A Robin Hood for Wall Street
With the opening of the G20 Summit in Cannes, France today, an idea that's been around for awhile is in the news again and gaining more attention as a result of the #OWS movement: The so-called "Robin Hood tax," a minimal tax on all financial transactions with the resulting revenue dedicated to anti-poverty programs.
At the G20, the European Union will call for such a global tax, saying it "would aim to ensure that the financial sector makes a fair contribution to society." In support of the proposal, U.S. labor unions are leading a demonstration outside the Treasury Department today, and AFL-CIO President Richard Trumka, along with other leaders, is in France to call for the tax.
Religious leaders are weighing in. Last week, in its statement on the economy, the Vatican's Pontifical Council for Justice and Peace supported the idea, writing that "taxation measures on financial transactions