From Sherwood Forest to Wall Street: The Robin Hood Tax Campaign Comes to America


Robin Hood Tax activists, who are pushing for a financial transactions tax to generate revenue to invest in jobs, health care, housing and education, officially launched their United States campaign on Tuesday.

According to a press release from the campaign, a 50-cent tax on every $100 of stock trades could generate hundreds of billions of dollars annually. (The rate could be even lower on other financial transactions.) Over 1,000 leading economists have endorsed the idea of a financial transactions tax, including Nobel Laureate Joseph Stiglitz, Columbia University economist Jeffrey Sachs and Lawrence Mishel of the Economic Policy Institute.

The notion of a tax on stock trades and other financial transactions is not new—in the United States, the federal government taxed every sale or transfer of stock between 1914 and 1966. But in the wake of the 2008 financial crisis, the idea has gained new support—especially overseas. German chancellor Angela Merkel recently said a financial transactions tax would be “the right signal to show that we have understood that financial markets have to contribute their share to the recovery of economies.”

Actor Mark Ruffalo, Coldplay’s Chris Martin, and Rage Against the Machine’s Tom Morello worked with students, climate and AIDS activists, faith registered nurses from the nation’s largest nurses union to produce a video promoting the Robin Hood campaign. You can watch it here:

SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

payment methods

SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate