Robin Hood tax could be on the way

Experts say that a so-called 'Robin Hood tax' could be introduced in a bid to see financial institutions play their part in the economic recovery.Such a scheme would levy small taxes on trades in stock, bond and other securities transactions and is said to have some big-name backers including Bill Gates, Al Gore and Pope Benedict XVI. Many world leaders are also understood to be backing the tax.Groups such as unions, the Occupy movement and non-governmental organisations are also likely to get behind such a levy as a way to reinstate a level of fairness.The New York Times reports that German Chancellor Angela Merkel told her Parliament recently, "We all agree that a financial transaction tax would be the right signal to show that we have understood that financial markets have to contribute their share to the recovery of economies.”Many in the industry believe that the debate around the Robin Hood tax could pick up once the Eurozone crisis has calmed down. Simon Tilford, chief economist of the Centre for European Reform in London, is quoted as saying, "There is some momentum behind this. If they keep the show on the road, they probably will attempt to run with this."

http://www.50percenttax.co.uk/index/2011/12/8/robin-hood-tax-could-be-on-the-way.html