The Robin Hood Tax

Learn more: What do you think? Would it work?

I received this (above) on my facebook page. I immediately recoiled, since the poster is a close friend and uber-conservative. He is a highly-intelligent, highly-educated, patriotic American, and an enthusiastic capitalist. I don’t know what he was thinking.

This was my reply:

Why? Because they pay capital gains on those investment returns. You don’t pay sales tax when you buy investment options. What’s the problem with algorithm-driven trades? Capitalists finding a way to make money in an automated fashion. If I could figure out how to do it, I would.

Take from the rich & give to the poor – That’s Robin Hood’s story. No thank you! Typical class-warfare crap. A hundred strikes at the branches for every strike at the root. The root is spending. CUT SPENDING and you won’t need as much revenue! This is basic, 7th grade economics. Let people keep their freaking money. Stop with the class-envy crap! In this country we are guaranteed equality of opportunity, not outcome! I’d sooner burn my money than be forced to subsidize generations of welfare rats to live their uneducated, slothful, self-obsessed, instant-gratification, libertine existence.

That was before I had a look at their site:

The Robin Hood Tax campaign started as an idea. A way to get America back on its feet and ensure our global leadership. And its grown to a national campaign.

We’re committed to making Wall Street traders, big bankers and hedge fund managers pay their fair share for the communities they depend on.

We pay taxes on what we buy, and so should they–a tiny tax on Wall Street transactions that could raise hundreds of billions.

We know that money could create jobs, cut student debt, rescue people’s homes and provide healthcare across the country. And we could end the AIDS pandemic, tackle global health, poverty, and the climate crisis around the world. And so much more.

We believe it’s time to rewrite the contract between banks and society.

We are unions, nurses, small business owners, community organizations, faith communities, AIDS activists, environmentalists, movie stars, and musicians.

We are businesspeople – Microsoft founder Bill Gates, mogul Mark Cuban, financier George Soros, entrepreneur extraordinaire Warren Buffet.

We are economists – Nobel Prize winners Joseph Stiglitz and Paul Krugman, Earth Institute Director Jeffrey Sachs and 1,000 other economists from across the world.

We are political leaders – from Al Gore to President Regan’s Budget Director David Stockman.

We are thought leaders – the Vatican, the NY Times Editorial Board, Archbishop Desmond Tutu, Jesse Jackson and Ban Ki-Moon.

We are part of a global movement representing over 220 million people in 25 countries.

We are a force to be reckoned with, and we’re demanding justice.

Are you?

This is like a smorgasbord of liberal wet-dreams. This website should be the DNC platform! 99% of the people who see this shit of Facebook, will like the idea. We are losing the battle, folks.

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8 Responses to The Robin Hood Tax

  1. R.D. Walker says:

    People who like this probably have mutual funds in their IRAs and 401Ks. Unless they are index funds, the fund managers are trading equities in those things all the time.

    The first thing your average Joe would notice is that he would be watching money drain from his retirement account. You fund manager just tried to save you from a major crash by selling shares. He moved $2,000 for you? $100 tax for you, dumbass. Everytime your fund manager tries to manage the fund, you pay dumbass.

    Of course you would raise hell and then fund managers wouldn’t be willing to manage your funds aggressively and would get cautious as hell. No more saving your dumbass by managing your portfolio. Now, rather than having a professional try to manage equities in your account, you can do it yourself, dumbass.

    Of course the implementation of this would cause an immediate drop in value of equities including, of course the IRAs and 401ks of dumbasses everywhere.

    I am sure dumbasses probably don’t even realize that they would be affected.

  2. Uke says:

    We know that money could create jobs, cut student debt, rescue people’s homes and provide healthcare across the country. And we could end the AIDS pandemic, tackle global health, poverty, and the climate crisis around the world. And so much more.

    Shit, I bet we’d be able to walk on water, create the perpetual motion machine, solve world hunger, and usher in a 1000 year golden age of peace!

    This is some messianic, utopian BULLSHIT, folks. It’s not just dumb. It’s dangerous.

    It’s dumb in how it absolutely neglects to comprehend how it actually negatively affects anyone–these folks literally think they are creating money from air, just snatching a bit here and there that no one of consequence could possibly miss.

    It’s dangerous in both their language–noted above–and in how this is clearly capturing even supposed conservatives. Apparently, even “conservatives” can be fooled by the mirage of the easy fix. I thought we were better than that.

  3. notamobster says:

    I can vouch for his conservative credentials. Granted, he’s no economist, but then, neither am I. I think he just neglected to check it out.

    He’s in Germany right now, so I’m sure I’ll have a reply in the morning.

  4. R.D. Walker says:

    Uke: Yeah, we could do so many wonderful things with this new tax revenue because the national debt would only increase at $3.8723 billion per day instead of the $3.8724 billion per day it is increasing now!

  5. RJ says:

    I’m not plagiarizing, I simply dont know the author, so credit to who ever you are.

    Tax his land, tax his wage,
    Tax his bed in which he lays.
    Tax his tractor, tax his mule,
    Teach him taxes is the rule.

    Tax his cow, tax his goat,
    Tax his pants, tax his coat.
    Tax his ties, tax his shirts,
    Tax his work, tax his dirt.

    Tax his chew, tax his smoke,
    Teach him taxes are no joke.
    Tax his car, tax his grass,
    Tax the roads he must pass.

    Tax his food, tax his drink,
    Tax him if he tries to think.
    Tax his sodas, tax his beers,
    If he cries, tax his tears.

    Tax his bills, tax his gas,
    Tax his notes, tax his cash.
    Tax him good and let him know
    That after taxes, he has no dough.

    If he hollers, tax him more,
    Tax him until he’s good and sore.
    Tax his coffin, tax his grave,
    Tax the sod in which he lays.

    Put these words upon his tomb,
    “Taxes drove me to my doom!”
    And when he’s gone, we won’t relax,
    We’ll still be after the inheritance tax.

  6. Trent says:

    I have recently started a simple experiment whenever I read or hear someone say that the rich needs to pay their fair share. I ask two very simple questions, and so far the results have fascinating. I simply ask “How much?” How much, in a dollar amount or percentage, is enough for rich to pay before they pay their fair share? Since I have started doing this, I have gotten all kinds of answers, some crazier than others. Those answers are interesting, but are not the important part of the experiment. What is important is the next part, where I ask that if the rich paid that amount, whatever amount is, then that person must agree to making a law that no one could raise taxes on “the rich” for a reasonable amount of time, say five years. Every single time, I get a look like I am crazy, that there is no way they would agree to that. Things change, the “fair share” changes, new problems and challenges come up, etc, etc, are some of the excuses I get. That to me is the telling part.

    This is going to sound like a “duh” statement, but that experiment showed me that those who talk about fair share don’t really care about that one bit. Fair share is not possible to them. It is only an excuse to get more. And they will always want more.

  7. James says:

    I don’t know where to start, reading this collectivism. It always is written as if the confiscated money were for a higher calling of mankind. That’s a front for theft to enrich themselves.

    “We believe it’s time to rewrite the contract between banks and society.”

    1) We is the collective word.
    2) Contracts are voluntary arrangements between two parties. Not forced by a third party.
    3) There is no “society.” Only individuals.

  8. Fubar says:

    AIDS is a pandemic, now? good grief