The Tobin Tax: Stealing from Not Just the Rich

Adbusters, the group behind the Occupy Wall Street movement, is gearing up for a massive protest at the G8 Summit in Chicago.  And no leftist protest is complete without a full-throated demand for implementation of the Tobin tax. The Tobin tax, otherwise known as the Robin Hood tax, is a small tax to be levied on financial transactions.  Support for the tax often goes hand in hand with populist anger directed at big banks and large financial institutions.  George Soros, who indirectly backs OWS, is in the favor of the Tobin tax for the obvious reason that it hurts his small-time competitors.  French President Nicolas Sarkozy is planning to implement a financial transaction tax this summer -- another sign that the once-eurozone powerhouse is still in great need of revenue.  Though the proposed rate of the Tobin tax is seemingly miniscule at first (Sarkozy wants a 0.1% rate starting in August), the overall economic implications are disastrous judging by recent...(Read Full Article)