Vote No on the Robin hood tax (Tobin in drag!)

http://robinhoodtax.org.uk
http://robinhoodtax.org.au = No more retail forex


Vote NO and start a noise people !

Unless you like trading E/U with a 20 pip spread !

Won't happen. This would impact those who own the politicians. Therefore it won't happen.

Ive heard rumors of something similar in the US about charging the banks a 1% transaction charge for any transaction in the banks, deposits, withdrawls, etc which in turn if it is real and people let it happen means the ones using banks are paying the tax not the banks

There are many people who *want* something because they have no education in this field and a completely wrong idea of the implications and consequences. Something like this would be equivalent to instantly deep freezing the liveblood (money) of the whole financial system. Everything would immediately stop moving. Exitus.

Unless this is the real intention of course. Then it would make sense. If they want to bring it all to a fast and quick end without much suffering they would inject this lethal dose of anesthetic.

Sorry but the dumbed down robin hood tax media "propaganda" machine is raising a huge public demand for the tax...(even though the public don't understand what it is....the tax is being sold as anti bankers so ...they want it)

Now its hot on the agenda again :

“Spearheaded by European Union countries, the so-called “innovative financing” proposal envisages a tax of 0.005 percent (five cents per $1,000), which experts estimate could produce more than $30 billion a year worldwide for priority causes,” reports CNS News.


http://robinhoodtax.org.uk/how-it-works

The level of stupidity is mind boggling .... but these clowns are gaining a huge public support.... so be warned !



and the classic "robin hood tax rap" (below) these are the jokers who are "masterminding" the Robin Hood Tax movement ......... i give up !

http://www.guardian.co.uk/business/2...robin-hood-tax

We are a bit outnumbered here.

Responses so far:
YES: 96461 votes
NO: 9056 votes

Source: http://robinhoodtax.org.uk/

Hi. I'm your average member of the public who has heard about the Robin Hood Tax and thinks it sounds like a good idea. I wanted to hear the other side of the argument though. Would anyone be good enough to explain to me the cons of the proposal? Thanks.

There's always someone who does on most sites this is mentioned. Even the Robin Hood sites had people going on to explain the problems of the tax, but those who run the site decided to remove any contrary opinions.

It seems like a good idea to those who don't know better, and that is the danger of it. Those who do know better are likely going to work in finance, and therefore be viewed as having an agenda. The voice of reason rarely stands up to torches and pitchforks.

Some questions for you: Do you really think it is the bank who will pay? Do you think it is even possible that only a bank can pay? Regardless of who pays, who do you think will actually get the money? Do you know the margin on a forex trade? Do you understand the economic function of the forex market?

I'm sure most think that those who oppose such a tax have an agenda (protecting the status quo), but have you ever questioned the motives of those that promote such a tax?

In answer to your questions:

Do you really think it is the bank who will pay?
A: I don't know. I am illiterate in this sphere which is why I am asking for help on here. I assume the bank will pass on the charge to the public, even if not mentioned explicitly, but I would not be against this if I thought the money was going to a 'good' cause.

Do you think it is even possible that only a bank can pay?
A: Yes, I do. Again, I am ignorant of these things and the tone of your question implies they can't. So why couldn't they?

Regardless of who pays, who do you think will actually get the money?
A: Surely this depends on how the process is managed and the parties involved. Assuming that Western governments will, by and large, pass on the funds potentially gathered, if it is given to foreign governments of 3rd world countries (often corrupt), then the money will be squandered. If it is used to sponsor independent groups dedicated to trying to provide genuine aid in these regions, I hope at least some of it would reach the people in question. Naturally, money will be lost to a variety of factors, and corruption on some level in inavoidable, but is it not possible for some portion of the funds, even perhaps a well sized portion, to reach the people who need it?

Do you know the margin on a forex trade?
A: No, I have no idea. Could you please explain this and why it is relevant.

Do you understand the economic function of the forex market?
A: No. Humour me, please.

I'm not here to preach or to argue for the sake of it. I just want to find out why this might be a bad idea so I can form a more informed opinion. I'd hate to think I was lulled by a cheap ploy marketing campaign. There's at least one member of the general public who wants to hear the whole story before he charges you with pitch forks.

Thanks

um wow. So the global tax that was proposed...for the UN?...wasn't enough to fund dictatorships abroad?

It's funny that the bankers are so demonized, yet here in the US we have a few running as democrats(the party that hates the bankers) without any issues.

At least the tax takes care of itself. It'll tackle the poverty it creates eh?
thanks for posting this.

Hi John,

I have never studied econs so I do not know anything about it. So What I do say is based on what I feel and know (which is probably not a lot but still more than the average joe) What I do know if this tax materializes:

1)Banks will have to start paying some money(which is quite a lot). However, it has been proven time and again that when something like this is pushed onto the banks, they will end up charging it to the public (in this case me) probably in a form of more spread or taking a percentage of my trades.

So in essence, this is a tax for me. I don't like that because I'm poor just like a lot of other people, like you. I'm trying to get richer. You are stealing from the middle class... not the really rich people.

2)The really rich people don't care. Yes it is an annoying tax but they will find a way get around that tax. This is how it has always been and will continue to be. The difference between them and us is that they have the flexibility and power to move wherever they wish to. We as retail traders can't.

For example, I used to have an IBFX US account. Then the US made some laws that I didn't like so I moved to IBFX Aus. All of a sudden, I totally bypassed the whole US bullshit. Now I'm lucky because my broker has another branch in AUS... what happens to those who are with other brokers? Those with no overseas office? They are stuck with a shitty US law that limits their potential and dreams.

What about those who are truly the main target of the US law? They probably have an account with a swiss bank or a country in which the laws do not hinder them. So are the truly rich people stuck? No. Are the middle class people in US stuck? Yes.

So if the bill comes into play, the really rich and informed move somewhere else. All of us from the middle class are stuck with the tax. Again, I don't like it. Can you see why?

3)I am a huge believer of charity. I donate a lot. But I don't appreciate that you DEMAND that I pay 1% of my profits to charity or have rediculous spreads in the name of charity. I give what I can afford. I probably gave more to charity last year than you did. So I don't appreciate it when you force me to pay this tax.

And just FYI, if things really do get ugly, I will find a way to get out of the tax system. Just like how big corporations inside the US hold trillions of dollars outside the US (To avoid the shitty US tax system). Sorry to say but the middle class people will suffer if this comes to pass.

http://www.telegraph.co.uk/comment/p...rly-wrong.html
http://www.guardian.co.uk/commentisf...ax-complicated
http://timharford.com/2010/02/if-that’s-the-robin-hood-tax-i’m-the-sheriff-of-nottingham/
http://www.allbusiness.com/finance/560522-1.html

and most recently:

http://blogs.wsj.com/source/2010/10/...-rubbish-idea/

found these with a quick google !

this mad idea is gaining more and more support.....why..... because idiots are running the world ! amazing how these things get passed as law simply on public (ignorant ) opinion and via the manipulations of illiterate do-gooders and ....AHEM !!.... jokers like Bill nighy.... Bono (where was that tax haven U2 spirited their money off to again.... i forget ?)