‘Robin Hood’ tax on financial trades would help turn economy around, supporters say

Backed by the AFL-CIO and National Nurses United, the measure would impose a tiny three-hundredths-of-a-penny tax on financial trades. Supporters say the bill would cost the average investor just $1 per year, but could raise up to $35 billion annually from the high-stakes, high-volume high-speed computer trades critics claim increase market volatility.

Makes sense. Which tells me that the GOP will be against this. But to be fair Obama’s own advisor talked him out of it.

Obama supported the Robin Hood tax but was later talked out it by Larry Summers, then head of the National Economic Council.

So this was a case of Obama listening to his Wall Streeters and that backfired on him.