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View Diary: Robin Hood Tax Bill & March (29 comments)

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  •  WIA - the rate is a big part of it (2+ / 0-)
    Recommended by:
    Words In Action, Roger Fox

    If you buy a US Treasury note that pays 1% per year in interest do you really think that half your first year interest should be a tax? What if it is a one year note? When you add the transaction tax and the income tax what do you have left?

    A thoughtful plan would not impact the underlying economics of the transaction. The fees would be specifically tailored to each asset class and would never take half the income like in my T-Note example.

    The proponents should also change the name. Calling this the "Robin Hood Tax" makes it more difficult for those of us who favor a transaction tax to actually find any political traction. Between the name and the actual proposal it makes those of us working on this concept dispirited. It isn't helping.

    "let's talk about that"

    by VClib on Tue Apr 23, 2013 at 09:26:48 AM PDT

    [ Parent ]

    •  I see. (2+ / 0-)
      Recommended by:
      ozsea1, Betterthansoap

      I didn't realize it even included T bills.

      On the name issue, of course, from the standpoint of getting traction with the public, the populist approach of "Robin Hood Tax" does make sense, because people immediately understand it.

      Frankly, I'd rather take down Exxon or Goldman Sachs, the way we're taking down RushBeckistan, than elect another "better" Democrat who's going to wind up singing for the bankster choir.

      by Words In Action on Tue Apr 23, 2013 at 09:46:15 AM PDT

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      •  WIA - I haven't read the actual bill (2+ / 0-)
        Recommended by:
        Words In Action, Roger Fox

        and it's possible that T-bills are not included. But short term debt instruments of companies are now paying very small yields so the point is that you don't want to change the fundamental economics of a trade. A very tiny fee takes away the program trading that is squeezing 1/16 by buying in one market and selling in another in less than a second. You don't need a big fee to stop that nonsense.  

        "let's talk about that"

        by VClib on Tue Apr 23, 2013 at 09:54:55 AM PDT

        [ Parent ]

    •  You think this general idea had (6+ / 0-)

      more public awareness when called a Tobin Tax? I certainly do not. Nor does the loooong history regarding this FTT support that view. The Robin Hood Tax has spread the idea worldwide where the more dull FTT language did not. Political traction has followed not led. (gee,wonder why?) Agreed though that marketing/labeling has to adapt and change as circumstances do.

      "George RR Martin is not your bitch" ~~ Neil Gaiman

      by tardis10 on Tue Apr 23, 2013 at 09:53:35 AM PDT

      [ Parent ]

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