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Sierra Club ally/contributor and billionaire Matty Maroun saw an offshoot of the occupy Wall Street group block truck traffic to his bridge for 45 minutes in protest against the Michigan Republican state politicians who voted with their direct and indirect campaign contributor to block construction of a new bridge.
For those interested, the march in support of the Robin Hood Tax is scheduled for tomorrow at 2pm. The Occupy Toronto website appears to have disappeared, but I did find this announcement from yesterday. I am planning on attending. :D
Posted by Jared Khan | October 27, 2011
Occupy Toronto Joins the Global Call for the Robin Hood Tax and Economic Justice
Dear Allies,
Occupy Toronto is planning to host a march and rally this Saturday, October 29th to join the
global movement calling for the implementation of a 1% Robin Hood Tax on all financial
transactions and currency trades.
On the eve of the G20 Summit in France, we join Occupy movements across the world in
demanding an end to speculative financial transactions. The increasing financialization of our
economies over the past three decades has led to crippling debt and austerity, the brunt of which
has been borne by the 99% even as the 1% enjoys unprecedented profits.
While recognizing that the Robin Hood Tax does not constitute a definitive solution to problems
of injustice and inequality, Occupy Toronto sees its implementation as a vital part of an overall
strategy of redressing the increasing gap between the haves and have-nots.
We invite all allies to join our rally at 2:00pm at St. James Park (King & Church) and march with
us to the heart of Toronto’s Financial District at Bay & King. Join the call to make the 1% pay!
In Solidarity,
The Occupy Toronto Action Committee
For those interested, the march in support of the Robin Hood Tax is scheduled for tomorrow at 2pm. The Occupy Toronto website appears to have disappeared, but I did find this announcement from yesterday. I am planning on attending. :D
Posted by Jared Khan | October 27, 2011
Occupy Toronto Joins the Global Call for the Robin Hood Tax and Economic Justice
Dear Allies,
Occupy Toronto is planning to host a march and rally this Saturday, October 29th to join the
global movement calling for the implementation of a 1% Robin Hood Tax on all financial
transactions and currency trades.
Why would anyone support that?????? This is similar to the policy that the EU wanted Canada to support (a tax on our banks administered by the U.N.).
I went to the bank yesterday and withdrew $250 in U.S. funds and $40 from my Canadian bank account. So under this scenario I would have to pay $2.96 Canadian for withdrawing the money and another another $2.56 for the currency transaction. I'm not feeling particularly rich these days. Would you do a means test to decide who is rich and who has to pay the tax?
I'll bet that these are some of the same people behind the global warming hysteria.
Why would anyone support that?????? This is similar to the policy that the EU wanted Canada to support (a tax on our banks administered by the U.N.).
I went to the bank yesterday and withdrew $250 in U.S. funds and $40 from my Canadian bank account. So under this scenario I would have to pay $2.96 Canadian for withdrawing the money and another another $2.56 for the currency transaction. I'm not feeling particularly rich these days. Would you do a means test to decide who is rich and who has to pay the tax?
I'll bet that these are some of the same people behind the global warming hysteria.
It's a form of double taxation www.robinhoodtax.ca Our tax system is generally based on a tax on income not a tax on transactions except for sales tax. It would be a lot more effective to raise tax rates on income then to come up with a tax whereby you may have to pay tax even though there is no income. It's a .005% tax but a claim is being made on the the website that it would reduce market speculation. Make up your minds: it's either a small insignificant tax that would allow governments to raise additional funds even if there was no income to tax or it's going to have considerable affect on the markets to change decision making patterns. It can't be both insignificant and significant. I also don't see why it's being targeted to specific pet projects, if it's going to be imposed why not for all sorts of purposes. I'd also like to see what they mean by using it to fight poverty - increased welfare rates, more foreign aid? Or global warming - give money to corporations to retrofit? So now our banks are expected to pay for other corporations to clean up their acts? That might benefit the other corporations and their shareholders but it wont benefit the bank and their own shareholders. A lot of pension plans have bank stock so we'll end up paying for this one way or the other.
Which governments does it go to? How will those governments administer the funds?
Have these people any idea how much our banks pay in income tax every year and how much bank shareholders pay in taxes of dividends and capital gains? It's not insignificant by any means.
Last edited by Zeljko Kitich; Friday, 28th October, 2011, 11:37 PM.
I went to the bank yesterday and withdrew $250 in U.S. funds and $40 from my Canadian bank account. So under this scenario I would have to pay $2.96 Canadian for withdrawing the money and another another $2.56 for the currency transaction. I'm not feeling particularly rich these days. Would you do a means test to decide who is rich and who has to pay the tax?
Vlad, don't panic. The tax would not apply to transactions as you describe above. The announcement was very poorly worded, "1% tax on all financial transactions" is way off the mark. The rate is .05% (1/20th of 1%) on specific transactions such as stock purchases, bonds, currencies trades, and derivatives. Tax would be paid by banks, investors, hedge funds managers, and the like. To be more precise, the tax is still in the concept phase, the tax base and rates are not set yet and could change from nation to nation. So we should keep an open mind, right?
I passed through the park yesterday afternoon on the way home. Almost no activity, few people around (could have been many inside the tents, of course), some "folk singer" was telling the world he had lost his wife and children as I gratefully passed out of earshot. No police presence really close to the park, but if one walks further around the area, some police presence in cars and on bikes approximately a block or so away. Some of those tents look expensive (not only the organizers' tents!).
Gonna get colder soon. Then, we will see who truly believes in the "cause!"
Last edited by Ken MacDonald; Saturday, 29th October, 2011, 09:42 AM.
A lot of pension plans have bank stock so we'll end up paying for this one way or the other.
I've started taking pension plans into consideration when picking stocks. With low interest rates and dropping stock markets I'm staying away from large unionized companies, particularly those with defined benefit plans.
I get a laugh out of Air Canada. I've got shares in that company which I got at a very low price a few years ago. Under a dollar. I wouldn't fly with them these days but I have the shares. Not enough to get excited about but enough to get some laughs.
I laughed at one recent event. They union won some recent arbitration hearing on pensions. Then they complained because the government had stepped in. So Air Canada decided they would test the agreement in court. It left the union fighting to get the company to stop the court action. So Air Canada withdrew the appeal.
From the way the government is treating Air Canada and the shareholder I don't think they have ever come to terms with the fact they don't own the airline now. Likely somewhere down the line the government will be stuck with the pensions.
If I ddn't own shares in that company I wouldn't buy any. I wouldn't fly the airline with the labour problems they are having. I guess that means it's getting to be time to sell the shares.
Well, I did make it down to Toronto yesterday with a friend to join the protest march. It was a lot of fun. I have been looking for media reports on the size of the march, but haven't found any. It is difficult to judge the size when you are in the middle of it, but I would guess at least 500 people, maybe 1,000. My friend thinks closer to 1,500.
It began with a rally at St. James Park. It was good to see a big crowd, I was afraid it may only be a handful of people, and I would say there are were at least 30 to 50 tents.
It was a peaceful march through the financial district with the police walking their bicycles keeping order. Along the route there was a brief meeting with another protest group calling for the liberation of Syria, then we moved onto the corner of King & Bay for speeches in the shadow of the bank towers.
Then the group split in two, one group heading west for another demonstration in favour of the Tamils, and one heading east to St. James Park. My friend and I headed for the car and some chinese food.
For those of you who still say, "what are they protesting", economist Jeffery Sachs explains:
Well, I did make it down to Toronto yesterday with a friend to join the protest march. It was a lot of fun. I have been looking for media reports on the size of the march, but haven't found any. It is difficult to judge the size when you are in the middle of it, but I would guess at least 500 people, maybe 1,000. My friend thinks closer to 1,500.
It began with a rally at St. James Park. It was good to see a big crowd, I was afraid it may only be a handful of people, and I would say there are were at least 30 to 50 tents.
It was a peaceful march through the financial district with the police walking their bicycles keeping order. Along the route there was a brief meeting with another protest group calling for the liberation of Syria, then we moved onto the corner of King & Bay for speeches in the shadow of the bank towers.
I could have came down and given a chess history walking tour:
On the SE corner of the park, KING and Jarvis, on the second floor above the bank was the first Toronto Chess Club back in the 1860s, Across the street, NE corner of Church and Adelaide was the Mechanics Institute (funded by millionaires) which had chess tables and the Toronto CC in the 1870s. The Parish Hall of the Church, NW corner of the park, was the site of the Toronto CC in the early 1900s, and the Bishop was the President of the Toronto Chess League. Further west on Adelaide, where the courthouse was, was the TCC briefly in the mid 1970s. At Victoria, North of Adelaide, was where the Toronto CC was in the 1950s. At King and Yonge was the PwC Toronto Open a couple of years ago. North of Adelaide and Yonge was an opera house who had performed a living chess game in 1879. In a nearby office building was sponsor Belzberg's office (He had offered his boardroom as a site for small master's event). Up Bay to QUEEN Street where there are chess tables at City Hall. The first completed Canadian Championship (1873) was in the YMCA which was just east of the Old City Hall and the tour can end at Church and Queen where we can play at the chess tables in the park. North of the Park is Oakham House, made by a chessplayer in the 1850s, and site of a chess club in the 1940s, and used for a master's tournament circa 1980. Across the street from this park are Pawn shops.
Although I do have to say I have a lot of respect for Prof Richard Muller as I'm working my way through his Physics for Future Presidents program on MIT open course ware on YouTube. The fact that he was previously also a skeptic of global warming says alot. http://www.youtube.com/watch?v=ocwxNvM6uLU
Last edited by Zeljko Kitich; Sunday, 30th October, 2011, 10:07 PM.
From the way the government is treating Air Canada and the shareholder I don't think they have ever come to terms with the fact they don't own the airline now. Likely somewhere down the line the government will be stuck with the pensions.
If I ddn't own shares in that company I wouldn't buy any. I wouldn't fly the airline with the labour problems they are having. I guess that means it's getting to be time to sell the shares.
I really think that the best thing the government could do would be to open things up to competition from airlines like Spirit and the U.S. airlines and whoever else wants to set up business in Canada. Then when Air Canada wants to have a strike or lockout it wouldn't disrupt all air travellers in Canada and the government wouldn't have to intervene. Given that Air Canada bought out all the competition and has a virtual monopoly in Canada there are sound reasons for the government to get interested when there is a major disruption in air travel. It costs two to three times as much to travel within Canada on Air Canada as it would to make similar trips within the U.S.
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