When the economy crashed in 2008, the progress the world was making on fighting the AIDS pandemic began to slow. Four years later, funding for treatment and prevention programs has been flat-lined, if not cut drastically, and the world risks the escalation of the AIDS pandemic once again. We have the tools to end this pandemic, we just need the money.
A Financial Transactions Tax (FTT), also known as a Robin Hood Tax, provides a mechanism to combat shortfalls in vital public programs including educational, environmental, and development commitments in the aftermath of the financial crisis. Although the financial sector played a major role in causing the economic downturn, it has remained largely unaffected by the global financial crisis. By levying a small 0.05% tax on foreign exchange transactions such as stocks, bonds, and currency transactions, FTT would generate billions of dollars that could be directed towards a myriad of goals – among them, global health goals like funding life-saving AIDS medications.
A Robin Hood Tax on the Financial Market would yield up to $350 billion a year - money that would be used to provide HIV treatment and prevention for people throughout the world. In addition, billions of dollars would be generated to fund job creation and strengthen public services like health care, education and infrastructure at home in the United States, and tackle global health, poverty and climate change around the world.
This is not a tax ON the people, but a tax FOR the people. The tax would not affect any transactions most Americans make, but rather curb the greed of the 1% while strengthening programs that benefit all of us. The FTT has received popular/mainstream support attention in other countries, but starting right now there is a newfound movement for an FTT in the United States. This NYT article published in December of 2011 outlines the traction that the FTT has started to gain all over the world. Over 100 large organizations and individuals have made public statements in support of the FTT (endorsing organizations will soon be put up here).