Earlier this year France implemented a financial transaction tax (FTT), otherwise known as a Robin Hood Tax, and now Germany, Spain, Italy, Austria, Belgium, Portugal, Greece, Slovenia, Slovakia and Estonia have followed suit. Robin Hood Tax campaigners consider this a significant achievement after just three years of campaigning.
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Financial transaction taxes work by taxing large companies on financial transactions, and using the money to benefit wider society. For example, the French government has applied a 0.2 percent tax on financial transactions made by companies worth over €1bn and intends to use the money towards eliminating global poverty and promoting HIV awareness.
“It’s a much-needed alternative to austerity and can help raise tens of billions of pounds a year to help those living in poverty,” said a UK spokesperson for the Robin Hood Tax campaign.
In the US supportive groups are now focusing on getting their message about a tax on the banks across all corners of the country from the public and the media right up to Congress and the White House administration.
Just last December, a supporter dressed as Robin Hood attempted to deliver his resume to the Department of the Treasury applying for the position of “Secretary of Treasury, United States of America.” The position is currently held by Secretary Timothy Geithner, who is leaving the post. Blocked from submitting his resume, Robin delivered his message outside Treasury.
Photo: Robin Hood delivers his resume at the White House