks, bonds, derivatives and retirement accounts which will be targeted by these "Robin Hoods".
"The burden on them would be a dollar" Will that be the camel's nose under the tent? Perhaps we can call that the "Ali Baba and the Forty Thieves" tax.

How can you pay down the deficit which was nearly quadrupled by Speaker Pelosi when the same Democrats want to maintain outrageous spending?

The Robin Hood tax only means that the Democrats will continue to get medieval on our assets.

Nov. 04 2011 10:05 AM

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