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Debate over 'Robin Hood' tax

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  • Description

    Politics of proposed legislation

  • Duration 1:29
  • Date

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Unions called a Robin Hood tax a small but lucrative -- of that -- the worst of Wall Street.

High stakes high volume high speed computer trading that increases volatility.

It would reward patient capital as opposed to this useless daily.

You know second by second millisecond by millisecond turning that goes on Peter Defazio is bill on Capitol Hill would impose a tiny 31 hundredths of a penny tax and financial trades.

Supporters claim it will cost the average investor just a dollar year.

But generate up to 35 billion annually.

Off the type of casino style trading they believe helped.

Causing global financial crisis.

This ad starring actor Ben Kingsley Ayers in Europe where the -- has considerable support.

Billionaires Bill Gates and George Soros say making the -- global would prevent traders from offshoring their business but critics say it won't work.

This is something.

That will reduce jobs and move them overseas.

Reduced -- -- turns -- retirement funds.

If this is something it has.

A real potential to do damage so far President Obama who continues to actively court Wall Street for campaign money.

Hasn't spoken publicly about the tax supporters say this tax raises more money and -- less politically toxic and raising income taxes and higher brackets.

As the election gets closer they believe mr.

Obama will appeal to his base by embracing the Robin Hood tax Brett.

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