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FBN’s Lou Dobbs on the growing push in the U.S. and internationally for a robin hood tax on financial transactions.
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At the top of the broadcasters.
Growing movement.
To impose a new tax what we're all wanted to hear right a global.
Tax has called -- Robin Hood tax on financial transactions.
The United Nations and the AFL CIO.
Promoting the idea -- a way to take money from the banks -- give it to the world's war.
It's obvious however the tax would just be passed on to consumers all taxes ultimately our.
Still some pretty well known folks are behind this what I consider to be -- fifth -- idiotic idea.
They don't agree on much but German Chancellor Angela Merkel in new French president fronts while.
All along both support a European financial transaction tax.
It's called and I love this because the Europeans -- I mean they're bad about -- programs.
-- the financial transaction tax and raise they say 73.
Billion.
Dollars a year how would that be reliably good to have that kind of slosh around and then -- to the great fear of all the our largest nurses' union the national nurses united.
That's pushing for a half percent tax on Wall Street transactions they claim that would and I have not been able to do the math that would satisfy me that this is the correct number.
But they -- That that would.
Well provide 350 billion dollars a year -- -- it got to give it to the united.
National nurses union.
That 350 billion dollars that's a lot of money.
You know even for you.
If and for a -- -- body deal like.
This tax I mean it gets to be theories they want that money go to work closing state -- system that -- a similar plan proposed in congress plaster by democratic senator Tom Harkin.
And congressman Peter Defazio.
They want to -- a zero point I love this -- zero point three.
Percent tax.
On our financial -- they're being here and that would bring in about a hundred billion dollars a year they say.
The well -- -- -- I actually I think I'm part of that definitely follow.
But the truth of the matter is one way or another you're talking well.
Redistribution.
These are basically.
Socialistic.
Imperatives.
By the way they're joined by folks like Microsoft's Bill Gates he wants a tax for the world's twenty largest economies and his foundation suggests -- tax of ten basis points.
On equities two basis points on bonds that would -- -- that about fifty billion dollars.
I mean we've got all sorts of plans -- the gates plan.
You know -- This would actually -- -- forty million actually.
-- per year according to his projections on -- those rather modest taxes.
But what -- amounts to is you've got a bunch of folks talking about wealth -- distribution.
And they're doing so not just on a national basis they're talking about regional basis -- a global basis.
So the effect would be to turn over the sovereignty of this country 22 outstanding folks at the United Nations or NATO.
Perhaps Europe itself which -- just ask.
Angela Merkel to run our country as for supporting the idea of a Robin Hood packed full list goes on and this is -- it's exciting George Soros.
George Soros.
Lots of things but -- he's not.
Warren Buffett will have often in here I mean Warren is starting to give -- a little tax.
Tax crazy it seems Al Gore Al Gore I mean I don't even have to write that name down -- -- -- Because it's important that we include it's important for him to stay relevant and the Pope.
Pope Benedict the sixteenth.
The tax happy Obama administration weighs in on this are you ready.
Even the Obama administration.
Can't Muster the stomach to support such attacks.
But the fact that Election Day is less now than six months away may have something to do.
With there timidity on this particular attack.
