David Hillman, spokesman for the Robin Hood Tax campaign, said: \”The British government should wake up and smell the coffee. Other governments are moving ahead with a bank tax, while we are letting our financial sector off the hook.
\”A Robin Hood tax on the banks would be the most popular tax in history.\”
A tax which just taxed the banks would indeed be an extremely popular tax.
But as both you, your confreres and fellow campaigners, and I know a Robin Hood Tax would not be a tax on the banks. Nor even upon the banksters.
It would be a tax on all consumers of the products of the financial sector. Which, given that all of us take part in the modern economy which consumes the products of the financial sector would mean all of us.
Now you know this, it\’s been pointed out to you by myself (and one of your colleagues, Owen Tudor, will no doubt have brought my snarls to your attention ) but more importantly it\’s been pointed out to you by the OECD and the IMF. The incidence of a financial transactions tax will be upon consumers, as pointed out by the Nobel Laureates Sir James Mirrless and Peter Diamond. Further, the burden upon consumers is likely to be greater than the revenue raised, as pointed out by the Nobel Laureate Joe Stiglitz.
You know this, your campaign knows this, yet still you market your idea as if it is only the banks which will bear the burden. You are playing off the ignorance of the general public about tax incidence.
Which makes you David Hillman, Owen Tudor, the Robin Hood Tax campaign as a whole, lying scumbags, doesn\’t it?