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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: