Playing Robin Hood?

The New York Times: http://www.nytimes.com/2011/12/07/business/global/micro-tax-on-financial-trades-gains-advocates.html?emc=eta1

It feels great to see many pushing for this but I can also understand why Obama is not keen based on the reasons cited.

A small tax of 0.1% or less will have very little impact on even the small retail investors. The Singapore and Hong Kong models have proven this. When you buy with the expectation of capital gains, most won’t mind the puny tax. When you do sell (usually at a profit), it’s even truer.

A transaction tax of this nature hurts less than an income tax or a Value-Added Tax or Goods & Services tax because people don’t profit as often or even at all when they consume.

It’s time for change and this is the change Europe and the US should work towards. This revenue can either help the poor or revive the dying economies of the former great countries…