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Leading economist urges introduction of ‘Robin Hood’ tax

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Leading economist urges introduction of ‘Robin Hood’ tax

10.03.2010
A tax levied on every deal struck by the financial industry would curb the excessive power of Wall Street, help repair the damage caused to public finances by the recession and go some way towards meeting the developed world’s commitments to poorer countries, a leading US economist has suggested.

Jeffrey Sachs (pictured), economics professor at Columbia University in New York, told an audience at the Royal Society of Arts in London yesterday that a so-called ‘Robin Hood’ tax of 0.5pc on every financial deal would allow the world to gain control over bankers and make sure they pay the right amount of tax, the Guardian reports.

Sachs was unequivocal about the debt bankers owe to governments and taxpayers worldwide. He pointed out that Wall Street had the most profitable year in its history in 2009, making profits of US$55bn in the midst of the biggest downturn since the Great Depression. He also noted that such profits had only been possible because of taxpayer bailouts and the zero interest-rate policy pursued by the US Federal Reserve.

“Bankers are brazenly smirking as they pocket large amounts of our money,” Sachs said.

The US economist also urged Europe to put pressure on the US to introduce a tax on financial transactions, and suggested that if Europe did run into a brick wall in trying to convince the US of the merits of such a tax it should go ahead with the measure anyway in a “coalition of the willing”.

 

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