Editor’s Note – Are you kidding me?
With unemployment still close to 10% in our own country and all signs indicating the worse is yet to come, there’s a push to tax Americans to help “poor countries”? Make no mistake about it, this is a continuation of the Progressive Left’s push for social and economic justice through wealth redistribution.
Don’t have specific numbers, however, if you were to add up all the aid poor countries currently get, why is it that I feel confident that America will be at the top of that list?
Rich Nations Urged To Weigh ‘Robin Hood’ Tax To Help Poor
As President Obama huddles with world leaders for the G-20 summit in South Korea to weigh proposals aimed at stabilizing the global economy, one idea being pushed is a so-called “Robin Hood tax,” aimed at collecting money from rich nations to give to the poor.
The Robin Hood tax — a global financial transaction fee that could raise hundreds of billions of dollars to pay the cost of the global financial crisis and support developing nations struggling to recover — is not popular.
While Britain, France and Germany have championed a bank tax for all G-20 nations, finance chiefs from the industrialized nations shot down the idea at a previous summit held in Toronto last summer.
Still, the tax’s supporters, which include unions, environmental groups, Comic Relief, UNICEF and others in a multinational coalition, say the tax could go to canceling debt from poor nations. Or it could be used for social programs to fight hunger, diseases such as HIV/AIDS and malaria or other causes, programs to which the United States and other nations already donate billions.
The crusaders — a coalition of 183 organizations from 42 countries — issued a plea this week urging leaders at the G-20 summit in South Korea to adopt the measure. While specifics have not been outlined, the idea would be to charge a small transaction fee, anywhere from 0.05 percent to 1 percent, on each stock transaction made.
In a letter to G-20 leaders, including Obama, the coalition wrote that the tax would help meet the costs “of the global financial and economic crisis, including reducing the unacceptably high rate of job loss, and achieve key development, health, education and climate change objectives in developing countries.”
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