MISSEDLINK

 

 

10 EU Nations plan to introduce Tax on Financial Transactions - Washington Post: LINK ¤ WASHINGTON POST

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• "ten European Union countries - have the plan !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "to introduce the financial transaction tax - together !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "in an effort to curb speculation - and increase the revenues for the governments !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "intentionally mainly from the banks - where some had been bailed out !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "but a solution for the financial transaction tax - for the whole European Union !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "would be much better - and would be more rewarding - for all !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "and the campaigners for the FTT emphasize - that this proposal wasn’t ambitious enough !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "it would initially tax only the trading of shares - and some derivatives !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "the levy’s scope won’t be as broad - as supporters initially hoped !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

 

 

 

 

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ten EU Finance Ministers on the Financial Transaction Tax - Oxfam: LINK ¤ OXFAM

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• "the EU Finance Ministers from the ten countries - which agreed to implement the Financial Transaction Tax - FTT !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "reached a vague initial agreement on the scope of the tax - that is not ambitious enough !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "their compromise did not yet amount - to the ambitious Financial Transaction Tax !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "that would be needed to ensure - that the financial sector - is made to pay its fair share !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "but they remained worryingly vague on the taxation - of derivatives !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "a key cause of the financial crisis - which represent two-thirds of the potential revenue !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "the FTT has always been associated - with helping the whole society !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "with sustainable development - and with climate protection !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

 

 

 

 

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Tax Contribution of the Financial Sector - European Commission - PDF: LINK ¤ EUROPEAN COMMISSION

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• "the financial sector should indeed make - a more substantial contribution !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "to government finances - by the introduction of new taxes !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "for example a tax - on financial transactions !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

 

 

 

 

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FTT Revenues - European Commission - PDF: LINK ¤ EUROPEAN COMMISSION

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• "about the revenues for the governments - from the Financial Transaction Tax - FTT !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "at a tax rate of 0.1 % - for securities - for shares - and bonds !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "and of 0.01 % - of the notional value - for derivatives agreements !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "payable by each side - of the transaction !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "the revenue estimates for the tax - are € 57bn !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "the "residence principle" means that the tax will be due - if any party to the transaction !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "is established in a participating Member State - regardless of where the transaction takes place !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "one third of this revenue is expected - to be generated by taxing trading !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "borrowing, and lending in securities - bonds and shares !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "and two thirds come from taxing - derivatives !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

 

 

 

 

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Macroeconomic Impacts of the FTT - European Commission - PDF: LINK ¤ EUROPEAN COMMISSION

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• "the estimation of the possible deviation of GDP had first been established at - 0.28% !"

 

 

 

 

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• "but the new model simulations of the EU Commission - assume the recycling of revenues !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "generated by the Financial Transaction Tax, FTT - back into the economy !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "with the help of lump-sum transfers to private households - the Debt-to-GDP ratio keeps constant !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "the same hold if the tax revenues collected - are spent !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "be it at the European - or be it at the national level - e.g. on investment !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "here, model simulations show - a positive impact of such spending !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

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• "in the order of magnitude of - 0.2% to 0.4% - of GDP !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

 

 

 

 

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FTT Tax Collection - European Commission - PDF: LINK ¤ EUROPEAN COMMISSION

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• "taxing - financial transactions !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "is one of the least expensive ways - of collecting taxes !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "as most transactions are carried out - electronically !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "and the tax can be collected electronically - and at the source !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "the Financial Transaction Tax, FTT - can be collected at very low cost !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "especially when good use can be made - of existing infrastructures !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "with the help of trading platforms - trade repositories - or clearing houses !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "this Financial Transaction Tax will deliver in the whole EU - revenues of 57 billion Euros a year !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

 

 

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1,000 Economists urge G20 to accept the Robin Hood Tax - the Guardian: LINK ¤ the GUARDIAN

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• "a thousand economists write - to the G20 Finance Ministers meeting !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "urging them for the Robin Hood tax - also called financial transaction tax !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "in a show of unity - rare in the economics profession !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "the experts from 53 countries - describe the tax on transactions in financial markets !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "as an idea - that has come of age !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "signatories include Jeffrey Sachs - director of the Earth Institute at Columbia University !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "Dani Rodrik from Harvard - and Ha-Joon Chang from Cambridge !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "even if such a tax is levied - at just 0.05 % !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "it raises hundreds - of billions of dollars !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "which can be ploughed into - social justice - sustainable development - renewable energy - and environment protection !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "the financial crisis has shown us - that finance must be regulated !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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• "it is time to fix the link - between the financial sector - and society !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "and for the financial sector - to give more back to society !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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• "the Robin Hood tax is - technically feasible !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

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• "and morally - right !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

 

 

 

 

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Robin Hood Tax: LINK ¤ ROBIN HOOD TAX