The global tax is being called "the Robin Hood tax," in order to convince people that it is somehow designed to take money away from rich people in order to help the poor. Another variation on this theme is the claim that the tax is aimed at Wall Street to help Main Street.
In reality, such a tax would affect IRAs, Mutual Funds and pensions by taxing the exchange of financial transactions. It would hand over great sums of money to politicians in the name of bashing the big banks but ordinary Americans and their life savings would be hurt.
As outlined by Lawson, however, the idea is to create the appearance of public support for the plan, ultimately enabling G8 leaders meeting in Canada in June to agree to the global tax and then get acceptance from the G20 leaders meeting afterward.
At the same time, the U.S. Congress is moving ahead with the "Let Wall Street Pay for the Restoration of Main Street Act of 2009" (HR 4191), a financial transactions tax introduced by Rep. Peter DeFazio (D-Ore.), a leading member of the Congressional Progressive Caucus.
Lawson's document cites support for the tax from Democratic House Speaker Nancy Pelosi, who endorsed the DeFazio measure during a December 7 news conference and, according to a CNS News report, announced that the bill would have to be made "global" to keep U.S. investors from taking their business overseas and out of taxable reach.
Senator Tom Harkin (D-Iowa) is introducing a similar bill, which has the backing of the AFL-CIO, in the Senate.
An "Open Letter from Economists in Support of Financial Transaction Taxes" has been released and signed by 200 liberal and left-wing economists.
Lawson also cites support for the tax from billionaires George Soros and Warren Buffet and such media organizations and figures as Le Monde, The Mail, The Guardian and Paul Krugman of the New York Times.
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