WHAT IS THE ROBIN HOOD TAX?
The Robin Hood tax is a proposed tax on financial transactions such as the buying and selling of currencies and stocks and shares. As these transactions are so frequent, even a tiny tax could raise serious amounts of money – a rate of 0.05% tax for each transaction could bring over £20 billion a year in the UK alone. There are worries amongst the general public that a financial transaction tax will be passed on by the banks down to you and me. However, the Robin Hood Tax can be designed so that investments of ordinary people and businesses are protected. In fact, the International Monetary Fund has said that a financial transaction taxes would only be paid by the richest people and institutions.
The financial sector can easily afford such a small tax, especially as they are under taxed relative to the rest of the economy. As so much of the tax payers’ money was poured into bailing out the banks, it makes sense that there should be a tax on the bankers to help eradicate some of the problems brought about by the financial crisis, such as cuts to overseas development assistance.
HOW DOES IT AFFECT THE STOP AIDS CAMPAIGN?
At the moment, we are looking at a funding gap for HIV/AIDS at $125 billion from now until 2015. Moreover, this damaging funding gap is expected to get even bigger as countries reduce their spending on aid.
4.5 million people with HIV can’t afford the treatment that they desperately need. 1.8 million people died from TB in 2008 , even though it’s a curable disease. With financial support for the AIDS response going down, it is imperative to find an innovative source of financing to address the needs of people living with HIV/AIDS.
The Robin Hood Tax has been seeing increasing political support and could soon become a reality. A thousand economists have backed the Robin Hood Tax. Nurses across the USA took action in 21 states demanding a Financial Transaction Tax on Wall Street. The European Parliament has voted yes to the tax. At the g20 this November the French Prime minister Nicholas Sarkozy will ask the world’s most powerful leaders to sign up to a Robin Hood Tax.
HOW CAN I HELP?
To add your voice to those in over 40 countries calling for a Robin Hood Tax, show your support here; http://robinhoodtax.org/get-involved
