On Oct 29,Occupy DC marched on Bank of America, then the US Treasury, and finally the White House demanding a "Robin Hood" tax, a 1/2 of 1% tax on all investment transactions.
Included in the march were large "green arrows" symbolic of the arrows of the original Robin Hood, who in British legend fought against and mirror-imaged a regime that robbed from the poor to give to the rich. The arrows had to be cardboard, real arrows that size would be javelins, which are potent weapons that could not be brought to the area in question.
The Robin Hood tax, being a 1/2 of 1% tax on every investment transaction, would primarily hit speculators and would hammer the "high-frequency" traders who contribute so much to economic instability and market volatility. It would encourage mutual funds and other instruments serving people saving for retirement or school to "buy and hold," and this strategy would encourage stability. Someone buying an investment once would pay only 1/2 of 1% in taxes.
In: Other News
Tags: Robin Hood Tax, Occupy DC, Bank of America, US Treasury
Location: Washington, District of Columbia, United States (load item map)
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