Tax Justice supports ‘Robin Hood Tax’ global day of action

Tax Justice media release
28 October 2011

“The Occupy Movement is protesting the injustice of the world’s 99% having to bear the costs of a financial crisis caused by an elite few,” says Vaughan Gunson, Tax Justice spokesperson.

“The best mechanism for making the super-rich 1% pay is a financial transaction tax, or Robin Hood Tax,” says Gunson. “It’s very exciting to see that the global movement for this tax which targets banks, big corporates and financial speculators is growing.”

The Robin Hood Tax international day of action on Saturday 29 October is timed to put pressure on the leaders of the G20 before their summit meeting in Cannes on 3 November. In New Zealand, actions are being organised in Wellington, Auckland, and Christchurch.

“Tax Justice has been campaigning over the last year for financial speculation to be taxed. It’s criminal that the profits of speculators go untaxed, while ordinary New Zealanders are taxed every which way,” says Gunson.

The Tax Justice petition signed by 40,000 New Zealanders was presented to Parliament on 16 August. The petition calls for GST to be removed from food and a tax placed on financial speculation instead.

“Politicians in New Zealand need to respond to the global movement and start looking at how we can introduce a Robin Hood Tax in New Zealand,” says Gunson.

Tax Justice would like to see the parties of the left come together on tax policy. “A broad coalition that brings together left parties inside and outside of Parliament, along with unions and other grassroots organisations, could achieve a decisive shift towards a more just fairer tax system,” says Gunson.

“The beauty of financial transaction taxes is that they can target the super-rich who aren’t paying enough tax; it’s almost impossible to avoid; and modern technology makes it a simple and low cost form of tax collection,” says Gunson.

Tax Justice has produced a Fact Sheet on Financial Transactions Taxes and their feasibility for New Zealand. To download PDF click here.

For more information on the Tax Justice campaign go to www.nogstonfood.org