The Robin Hood Tax

Here’s good news. The Nation and Alternet report a majority of European countries are in favor of The Tobin Tax, also popularly known as the Robin Hood Tax. First proposed by a Nobel Prize economist back in the 70s, it would tax economic transactions a tiny amount and accomplish two important things. First, it would discourage the frenetic micro-second transactions we see today that undermines the stability of hedge funds and stock markets. And second, it would be a tax difficult to avoid and provide a needed source of revenue for programs for the well-being of the 99 percent. You know, the ones we’re always told we can’t afford.

England’s prime minister  is resisting, defending their huge financial sector from such horrors as a tiny tax–but even the courts think it is reasonable and legal–and most think it badly needed. They’re moving forward on it.

Alas, looking at our Congress and the influence of libertarian nutcase legislation, it seems unlikely to catch on here in the U.S. But hey, talk about it–and let’s see.