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Judge Andrew Napolitano on the government’s new “Robin Hood Tax,” and why he is against the move.
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A new Robin Hood tax on financial transactions is being introduced in congress supporters say it would turn the economy around -- critics say it would diminish the importance.
All of the US is a major financial market Fox News senior judicial analyst judge Andrew Napolitano says this -- of taxation.
Is it a fast -- slavery in the job joins us now.
Why is it -- slavery well because if the government wants to sell you a product -- wanna buy the product -- happily pay for it.
But if the government wants to take money from you without conferring benefit not you don't want to take money from new and hard to give it to me.
That's taking something that's yours look.
Hi -- attacking the very principle.
Of this -- sort of Robin Hood tax which these progressives in the democratic party of no chance of getting through the congress.
But they want to make this a campaign issue.
They think people will vote for them if they say we're gonna take money from the rich and give it to the -- you know what people will vote for them for doing that and -- slow down the economy.
You know course people who are on the on the carpet getting jobs not to have them -- diminish investment in in the free market.
In the long run -- have the opposite effect of what these Robyn -- people want to.
-- -- -- foundation did a study you know I know that they're trying to come down on the high frequency traders would -- Robin attacks but there is foundation found that it's gonna be the people receiving for retirement that are hurt the most by this.
Because the -- access will be passed on to them what what what.
Business is that of the government and if people engage in high frequency traders if you sit in front of me in front of -- screen and -- all day.
And you take the money you earn and put it in -- bank and the bank loans them money -- -- a business and the business creates jobs that's a good thing.
Why does the government want to take a portion -- -- way.
Well but.
I'm gonna play the devil's advocate they say the bill costs the average investors one dollar million.
What I don't know where the number comes from.
But in the recession.
The concept of adding to the tax burden.
It's the opposite of what we should be doing in a recession the idea of giving money away.
Taking it from one and giving into another.
Rather than allowing investment to play out its natural course will not produce long run prosperity of say -- produce.
Votes in November and that's all these characters thereafter vote for me and I'll take Ashley Webster and Tracy -- money from you from that I'll give it to -- that's basically.
That's that's about right it's demonizing these people that are considered.
Or that -- presentable.
That are successful they brought down the banking system and say what she wine you can can accuse them of anything.
But there even mean evil person and that's we're coming down on what.
Why -- the government tough market just a particular type of trader and say it is this trader.
We'll let -- make fifty tree between makes it by one are gonna start -- -- They should want this trader.
To make all the trades that he or she could it's his own money what does that why would the government punish a certain number of trades I don't like you say this goes nowhere.
Well absolutely goes nowhere because Republicans in the house and accountable for any tax integrated circuit decided to try to get us into Europe for a long time now French president I think the Mario Monti of it has -- -- know I don't know.
We you know what.
The Democrats have succeeded in causing us to discuss it -- it's true that there were serious issue it's a ruse.
Get people to vote for them and thank you remember unfortunately -- could work.
As a ruse yes it is yes because a lot of people there who want that out there who want the government to take care of them yes it's -- people want the votes.
Wanted to do it just thank you so much for pleasure you guys would stop after asleep after us.
