A collection of film stars and charities have come together to rename the Tobin tax as the Robin Hood tax. This tax was designed to lightly tax the financial markets for currency transactions in the US by the Nobel Laureate James Tobin in the 1970s, although never implemented.
The film director Richard Curtis (of Four Weddings & A Funeral fame) has put together a short film starring the actor Bill Nighy to promote the idea.
The tax involves a 0.05% slice on all speculative banking transactions, and it is said that it could produce up to $400 billion every year. The cost of the tax would no doubt be passed onto investors since money doesn’t grow on trees, but would it be a fair way of damping the ardour of speculative investors whilst gathering greater tax revenue for ailing governments in a time of crisis? And does diminishing stock market speculation help the world in any way?
See the film here: