Robin Hood and the so-called “Robin Hood Tax” have very little in common. Robin Hood stole from the rich oppressive state (aka the Sheriff of Nottingham/Prince John) and gave it back to the people whose it had been in the first place, whose labour had generated it, before it was unjustly “taxed” away.

This “tiny” tax (which for all its supposed miniscule size is claimed to be able to generate $400bn per year!) works by taxing every single financial transactions, such as buying shares, trading currencies, and derivatives from across the whole world 0.05%. Even if the banks don’t manage to find a way to avoid paying it, it seems a rather high estimate (or as one should call it “figure plucked out of thin air”).

What the most ridiculous thing about this “Robin Hood Tax” is how the money is due to be split:

The plan is for the US$400bn that could be generated by a global Robin Hood Tax to be split equally, with $200bn spent domestically and $200bn spent around the world.

Of the money spent globally, $100 billion would go towards international development and US$100 would support developing countries as they adapt to climate change.

The $200bn to be spent domestically would make serious inroads into tackling the structural factors that mean more than 13 million people in the UK live in poverty

Yes, I’m sure the world would be happy for half of the money generated globally to be spent in the UK… This is an absurd concept that pulls figures out of its arse and expects everyone to just believe it.

It is a travesty that the name of Robin Hood has been misappropriated for this.

But now for something a little more interesting: