Take from the rich to give to the poor: the Robin Hood Tax and its implications for Canada and the world at large


So, here in Canada we’re lobbying for something called The Robin Hood Tax to be put into place1. The basic idea of the tax is this: every day banks and financial institutions have tons of transactions, right? Well, what if we put a small tax — only .05% — on each transaction, payable by the institution? Economists estimate that this will earn around 650 billion dollars per year that can be then put towards things like ending poverty and climate change (both here and abroad), making sure banks pay their fair share of the economic recovery, and help to curb the recession.

Banks are obscenely wealthy, and they make that wealth by charging people like you and me. The Robin Hood Tax forces them to give something back, so that people can get some food in their bellies and a roof over their homes — in environmentally friendly ways. Awesome deal, right?

Well. The current Canadian government doesn’t seem to think so, which, honestly, isn’t surprising. They are adamantly against implementing this global bank tax, because, well, they’re a bunch of rich folks.

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