MTT montage - based on CC / Flickr image
Over the last 48 hours there has been quite a buzz on Twitter, Facebook and on various left-ish blogs about a new campaign (campaign site here) in the UK for a so-called Robin Hood Tax. What the hell is a Robin Hood Tax was my first thought? Unlike income tax or value added tax, the name is clearly chosen for branding purposes.
It turns out that the idea is essentially the Tobin Tax (or a Financial Transaction Tax) that would take an average of 0.05% from speculative banking transactions.
So why, with much fanfare and the backing of an impressive range of organisations, are we calling this thing the Robin Hood Tax rather than Tobin Tax or Financial Transaction Tax?
Essentially the idea is that Robin Hood took from the rich and gave to the poor, and that’s what this tax is designed to do. But isn’t that the idea behind a whole range of taxes, not least income tax?
