The proposed Robin Hood Tax (more formally known as a financial transaction tax) is a tiny tax on transactions by investment banks and hedge funds that if implemented would raise billions to tackle poverty and climate change, in Australia and overseas.
The tax would not be taken on everyday banking transactions conducted by individuals. It’s a tax on banks – not you or I – and it targets international bank transactions like the high-frequency, speculative trading which caused the most recent financial crisis.
The Robin Hood Tax aims to raise money to increase public services such as health and education, address global poverty and aid efforts to address climate change.
The tax can start as low as 0.005% and average 0.05% on a transaction. Given the hundreds of billions of dollars thrown around in speculative transactions on global markets, the tax could raise billions of dollars each year.
Organisations and leaders across the world have spoken in support of the tax including French President Nicolas Sarkozy, German Chancellor Angela Merkel, Former British Prime Minister Gordon Brown and Foreign Minister Katsuya Okada. The Australian Government is yet to announce their support.
Robin Hood Global Day of Action is coming up on 22June. Show your support for the tax by following our actions.
For more information see the Robin Hood Tax website at http://robinhoodtax.org.au/