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We asked the parties for their position on the Robin Hood Tax
On Monday 15th February we wrote to all political parties and alliances that are standing for election and asked them to give us their position on Ireland joining the other 10 EU countries and introdoce a Robin Hood Tax. Here is what we wrote:
We are writing to you today to enquire your position on introducing a Financial Transaction Tax in Ireland. We will be publishing parties position on our website www.robinhoodtax.ie in the next 10 days.
Currently 10 EU member states are introducing a Financial Transaction Tax in an enhanced cooperation procedure. The EU is proposing a tax of 0.1% on trading in bonds and shares and 0.01 % on trading in derivatives.
According to the latest NERI research paper this would be a potential annual net revenue for the Irish Exchequer of 320-360 Million Euro. Please find this report here.
We believe that the introduction of this tax would raise much needed revenue for the exchequer and reduce harmful economic activity by short term speculators and high frequency financial traders (HFT). We are suggesting that the revenue will be used to invest in public services, to address climate change and to help fulfil Ireland's overseas aid commitments.
No significant relocation associated with FTT: According to the NERI report "it is difficult to argue that there would be a considerable relocation of activities from Dublin to elsewhere given the small size of the tax and the limited evidence for relocation associated with the current, far bigger, difference in equity trading costs between Dublin and London."
Small effects on current HFT employment would be countered by positive employment benefits through the investment of the tax revenue: The report further predicts small effects on employment, mainly on jobs in risky High Frequency Trading. In the report it says further: "However, these effects would be countered by positive employment benefits from the use of the revenue (...) and broader welfare gains for society associated with a near elimination of most risky HFT."
We invite you to have a look at our campaign website for an Irish Financial Transaction Tax (FTT), which we call the Robin Hood Tax (www.robinhoodtax.ie). In this campaign we are calling on the Irish Government to join currently 10 EU member states that are introducing an FTT under the EU enhanced cooperation procedure.
On this website we will be publishing parties positions in the next 10 days.
Please let us know your parties position on Ireland joining the EU enhanced cooperation procedure to introduce an FTT until Monday 22nd February to make sure we accurately present your parties position.
Also, we would like to invite you to meet us after the election to discuss your position further with us.
The Robin Hood Tax Campaign