Financial Transaction Tax

 


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

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  • "ten European Union countries have agreed"

 

 

 

 

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  • "to introduce the financial transaction tax from 2016 onward"

 

 

 

 

 

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  • "in an effort to curb speculation and claw back revenues after governments had to bail out banks"

 

 

 

 

 

 

 

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  • "the nations - including economic heavyweights Germany, France, Italy and Spain"

 

 

 

 

 

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  • "will 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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  • campaigners: "the EU nations’ proposal wasn’t ambitious enough"

 

 

 

 

 

 

 

 

 

 

 

 

 

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Ministers sweep ambitious Financial Transaction Tax under the Carpet - Oxfam: LINK ¤ OXFAM

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  • "EU Finance Ministers from countries which agreed to implement the Financial Transaction Tax (FTT)"

 

 

 

 

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  • "reached a vague initial agreement without any critical substance on the scope of the tax"

 

 

 

 

 

 

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  • "their compromise does not yet amount to the ambitious FTT"

 

 

 

 

 

 

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  • "needed to ensure that the financial sector is finally made to pay its fair share of tax"

 

 

 

 

 

 

 

 

 

 

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  • "not only have they delayed putting the tax in place until 2016"

 

 

 

 

 

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  • "but they remain worryingly vague on the taxation of derivatives"

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

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  • "the FTT has always been associated with helping those hit hardest by the economic crisis and climate change"

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

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  • "there is evidence that the financial sector has been more profitable"

 

 

 

 

 

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  • "than the nonfinancial sector over the last two decades"

 

 

 

 

 

 

 

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  • "the financial sector could indeed make a more substantial contribution"

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

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Revenues - European Commission - PDF: LINK ¤ EUROPEAN COMMISSION

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  • "at a tax rate of 0.1% for securities"

 

 

 

 

 

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

 

 

 

 

 

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  • "and payable by each side of the transaction"

 

 

 

 

 

 

 

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  • "the revenue estimates for the tax are57bn"

 

 

 

 

 

 

 

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  • "one third of this revenue is expected to be generated"

 

 

 

 

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  • "by taxing trading, borrowing and lending in securities (bonds and shares)"

 

 

 

 

 

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  • "and two thirds are expected to come from taxing derivatives"

 

 

 

 

 

 

 

 

 

 

 

 

 

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Macroeconomic Impacts - European Commission - PDF: LINK ¤ EUROPEAN COMMISSION

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  • "the estimation of the possible deviation of GDP was established at - 0.28%"

 

 

 

 

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  • "the new model simulations assume the recycling of revenues generated by the FTT back into the economy"

 

 

 

 

 

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  • "with the help of lump-sum transfers to private households, so as to keep the Debt-to-GDP ratio constant"

 

 

 

 

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  • "and so as to allow for isolating the "distortionary" impact of the tax from other distortions"

 

 

 

 

 

 

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  • "the same held if the tax revenues collected were spent"

 

 

 

 

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  • "be it at the European or be it at the national level"

 

 

 

 

 

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  • "on growth-enhancing public 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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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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  • "FTT can be collected at very low cost"

 

 

 

 

 

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

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

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EU Financial Transaction Tax - European Commission: LINK ¤ EUROPEAN COMMISSION

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  • "the approach of taxing all transactions with an established link to the FTT-zone is maintained"

 

 

 

 

 

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  • "as are the rates of 0.1% for shares and bonds"

 

 

 

 

 

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  • "and 0.01% for derivatives"

 

 

 

 

 

 

 

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  • "when applied by the 11 Member States"

 

 

 

 

 

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  • "this Financial Transaction Tax will deliver revenues of 30-35 billion euros a year"

 

 

 

 

 

 

 

 

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  • "the "residence principle" will apply"

 

 

 

 

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  • "this means that the tax will be due if any party to the transaction is established in a participating Member State"

 

 

 

 

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  • "regardless of where the transaction takes place"

 

 

 

 

 

 

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  • "as a further safeguard against avoidance of the tax, this proposal also adds the "issuance principle""

 

 

 

 

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  • "this means that financial instruments issued in the 11 Member States will be taxed when traded"

 

 

 

 

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  • "even if those trading them are not established within the FTT-zone"

 

 

 

 

 

 

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  • "the FTT will not apply to day-to-day financial activities of citizens and businesses"

 

 

 

 

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  • "loans, payments, insurance, deposits etc."

 

 

 

 

 

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  • "in order to protect the real economy"

 

 

 

 

 

 

 

 

 

 

 

 

 

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

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  • "a thousand economists have written to G20 Finance Ministers meeting in Washington"

 

 

 

 

 

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  • "urging them to tax finance speculators to help the world's poor"

 

 

 

 

 

 

 

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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 Robin Hood tax"

 

 

 

 

 

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  • "or Tobin 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, and adviser to Ban Ki-moon"

 

 

 

 

 

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  • "Dani Rodrik from Harvard"

 

 

 

 

 

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  • "and Ha-Joon Chang, from Cambridge"

 

 

 

 

 

 

 

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  • "even if such a tax was levied at just 0.05%"

 

 

 

 

 

 

 

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  • "it would raise hundreds of billions of dollars"

 

 

 

 

 

 

 

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  • "which could be ploughed into development projects"

 

 

 

 

 

 

 

 

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  • "the financial crisis has shown us the dangers of unregulated finance"

 

 

 

 

 

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  • "and the link between the financial sector and society has been broken"

 

 

 

 

 

 

 

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  • "it is time to fix this link"

 

 

 

 

 

 

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  • "and for the financial sector to give something 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

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  • "the big idea behind the Robin Hood Tax is to generate hundreds of billions of dollars"

 

 

 

 

 

 

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  • "that money would provide funding for jobs to kickstart the economy"

 

 

 

 

 

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  • "and get America back on its feet"

 

 

 

 

 

 

 

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  • "it would help save the social safety net here and around the world"

 

 

 

 

 

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  • "and for fairer taxation of the financial sector"

 

 

 

 

 

 

 

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  • "a small tax of less than ½ of 1% on Wall Street transactions"

 

 

 

 

 

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  • "can generate hundreds of billions of dollars each year in the US alone"

 

 

 

 

 

 

 

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  • "enough to protect American schools, housing, local governments and hospitals"

 

 

 

 

 

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  • "enough to support people and communities around the world"

 

 

 

 

 

 

 

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  • "it won't affect ordinary Americans, their personal savings, or every day consumer activity, such as ATMs or debit cards"

 

 

 

 

 

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  • "it's easy to enforce and tough to evade"

 

 

 

 

 

 

 

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  • "this is a tax on Wall Street, which created the greatest economic crisis in our nation, and globally"

 

 

 

 

 

 

 

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  • "which have returned to record profits and bonuses"

 

 

 

 

 

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  • "while ordinary Americans - the 99% - continue to pay the price of their crisis"

 

 

 

 

 

 

 

 

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  • "it's fair, it's timely"

 

 

 

 

 

 

 

 

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  • "and it's possible"

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Robin Hood Tax - Wikipedia EN: LINK ¤ ROBIN HOOD TAX

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  • "financial transaction taxes, proposed by campaigning groups of civil society NGOs"

 

 

 

 

 

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  • "similar to the Tobin tax, it affects a wider range of asset classes including the purchase and sale"

 

 

 

 

 

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  • "of stocks, bonds, commodities, unit trusts, mutual funds"

 

 

 

 

 

 

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  • "and derivatives such as futures and options"

 

 

 

 

 

 

 

 

 

 

 

 

 

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who supports a Robin Hood Tax ? - PDF: LINK ¤ ROBIN HOOD TAX


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Joseph Stiglitz
- economist and Nobel laureate:

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  • "the financial sector polluted the global economy with toxic assets"

 

 

 

 

 

 

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  • "and now they ought to clean it out"

 

 

 

 

 

 

 

 

 

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Paul Krugman - economist and Nobel laureate:



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  • "the idea is taxing financial transactions, which have exploded in recent decades"

 

 

 

 

 

 

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  • "the economic value of all this trading is dubious at best"

 

 

 

 

 

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  • "in fact, there’s considerable evidence suggesting that too much trading is going on"

 

 

 

 

 

 

 

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  • "wouldn’t such a tax hurt economic growth ?"

 

 

 

 

 

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  • "the evidence suggests not"

 

 

 

 

 

 

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  • "if anything, it suggests that taxing financial transactions"

 

 

 

 

 

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  • "reduces the volume of wheeling and dealing"

 

 

 

 

 

 

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  • "that would be a good thing"

 

 

 

 

 

 

 

 

 

 

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Dani Rodrik - Harvard University:


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  • "the beauty is that it would discourage short-term speculation"

 

 

 

 

 

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  • "without having much adverse effect on long-term international investment decisions"

 

 

 

 

 

 

 

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  • "it is undeniable that such a tax would raise a great deal of money"

 

 

 

 

 

 

 

 

 

 

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José Manuel Barroso - President of the European Commission:



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  • "it’s a question of fairness"

 

 

 

 

 

 

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  • "it is time for the financial sector"

 

 

 

 

 

 

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  • "to make a contribution back to society"

 

 

 

 

 

 

 

 

 

 

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Nancy Pelosi - US House of Representatives:


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  • "the transaction tax has a great deal of merit"

 

 

 

 

 

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  • "it has minimal impact on the transaction"

 

 

 

 

 

 

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  • "but a tremendous impact on helping us to meet our needs"

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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FINANCIAL TRANSACTION TAX - Wikipedia EN: LINK ¤ FINANCIAL TRANSACTION TAX

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  • "a financial transaction tax is a levy placed on a specific type of monetary transaction"
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financial transaction tax - 0403FTT

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