A case for the Robin Hood tax

In a world where the Chamber of Commerce and corporate lobby continually propose more “consumer” taxes and less corporate taxes, a 0.5 per cent tax on financial transactions seems simple.

More money is gambled daily in the casino of Wall Street than anywhere else. A small tax of one half of one per cent could bring billions of dollars into government revenue to pay for equality for the rest of us. Most Canadians are unaware of the trillions of dollars traded daily on the market. Huge computer banks record transactions by the second, and automatically sell or buy according to formulas. Dollars played on the market do not go to produce new products for people; they are used by poker players like Soros. Casinos in Las Vegas and elsewhere rake in huge amounts simply hosting the game. The “house” is always the winner taking a percentage of every game.

After the Second World War, taxes on the rich were as high as 91 per cent, and Canada regulated how much banks and pension funds could gamble with our money. Thatcher, Reagan, Greenspan and Ayn Rand in the 1980s promoted deregulation. This was hustled as corporate “self-regulation,” which unfortunately required nonexistent self-discipline.

A small 0.5 per cent fee on each transaction would keep the game honest, provide transparency and help in replacing regulation. Canadian leadership could influence other countries to see the benefits. The next step — taxing all profits made in Canada, keeping that money circulating here. Now, it’s the corporate middle-man who makes it all. There needs to be high tariffs on products imported, to protect jobs that produce things by Canadians. Globalization, free trade has run its course and proved wanting. It is time for our Canadian government to do its job — serving all Canadians, not just the gamblers and corporate hustlers.

Don Ryane

Lethbridge