“I’m thinking of making T-Shirts for Guardian readers and Progressives. The first one would say: I GET MY OPINIONS FROM MILLIONAIRE ROCK STARS AND ACTORS.”
Taken from a comment by someone called Stuck-Record at Tim Worstall’s blog. Tim was describing how he left a comment on an article by the actor, Bill Nighy, in defence of a “Robin Hood Tax”; Tim’s comment – which he said was entirely civil - was deleted. The Comment is Free site of the Guardian clearly cannot take dissent from some pro-marketeers. (I expect Tim drives them mad with his dissection of their views on a daily basis.)
The red lights on the mental dashboard go on in my head when the words Robin Hood come out. The false assumption of the tax proponents is that you can tax an activity – such as bank trading – without the impact in any way being felt by us ordinary folk. More cynically, politicians might like the idea because the actual cost impact will not be easy to see (wider bid/offer spreads for exchanging money, lower returns to investors, cuts to service and jobs in banks, etc.)
Of course, not all actors and music folk have collectivist, interventionist views on things like economics, or other things. The US actor Rob Lowe seems pretty intelligent, ditto Clint Eastwood, Michael Caine, etc. I don’t have a problem as such with actors/others talking about such things – we should not fall into the ad hominem fallacy of saying that non-specialists on subject A cannot talk about it (democracy is based on such a position, is it not?). However, actors, singers or whatever who want to get into the arena cannot expect to be treated any more gently than an economist or other specialist in an area of controversy. Being a luvvie doesn’t get you special favours.
One commenter managed to get past the CiF “checkpoint Charlie” to leave what I thought was a pretty good point:
The whole flaw is laid bare in this one sentence – a tax can be tiny or it can raise billions, it is unlikely to do both. Those billions you claim can be raised are a powerful incentive for organisations to circumvent the tax; on something as ephemeral as financial transactions that’s quite easy to do. It would merely hand volume to New York, Hong Kong or Singapore.
Of course France, Germany et al are in favour of it. It would be a EU wide tax that would fall most heavily on the UK and you even point out that a whopping 50% of the money raised could be spent on domestic causes – oh fantastic, we adopt a tax that could be damaging to one of our major industries and get to spend half of the proceeds on our own country. Do you honestly believe that Germany would accept a similar deal in relation to a green tax on luxury motorcars or France on farming?