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Will Obama back 'Robin Hood' tax?

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  • Description

    Should stock trades be taxed by the government?

  • Duration 3:10
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We bailed out banks and financial firms to taxpayer that was one of the things we did and now -- proposal on Capitol Hill.

That would put a tax on every single.

Stock trade have proponents say it's the best way for Wall Street.

To paid the money back to the government and so far the president is not getting behind the so called Robin Hood tax that is still an idea that's out there.

And we -- next reporting live in Los Angeles ever was looking for money somewhere William because you got that that big debt and -- deal -- Yeah.

And there's a lot of money here you know and but the point you're making has surprised some supporters who thought the president would be among the first to get on their bandwagon for a financial transaction tax.

On the other hand remember the president has count -- lot of Wall Street money -- 08 has continued to have multiple fundraisers.

With some of the country's -- bankers and fat cats and backing this so called Robin Hood tax along with the AFL CI -- And the national nurses united union which staged this protest might damage that effort.

So the bill is sponsored by democratic senator Tom Harkin and represent Peter Defazio it would impose a tax of just.

Three cents and every 100 dollars a financial trade.

-- supporters say it would cost the average investor less than a dollar a year wow.

Reducing the type of miraculous reckless speculative computer trading.

That increases market volatility.

It's point 03%.

But it'll still generate about 35 billion dollars a year in income.

Income they could be used to rebuild the real economy.

Infrastructure other investments or money that could be used to help -- to fray our deficit.

So these ads that I'm gonna show you right now from would build lie in Ben Kingsley makes the case that you can get really big money -- -- targeted speculative Wall Street guys.

At a very small price for everybody else but opponents say the financial transaction tax would not reduce the high frequency trading that it's aimed at -- But send those people off -- They recognize that the tax code is there to raise money so this is really not a regulatory.

Change in the slightest all this really is is an attempt to reach into somebody's pocket and extract more tax money.

The so union supporters -- the president will eventually get on board with them now in a recent book the -- was quoted as saying let's do it but was apparently talked out of by one of his aides.

However this does raise more money -- then attacks on the 250 and above.

As election gets closer supporters believe this is another way for the president to contrast himself with Mitt Romney.

We'll wait and see this has gained a lot of ground in the EU.

-- could you wanna make it global so the guys can't go from the US into all they're trading in London let's say.

But again the president has not got behind it even though there's some evidence that he does support it in theory.

I'll -- -- -- and it -- half logistically I think with all illustrates that you mean there's always a way there's I was -- play and thank you.

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