Reactions to the EU Robin Hood Tax proposal, and news from across the pond
Reactions to the European Commission’s plans for a Robin Hood Tax have been coming in so I thought I’d list some here. First indications from the UK Government were predictably negative, although presumably George Osborne’s argument that ‘he can’t support an EU tax because it needs to be global’ means he will be voting to back Bill Gates when the issue is raised at the G20… But the move has been backed by the TUC, the ETUC and the Party of European Socialists.
Meanwhile, across in the USA, Dean Baker reflects on why and how Wall Street has closed down the debate on what US campaigners call a financial speculation tax. He says:
It is difficult not to believe that Wall Street’s outsized role in pushing deficit reduction has some impact on the route the debate takes. After all, if the Farm Bureau was sponsoring most of the research on deficit reduction and financing the campaigns of the leading deficit hawks, it is reasonable to believe that lower farm subsidies would not be a prominent item in debates on the deficit.