Robin Hood Tax - Ireland “Basically we (want to) take (a little) from the rich and give it to the poor.”

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Presentation transcript:

Robin Hood Tax - Ireland “Basically we (want to) take (a little) from the rich and give it to the poor.”

What is a Robin Hood Tax? A tax on Financial Transactions Also called a Financial Transaction Tax (FTT) Precursor was called “Tobin Tax” The money from which can be used to combat poverty and climate change issues at home and abroad

How would a(n?) RHT work? It’s very simple – If a financial transaction is made in a business manner, a small tax is paid – Projected rate of tax is 0.05% (that’s only 50 cents in every €1000) – “Business manner” means things like financial speculation and buying bonds/stocks/derivatives (basically all those things we don’t understand and can’t afford)

How would a(n?) RHT work? Here’s a simple illustration:

How would it be financed? Like The Banker said: – We put a tax of 0.05% on business transactions: Stocks Shares Derivatives Currency speculation – We DON’T put a tax on personal banking transactions: Holiday currency Mortgages Personal loans

What can it achieve? In Ireland: – No cuts to social welfare – No cuts to health care – No cuts to education funding – No cuts to SNAs – No cuts to local employment schemes – No cuts to arts funding

What can it achieve? Globally (potentially): – No more famine – No extreme poverty – Universal access to education – Universal access to healthcare – Promotion of gender equality – Lessening of the effects of climate change

What is the present state of RHT Globally? It’s very good: – IMF have said it is “practical to administer” – Sarkozy and Merkel have instructed finance ministers to get moving on it – EU seems very ready to do something – Danish Left promise to introduce one if successful in upcoming elections – … and there’s more good news everyday

What is the present state of RHT Ireland? Hmmm –– – Not quite so good. We have: A website A facebook page A twitter account A mailing list No funds, and Very little support Again,  But…

What is the present state of RHT Ireland? …but … we’re getting somewhere: – 6 parliamentarians recently signed the “1000 Parliamentarians Pledge” (more probably agree with it but didn’t sign– for example, Labour support it) – Fis Nua have committed to it in their manifesto – Links have been made with RHT Global – SpunOut.ie are in agreement with it – I’m here today!

…and now for a recap: