Robin Hood Tax: the right wing blogosphere gets to work
The right-wing bloggers are slowly beginning to lay into the campaign for a Robin Hood Tax which was launched today. Two early starters have taken the usual patronising tone describing the idea as a “fairytale” and “lunatic“.
All the usual arguments are being wheeled out as they were by an editorial in The Times back in December (which I responded to then). But before the Tory trolls get too dismissive, they might like to note the fact that we have had a form of this fairytale lunacy for many decades in one form or another – it’s called Stamp Duty, i.e. a transaction tax on share dealing. Nigel Lawson (that simple-minded lefty) cut the rate of Stamp Duty in 1986 but extended its application to previously exempt forms of share dealing in the shape of Stamp Duty Reserve Tax.