Hoping to ‘Shock’ Europe, Sarkozy Proposes Robin Hood Tax

Hoping to ‘Shock’ Europe, Sarkozy Proposes Robin Hood Tax

President Nicholas Sarkozy said that France would go it alone on a financial transaction tax (FTT), sometimes referred to as a ‘Robin Hood tax’ or Tobin Tax after the US economist, James Tobin, who first proposed a small tax on financial trades in the 1970’s. Sarkozy’s proposal would be a 0.1% levy on stock trades and other financial deals. Other European countries — most notably the United Kingdom and Germany — have opposed a EU-wide FTT, leaving France to implement the tax in isolation.

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