The Robin Hood Tax, The Solutions Journal, Volume 1, Issue 4, July 2010, Pages 7-8 (https://www.thesolutionsjournal.com/article/the-robin-hood-tax/) Abstract: The financial crisis has put stress on many government programs, from education to health care to efforts to fight poverty and climate change. One of the leading responses has been to call for further cuts in programs that are already suffering. Earlier this year, British activists tried to reverse this trend, launching a campaign that would levy taxes on financial transactions to help offset cuts. Supporters, such as Oxfam, unions, and some financiers, have dubbed it the Robin Hood tax—taking a cut from wealthy banks and giving it to the impoverished. The "tax" is a tiny amount on most transactions, averaging around a twentieth of a percent, starting at 5¢ for every $1,000 traded. Transaction taxes have the support of major European politicians such as Angela Merkel, Nicolas Sarkozy, and Gordon Brown. In the United States, financial heavyweights George Soros and Warren Buffett have backed the idea, which is based loosely on the tax put forward by the American economist … Topics: Economy; Financing