You know, looking at the list of supporters, there\’s only one who even pretends to have any knowledge of economics.
That\’s the new economics foundation.
It\’s going to be a complete disaster, isn\’t it?
Oh, here\’s a lovely little point.
Although 0.05% is a tiny tax, $400 billion is a substantial amount.
That\’s what they expect to raise (not the £400 billion some papers are reporting).
Banking is the most profitable industry in the world, with profits of $788 billion in 2006,
They\’re seriously suggesting that 50% of the profits of the banking system can be taxed away and:
Will the tax be passed on to consumers?
The Robin Hood Tax will not impact on personal banking or on retail banking. That’s because it targets a distinct area of bank operations – high-frequency large-volume trading, undertaken by financial institutions in the ‘casino economy’. ??If you change money to go on holiday, send remittances abroad, invest in a pension fund or take out a mortgage, you will not be affected by this tiny tax.
They\’re fucking mad, aren\’t they?