Financial transaction tax

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new securities (primary market transactions). Both buyers and sellers are subject to tax. The tax rate varies following the type of transactions. A 0.09% tax (subject to a maximum of €1,300 per transaction) is charged for distributing shares of investment companies, certificates of contractual investment funds, bonds of the Belgian public debt or the public debt of foreign states, nominative or bearer bonds, certificates of bonds, etc. A 1.32% tax (subject to a maximum of €4,000 per transaction) is charged for accumulating shares of investment companies and 0.27% (subject to a maximum of €1,600 per transaction) for any other securities (such as shares). Transactions made for its own account by non-resident taxpayers and by some financial institutions, such as banks, insurance companies, organizations for financing pensions (OFPs), or collective investment are exempted from the tax.

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raise any required amount of revenue. Since financial transactions in stocks, bonds, international currency transactions, and derivatives comprise most of the Automated Payment Transaction (APT) tax base, it is in essence the broadest of financial transaction taxes. Initially proposed as a revenue-neutral replacement for the entire federal tax system of the United States, it could alternatively be considered as a global tax whose revenues could be used by national governments to reduce existing income, corporate and VAT tax rates as well as reducing existing sovereign debt burdens. If adopted by all of the developed nations, it would have the advantage of eliminating all incentives for substitution between financial assets and between financial centers since all transactions would universally be taxed at the identical flat tax rate.

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as no surprise to most risk management practitioners). If hedging is really just about reducing risk, then why should our expectations of future market direction have any bearing on our hedging decisions? If we hedge 50% of our exposure, instead of 80% or 100%, because we feel that the price/rate of the underlying exposure is more likely to move in our favor, does this meet the criteria for speculation?... On one level (at the extremes), there is no doubt that hedging and speculation are very different activities. However, once you move beyond the straightforward elimination of open positions, into more nuanced transactions involving complex hedging strategies or tenuous relationships between hedges and exposures, the distinction between a hedge and a bet becomes increasingly vague."

4332: 2690:(Umsatzabgabe) is levied on the transfer of domestic or foreign securities such as bonds and shares, where one of the parties or intermediaries is a Swiss security broker. Other securities such as options futures, etc. do not qualify as taxable securities. Swiss brokers include banks and bank-linked financial institutions. The duty is levied at a rate of 0.15% for domestic securities and 0.3% for foreign securities. However, there are numerous exemptions to the Swiss transfer tax. These are among others: Eurobonds, other bonds denominated in a foreign currency, and the trading stock of professional security brokers. The revenue of the Swiss transfer tax was CHF 1.9 billion in 2007 or 0.37% of GDP. 45: 3985: 2316:, concluding "...the original Tobin tax is not viable. First, it is virtually impossible to distinguish between normal liquidity trading and speculative noise trading. If the tax is generally applied at high rates, it will severely impair financial operations and create international liquidity problems, especially if derivatives are taxed as well." However, on 16 June 1995 Spahn suggested that "Most of the difficulties of the Tobin tax could be resolved, possibly with a two-tier rate structure consisting of a low-rate financial transactions tax and an exchange surcharge at prohibitive rates." This new form of tax, the 3345:. In a 1984 paper, Lawrence Summers and Victoria Summers argued, "Such a tax would have the beneficial effects of curbing instability introduced by speculation, reducing the diversion of resources into the financial sector of the economy, and lengthening the horizons of corporate managers." It is further believed that FTTs "should reduce volatility by reducing the number of noise traders". However most empirical studies find that the relationship between FTT and short-term price volatility is ambiguous and that "higher transaction costs are associated with more, rather than less, volatility". 4129: 2750:(SDRT) at a rate of 0.5% on share purchases, raising around €3.8bn per year, of which 40% is paid by foreign residents. The tax is charged whether the transaction takes place in the UK or overseas, and whether either party is a resident of the UK or not. Securities issued by companies overseas are not taxed. This means that—just like the standard stamp duty—the tax is paid by foreign and UK-based investors who invest in UK incorporated companies. In other words, the tax applies to all companies which are headquartered in the UK, albeit there is a relief for intermediaries (such as 5340:

fällig, sagen wir von einem halben Prozent des Umsatzes. So schreckt man Spekulanten ab. Denn viele Investoren legen ihr Geld sehr kurzfristig in Währungen an. Wird dieses Geld plötzlich zurückgezogen, müssen die Länder die Zinsen drastisch anheben, damit die Währung attraktiv bleibt. Hohe Zinsen aber sind oft desaströs für die heimische Wirtschaft, wie die Krisen in Mexiko, Südostasien und Russland während der neunziger Jahre gezeigt haben. Meine Steuer würde Notenbanken kleiner Länder Handlungsspielraum zurückgeben und dem Diktat der Finanzmärkte etwas entgegensetzen."

2654:. Hence a round trip (purchase and sale) transaction resulted in a 1% tax. In July 1986, the rate was doubled, and in January 1989, a considerably lower tax of 0.002% on fixed-income securities was introduced for a security with a maturity of 90 days or less. On a bond with a maturity of five years or more, the tax was 0.003%. Analyst Marion G. Wrobel prepared a paper for the Canadian Government in June 1996, examining the international experience with financial transaction taxes, and paying particular attention to the Swedish experience. 4350: 2341:(SDR) that the rich countries would pledge for providing international assistance and the alleviation of poverty and other objectives. According to Soros this could make a substantial amount of money available almost immediately. In 1997, IMF member governments agreed to a one-time special allocation of SDRs, totaling approximately $ 27.5 billion. This is slightly less than 0.1% of the global GDP. Members having 71% of the total vote needed for implementation have already ratified the decision. All it needs is the approval of the 2828:" NGO proposed that a tax could be used to fund international development: "In the face of increasing income disparity and social inequity, the Tobin Tax represents a rare opportunity to capture the enormous wealth of an untaxed sector and redirect it towards the public good. Conservative estimates show the tax could yield from $ 150–300 billion annually." According to Dr. Stephen Spratt, "the revenues raised could be used for ... international development objectives ... such as meeting the Millennium Development Goals." 4094: 3653: 3224: 3723: 4140: 3903: 4194: 3929: 3499:

the side effects would include a sizable restructuring of financial sector activity, this would not occur in ways corrective of the particular forms of financial overtrading that were most conspicuous in contributing to the ongoing financial crisis. Accordingly, such taxes likely deliver both less revenue and less efficiency benefits than have sometimes been claimed by some. On the other hand, they observe that such taxes may be less damaging than feared by others.

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of the shares, although some provisions are given regarding which entity is responsible for filing the tax return. Those investment services firms or credit institutions buying shares on their own account are taxable individuals, whereas the financial intermediaries involved in the transaction are substitute taxpayers. Finally, the tax period is monthly, and the tax system is self-assessed, not permitting any deferral or installment payment.

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or settlement process." (All large-value financial transactions go through three steps. First dealers agree to a trade; then the dealers' banks match the two sides of the trade through an electronic central clearing system; and finally, the two individual financial instruments are transferred simultaneously to a central settlement system. Thus a tax can be collected at the few places where all trades are ultimately cleared or settled.)

2296:, and said: " tax on foreign exchange transactions... dissuades speculators as many investors invest their money in foreign exchange on a very short-term basis. If this money is suddenly withdrawn, countries have to drastically increase interest rates for their currency to still be attractive. But high interest is often disastrous for a national economy, as the nineties' crises in Mexico, South East Asia and Russia have proven...." 3851: 2500:, (Article 235 ter ZD bis of the FTC); and a tax on naked sovereign credit default swaps (Article 235 ter ZD ter of the FTC). The FTT levies a 0.2% tax on stock purchases of French publicly traded companies with a market value over €1 billion. The scheme does not include debt securities, except convertible and exchangeable bonds, which are included but benefit from a dedicated exemption to the FTT. According to French president 4315:, a Financial Activities Tax (FAT), and a third option (which was not promoted but not ruled out), a financial transaction tax. On 16 April 2011, the IMF stated, it does not endorse a financial transaction tax, believing it "does not appear well suited to the specific purposes set out in the mandate from the G-20 leaders". However, it concedes that "The FTT should not be dismissed on grounds of administrative practicality". 3559:

significant proportion of the tax could end up being passed on to consumers." Another study of the UK Stamp Duty found that institutional investors avoid the tax due to intermediary relief, while short-term investors who are willing to take on additional risk can avoid the tax by trading noncovered derivatives. The study concluded, therefore, "The tax is thus likely to fall most heavily on long-term, risk-averse investors."

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imposition of the UK's Stamp Duty would "likely have a negative effect on liquidity in secondary markets". Regarding proposals to abolish the UK's Stamp Duty, Oxera concluded that the abolition would "be likely to result in a non-negligible increase in liquidity, further reducing the cost of capital of UK listed companies". A study of the FTT in Chinese stock markets found liquidity reductions due to decreased transactions.

3829: 1641: 3749: 4183: 3738: 3802: 3873: 4172: 3955: 2183:. Although Tobin said his tax idea was unfeasible in practice, Stiglitz noted that modern technology meant that was no longer the case and said that the tax is "much more feasible today" than a few decades ago, when Tobin disagreed. Fraser Reilly-King of Halifax Initiative also points out that the key issue and advantage of an FTT is its relatively superior functional ability to prevent 4252:, said he "instinctively opposed" any tax on financial transactions. "But it may be worthwhile to look into the current proposals as long as the result is not predetermined. That would at least end all this renewed talk about the idea, but overall I am skeptical about these ideas." By 2011, Volcker was more open to the idea of a transaction tax as a means to slow down trading. 3546:

revenues and substantially offsetting the direct gain from the tax. In the long run, wages would fall, and ordinary workers would end up bearing a significant share of the cost. More broadly, FTTs violate the general public-finance principle that it is inefficient to tax intermediate factors of production, particularly ones that are highly mobile and fluid in their response."

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report in 2011 which questioned the quality and level of bias in the IMF's research between 1999 and 2008. The report indicated that "there is a widely held perception that IMF research is message driven. About half of the authorities held this view, and more than half of the staff indicated that they felt pressure to align their conclusions with IMF policies and positions."

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analyzed. The mode and venue of the transaction are also indifferent; if it meets the conditions, it will be subject to FTT. However, some exemptions are contemplated like acquisitions carried out on the primary market or acquisitions required for the market's effective operation, such as those required by Regulation (EU) 596/2014 on Market Abuse, among others.

2223:, in the United States, where he argued that excessive speculation by uninformed financial traders increased volatility. For Keynes, the key issue was the proportion of 'speculators' in the market, and his concern that, if left unchecked, these types of players would become too dominant. Keynes writes: "The introduction of a substantial Government 2090:

then the risk-reducing impact of the hedge becomes obscured (if it ever existed)...once you move beyond the straightforward elimination of open positions, into more nuanced transactions involving complex hedging strategies or tenuous relationships between hedges and exposures, the distinction between a hedge and a bet becomes increasingly vague" –

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transaction tax on fixed-income securities were initially expected to amount to 1,500 million Swedish kronor per year but actually amounted to no more than 80 million Swedish kronor in any year. Reduced trading volumes also caused a reduction in capital gains tax revenue which entirely offset the transaction tax revenues.

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found that, "the assertion of the IMF paper, that a financial transaction tax 'is not focused on the core sources of financial instability', does not seem to have a solid foundation in the empirical evidence." Additionally, the IMF's watchdog group, the Independent Evaluation Office (IEO), released a

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reported "Since the 7 Nov summit of the G20 Finance Ministers, the head of the International Monetary Fund, Mr Strauss-Kahn, seems to have softened his doubts, telling the CBI employers' conference: 'We have been asked by the G20 to look into financial sector taxes. ... This is an interesting issue.

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In January 2010, feasibility of the tax was supported and clarified by researcher Rodney Schmidt, who noted "it is technically easy to collect a financial tax from exchanges ... transactions taxes can be collected by the central counterparty at the point of the trade, or automatically in the clearing

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On the other hand, the case of UK stamp duty reserve tax shows that provided exemptions are given to market makers and banks, that FTT can generate modest revenues, at the expense of pensioners and savers. Despite the tax rate of 0.5% on the purchase of shares, the UK managed to generate between €3.7

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Revenues vary according to tax rate, transactions covered, and tax effects on transactions. The Swedish experience with transaction taxes in 1984–91 demonstrates that the net effect on tax revenues can be difficult to estimate and can even be negative due to reduced trading volumes. Revenues from the

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incorporate the effect of new information into asset prices". The FTT would cause information to be incorporated more slowly into trades, creating "a greater autocorrelation of returns". This pattern could impede the ability of the market to prevent asset bubbles. The deterrence of transactions could

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Both stamp duty and SDRT remain in place today, albeit with continued relief for intermediaries, so that about 63% of transactions are exempt from tax. SDRT accounts for the majority of revenue collected on share transactions effected through the UK's Exchanges. On average almost 90% of revenues stem

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Since 1998, Taiwan also levies a stock index futures transaction tax imposed on both parties. The current transaction tax is levied per transaction at a rate of not less than 0.01% and not more than 0.06%, based on the value of the futures contract. Revenue from the securities transaction tax and the

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had supporters of the tax. Supporters of the tax are Austria, Belgium, France, Germany, Greece, Italy, Portugal, Slovakia, Slovenia and Spain and likely Estonia. For example, British banks opposed the tax. Supporters said: "We are delighted that the European FTT is moving from rhetoric to reality and

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It can be difficult to draw a clear distinction between hedging activities and speculation "if the actual exposure cannot be clearly ascertained, then differentiating between a hedging transaction and a speculative trade can become very complicated; if the impact of the underlying exposure is opaque,

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on all sales or transfers of stock in The Revenue Act of 1914 (Act of 22 October 1914 (ch. 331, 38 Stat. 745)). Instead of a fixed tax amount per transaction, the tax was in the amount of 0.2% of the transaction value (20 basis points, bips). This was doubled to 0.4% (40 bips) in 1932, in the context

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Tobin: Ich hatte vorgeschlagen, die Einnahmen der Weltbank zur Verfügung zu Stellen. Aber Darum ging es mir gar nicht. Die Devisenumsatzsteuer war dafür gedacht, Wechselkursschwankungen einzudämmen. Die Idee ist ganz simpel: Bei jedem Umtausch von einer Währung in die andere würde eine kleine Steuer

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poll of more than 27,000 people found that Europeans were in favour of a Financial Transactions Tax, by a margin of 61% to 26%. It found that Europeans "strongly support the various measures that the European Union could adopt to reform the global financial markets... about the introduction of a tax

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to conclude that attempts to raise a significant percentage of gross domestic product in revenue from a broad-based financial transactions tax are likely to fail both by raising much less revenue than expected and by generating far-reaching changes in economic behavior. They point out that, although

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From a US perspective, this unilateral extension of extraterritorial power by the commission goes beyond anything attempted since the US and Great Britain concluded the Treaty of Paris ending the Revolutionary War in 1783. Most institutions that try to do something like that have their own navy, and

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Poland charges a 1% Civil Law Activities Tax (CLAT) on the sale or exchange of property rights, which includes securities and derivatives. The tax applies to transactions, which are performed in Poland or which grant property rights that are to be exercised in Poland. It also applies to transactions

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Finland imposes a tax of 1.6% on the transfer of certain Finnish securities, mainly equities such as bonds, debt securities, and derivatives. The tax is charged if the transferee and/or transferor is a Finnish resident or a Finnish branch of certain financial institutions. However, there are several

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The Belgium securities tax applies to certain transactions concluded or executed in Belgium through a professional intermediary, to the extent that they relate to public funds, irrespective of their (Belgian or foreign) origin. The "tax on stock exchange transactions" is not due upon subscription of

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A currency transaction tax is a tax placed on a specific type of currency transaction for a specific purpose. This term has been most commonly associated with the financial sector, as opposed to consumption taxes paid by consumers. The most frequently discussed versions of a currency transaction tax

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In 1936, when Keynes first proposed a financial transaction tax, he wrote, "Speculators may not harm bubbles on a steady stream of enterprise. But the situation is serious when enterprise becomes the bubble on a whirlpool of speculation." Rescuing enterprise from becoming "the bubble on a whirlpool

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Many theorists raised the issue that hedging and speculation were more of a spectrum than a distinct duality of goals. "Academic studies (e.g. Bodnar et al, 1998) show that companies usually incorporate predictions of future price levels (i.e. a 'view') when executing hedges (a fact which will come

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of Pennsylvania introduced a bill in the US House of Representatives (H.R. 3759) that would require a study to reform the Federal tax code through eliminating federal income tax and replacing it with a transaction fee-based system. In 2010 he introduced the "Debt Free America Act" (H.R. 4646), that

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According to a European Commission working paper, empirical studies show that the UK stamp duty influences the share prices negatively. More frequently traded shares are stronger affected than low-turnover shares. Therefore, the tax revenue capitalizes at least to some extent in lower current share

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If implemented the tax must be paid in the European country where the financial operator is established. This "R plus I" (residence plus issuance) solution means the EU-FTT would cover all transactions that involve a single European firm, no matter if these transactions are carried out in the EU or

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The SFTT tax rate is fixed at 0.2 percent. The tax base is the total amount of taxed transactions, excluding transaction costs resulting from market infrastructure pricing, intermediation trading fees, and all other costs associated with the transaction. The taxpayer will generally be the purchaser

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The Spanish Financial Transaction Tax (FTT) was approved in October 2020 (entering into force in January 2021), allowing Spain to tax the acquisition of listed shares issued by Spanish companies admitted to trading on a Spanish or other EU-regulated markets, or on a non-EU equivalent market, with a

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frameworks required reporting that would help to differentiate investing from speculation. Economic thought was tending to reject the belief that they could not be differentiated, or (as the "Chicago School" had held) should not be. However, even Basel III did not require detailed enough disclosure

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came together, various financial transaction taxes were considered openly. One non-tax regulatory equivalent of Tobin's narrow tax, to require "non-interest bearing deposit requirements on all open foreign exchange positions", was considered in particular but rejected. During the 1980s the Chicago

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proposed taxing the broadest possible tax base at the lowest possible tax rate. Since financial transactions account for the greatest component of the APT tax base, and since all financial transactions are taxed, the proposal eliminates substitution possibilities for evasion and avoidance. The goal

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Kenneth Rogoff, Professor of Economics and Public Policy at Harvard University, and formerly Chief Economist at the IMF, argues that "Higher transactions taxes increase the cost of capital, ultimately lowering investment. With a lower capital stock, output would trend downward, reducing government

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per year throughout the last decade. Also the cases of Japan, Taiwan and Switzerland suggest that countries may generate sizable amounts of income by introducing FTT on a national scale. If implemented on an international scale, revenues may be even considerably higher, since it would make it more

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A 2003 IMF Staff Paper by Karl Habermeier and Andrei Kirilenko found that FTTs are "positively related to increased volatility and lower volume". A study of the Shanghai and Shenzhen stock exchanges says the FTT created significant increases in volatility because it "would influence not only noise

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May the tax suggested by Nobel Prize Laureate James Tobin be imposed in a reasonable and effective way on the current speculative operations accounting for trillions of US dollars every 24 hours, then the United Nations, which cannot go on depending on meager, inadequate, and belated donations and

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years around the end of the 20th century, notably in 2000–01. In 2007–08, SDRT generated €5.37 billion in revenue (compared to 0.72 billion of the standard stamp duty). This accounts for 0.82% over total UK tax revenue or 0.30% of GDP. In 2008–09 the figure dropped to €3.67 billion (0.22% of GDP),

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On the day that the tax was announced, share prices fell by 2.2%. But there was leakage of information before the announcement, which might explain the 5.35% price decline in the 30 days before the announcement. When the tax was doubled, prices again fell by another 1%. These declines were in line

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This indirect tax follows the "principle of issue" rather than the one of residence, applying to any acquisition of shares in Spanish companies regardless of the parties' tax residences or the location of the transaction, thus broadening the scope of application, which implications will have to be

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Until 1999, Japan imposed a transaction tax on a variety of financial instruments, including debt instruments and equity instruments, but at differential rates. The tax rates were higher on equities than on debentures and bonds. In the late 1980s, the Japanese government was generating significant

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Since 1 March 2013, Italy levies financial transaction tax on qualified equity transactions of up to 0.2% (0.22% in 2013) of the value of the trade. Financial transaction tax on derivatives of qualified equity transactions went into effect on 1 September 2013. The regulation is to apply the tax on

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Since 1 October 2004, India levies a Securities Transaction Tax (STT). As of 2020, the rate on buy and sell transactions made through a recognized national stock exchange is 0.1% paid by the seller plus 0.1% paid by the buyer. Other rates apply to derivatives transactions; for example, for sale of

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In 1989, Edgar L. Feige proposed the synthesis and extension of the ideas of Keynes and Tobin by proposing a flat-rate tax on all transactions. The total volume of all transactions undertaken in an economy represents the broadest possible tax base and therefore requires the lowest flat tax rate to

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Habermeier and Kirilenko conclude that "The presence of even very small transaction costs makes continuous rebalancing infinitely expensive. Therefore, valuable information can be held back from being incorporated into prices. As a result, prices can deviate from their full information values." A

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In 2011 the IMF published a study paper, which argues that a securities transaction tax (STT) "reduces trading volume, it may decrease liquidity or, equivalently, may increase the price impact of trades, which will tend to heighten price volatility". A study by the think tank Oxera found that the

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would be taxed 0.02%. The tax would only target speculators, since the tax would be refunded to average investors, pension funds and health savings accounts. Projected annual revenue is $ 150 billion per year, half of which would go towards deficit reduction and half of which would go towards job

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The main differences between various FTT proposals in Congress has been the size of the tax, which financial transactions are taxed and how the new tax revenue is spent. The bills have proposed a .025%–.5% tax on stocks, .025%–.1% tax on bonds and .005%–.02% on derivatives with the funds going to

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fell by 98% and the options trading market disappeared. On 15 April 1990, the tax on fixed-income securities was abolished. In January 1991 the rates on the remaining taxes were cut in half and by the end of the year, they were abolished completely. Once the taxes were eliminated, trading volumes

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The revenues from taxes were disappointing; for example, revenues from the tax on fixed-income securities were initially expected to amount to 1,500 million Swedish kronor per year. They did not amount to more than 80 million Swedish kronor in any year and the average was closer to 50 million. In

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whose base included all transactions would eliminate evasion and avoidance possibilities since the tax would apply equally at all substitution margins. Advocates including Pollin, Palley, and Baker (2000) emphasized that transaction taxes "have clearly not prevented the efficient functioning of"

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from 1995 to 1999 reached the same conclusion "that higher transaction costs increase stock return volatility". The French study concluded that these volatility measures "are likely to underestimate the destabilizing role of security transactions since they – unlike large ticks – also reduce the

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facility. Some Latin American countries also experimented with taxes levied on bank transactions. Argentina introduced a bank transaction tax in 1984 before it was abolished in 1992. Brazil implemented its temporary "CPMF" in 1993, which lasted until 2007. The broad-based tax levied on all debit

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requires that all transactions be taxed regardless of the means of payment. As such, it proposes a unique tax on currency transactions collected at the time currency leaves or enters the banking system. Since each transaction mediated by currency can not be directly taxed, the APT tax proposes a

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She also vowed to "Impose a risk fee on the largest financial institutions. Big banks and financial companies would be required to pay a fee based on their size and their risk of contributing to another crisis." How much fees would be assessed, and whether they amounted to a tax, were an active

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to an offshore site would be expensive, risky and highly unlikely – particularly to avoid a small tax. Globally, the move towards a centralized trading system means transactions are being tracked by fewer and fewer institutions. Hiding trades is becoming increasingly difficult. Transfers to tax

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An IMF Working Paper finds that the FTT "disproportionately burdens" the financial sector and will also impact pension funds, public corporations, international commerce firms, and the public sector, with "multiple layers of tax" creating a "cascading effect". "ven an apparently low-rate might

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The role of large numbers of individual speculators willing to take both short and long positions without prejudice does play some role in preventing price bubbles and asset inflation. However, excess speculation is often deemed not only a source of volatility but a distraction of talent and a

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Other studies have suggested that the financial transaction tax is regressive in application—particularly the Stamp Duty in the UK, which includes certain exemptions only available to institutional investors. One UK study, by the Institute for Development Studies, suggests, "In the long run, a

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Chinese study agrees, saying: "When it happens that an asset's price is currently misleading and is inconsistent with its intrinsic value, it would take longer to correct for the discrepancy because of the lack of enough transactions. In these cases, the capital market becomes less efficient."

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However, trading of corporate bonds and financial bonds issued by Taiwanese issuers or companies are temporarily exempt from STT beginning 1 January 2010. The Taiwanese government argued this "would enliven the bond market and enhance the international competitiveness of Taiwan's enterprises."

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In Taiwan, the securities transaction tax (STT) is imposed upon the gross sales price of securities transferred and at a rate of 0.3% for share certificates issued by companies and 0.1% for corporate bonds or any securities offered to the public which have been duly approved by the government.

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There has been debate as to whether one single nation could unilaterally implement a financial transaction tax. In the year 2000, "eighty per cent of foreign-exchange trading place in just seven cities. Agreement by London, New York and Tokyo alone, would capture 58 per cent of speculative

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To avoid this problem, most proposals emphasized taxing clearly speculative high-volume very-short-term (seconds to hours) transactions that could not in general reflect any change of fundamental exposure or cashflow expectation. Some of these emphasized the automated nature of the trade. FTT

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will ensure banks pay for the damage they have caused; This shows it is possible to put the needs of the public over the profits of a privileged few. It's unforgivable in this age of austerity that the UK government is turning down billions in additional revenue to protect the City's elite."

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and the "avoidance by a change of product mix... market participants would have an incentive to substitute out of financial instruments subject to the tax and into instruments not subject to it. In this fashion, markets would innovate to avoid the tax" as they were doing with the creation of

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of Cuba advocated the Tobin Tax to address that issue. According to Cliff Kincaid, Castro advocated it "specifically to generate U.S. financial reparations to the rest of the world", however a closer reading of Castro's speech shows that he never did mention "the rest of the world" as being

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In 2003 the Peruvian government introduced a 0.1% general financial transaction tax on all foreign currency-denominated incoming wire transfers regardless of their country of origin, to raise finance for the education sector. The tax is to be assessed automatically but collected manually.

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since it uniformly taxed all transactions. Other measures and exemptions from such transaction taxes, to avoid punishing hedging (a form of insurance for cashflows) were also proposed. These tended to lead to generally more complex schemes that were not implemented, in part due to lack of

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There are several types of financial transaction taxes. Each has its own purpose. Some have been implemented, while some are only proposals. Concepts are found in various organizations and regions around the world. Some are domestic and meant to be used within one nation; whereas some are

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charities, will have one trillion US dollars annually to save and develop the world. Given the seriousness and urgency of the existing problems, which have become a real hazard for the very survival of our species on the planet, that is what would actually be needed before it is too late.

3137:, as well as other Democratic members of Congress, endorsed a global (G20-wide) FTT, with the revenue raised in the U.S. to be directed to infrastructure, deficit reduction, and job creation. This proposal failed to win the support of the Obama administration, with Treasury Secretaries 2665:

Even though the tax on fixed-income securities was much lower than that on equities, the impact on market trading was much more dramatic. During the first week of the tax, the volume of bond trading fell by 85%, even though the tax rate on five-year bonds was only 0.003%. The volume of

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Singapore charges a 0.2% stamp duty on all instruments that give effect to transactions in stocks and shares. However, this duty only applies to actual physical documents, and is not levied on computerized transactions performed through securities accounts. Stamp duty is not levied on

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The foundations of the APT tax proposal—a small, uniform tax on all economic transactions—involve simplification, base broadening, reductions in marginal tax rates, the elimination of tax and information returns, and the automatic collection of tax revenues at the payment source.

1760: 1919:. "The real issue is how to design a tax that takes account of all the methods and margins of substitution that investors have for changing their patterns of activity to avoid the tax. suggested by Pollin et al. (1999)." – Palley, 2000 The global adoption of a small flat rate 5138: 3567:

Although James Tobin had said his own Tobin tax idea was unfeasible in practice, a study on its feasibility commissioned by the German government 2002 concluded that the tax was feasible even at a limited scale within the European time zone without significant tax evasion.

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dismissed the idea of a "Tobin tax" on 26 January 2010, saying: "Of all the components of radical reform, I think a Tobin tax is bottom of the list ... It's not thought to be the answer to the 'Too Big to Fail' problem—there's much more support for the idea of a US-type

7261: 3285:. According to the European Commission it could raise €57 billion every year, of which around €10bn (£8.4bn) would go to Great Britain, which hosts Europe's biggest financial center. It is unclear whether a financial transaction tax is compatible with European law. 2978:

launched a campaign for a Robin Hood tax on global financial transactions. The proposal would affect a wide range of asset classes including the purchase and sale of stocks, bonds, commodities, unit trusts, mutual funds, and derivatives such as futures and options.

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Listed shares acquired as of 1 January 2013 will no longer be subject to the sales tax; rather, any capital gains received will be added to the taxpayer's total income. Capital gains taxes such as Greece's are generally not considered financial transaction taxes.

1951:, many economists, governments, and organizations around the world re-examined or were asked to re-examine, the concept of a financial transaction tax, or its various forms. As a result, various new forms of financial transaction taxes were proposed, such as the 2495:

On 1 August 2012, France introduced a financial transaction tax in French tax regulation pursuant to Article 5 of the French Amended Finance Bill of 14 March 2012. Two other taxes applicable to financial transactions were also introduced, including a tax on

1727:. If an institution is never a party to a taxable transaction, then no transaction tax will be levied from it. If an institution carries out one such transaction, then it will be levied the tax for the one transaction. This tax is narrower in scope than a 1894:

School view became dominant, that speculation served a vital purpose in keeping currencies accurately reflecting the prospects of their economies, and that even very short term transactions in response to news could in fact reflect fundamental analysis.

2025:

Although every financial transaction tax (FTT) proposal has its own specific intended purpose, some general intended purposes are common to most of them. Below are some of those general commonalities. The intended purpose may or may not be achieved.

2003:

she would seek to "impose a tax on harmful high-frequency trading and reform rules to make our stock markets fairer, more open, and transparent.". However, the term "high-frequency" implied that only a few large volume transaction players engaged in

2504:

the tax will generate €170 million in additional revenue for 2012 and another €500 million in 2013. France is the first European country to impose a transaction tax on share purchases. From 2 January 2017 settlement date the rate increased to 0.3%.

4123:, restated Canada's opposition to a Tobin tax, saying: "It is not something we would be interested in in Canada. We are not in the business of raising taxes, we are in the business of lowering taxes in Canada. It is not an idea we would look at." 2662:

with the capitalized value of future tax payments resulting from expected trades. It was further felt that the taxes on fixed-income securities only served to increase the cost of government borrowing, providing another argument against the tax.

2606:

executed outside Poland if the buyer is established in Poland. All transactions on a stock market, Polish treasury bonds and Polish treasury bills, bills issued by the National Bank, and some other specified securities are exempted from the tax.

3349:

traders, but also those informed traders who play the role of decreasing volatility in the stock market." A French study of 6,774 daily realized volatility measurements for 4.7 million trades in a four-year period of index stocks trading in the

4262:", a book based on 700 hours of interviews with high-level staff of the US administration, President Obama supported a FTT on trades of stocks, derivatives, and other financial instruments, but it was blocked by Obama's former director of the 2703:

futures transaction tax was about €2.4 billion in 2009. The major part of this revenue came from the taxation of bonds and stocks (96.5%). The taxation of stock index future shares was 3.5%. In total, this corresponds to 0.8% in terms of GDP.

1897:

Economic literature of the period the 1990s–2000s emphasized that derivatives and other variations in the terms of payment in trade-related transactions (so-called "swaps" for instance) provided a ready means of evading any tax other than the

6101: 2203:

Transaction taxes can be raised on the sale of specific financial assets, such as stock, bonds, or futures; they can be applied to currency exchange transactions, or they can be general taxes levied against a mix of different transactions.

2474:(National Coalition Party) decided that Finland will not join a group of eleven other European Union states that have signed up to be at the forefront of preparing a financial transaction tax in November 2012. Other government parties the 7526: 2782:

Currently, the US imposes a $ 0.0042 round-trip transaction tax on security futures transactions and $ 21.80 per million dollars for securities transactions. The tax, known as Section 31 fee, is used to support the operation costs of the

3610:

Agreement between nations could help avoid the relocation threat, particularly if the taxes were charged at the site where dealers or banks are physically located or at the sites where payments are settled or 'netted'. The relocation of

5481: 4390:

on financial transactions, this proposal is nevertheless supported by more than six out of ten respondents (61%). A quarter of Europeans are against it, possibly because of the fear that they themselves might be subject to this tax."

2008:

would likely be affected. In this respect, Clinton was following the general 1990s trend to focus on automated transactions, in particular, those which could not reflect any genuine human-reviewed fundamental risk or hedge analysis.

5134: 5607: 4236:, following UK Prime Minister Gordon Brown's call for a global FTT, expressed US opposition to the proposal saying: "A day-by-day financial transaction tax is not something we're prepared to support". Instead Geither favors an 7265: 5336:

SPIEGEL: Diese Bewegung will die Einführung einer Steuer auf Devisengeschäfte. Damit sollen dies Kapitalmärkte gebändigt und mit den zusätzlichen Einnahmen die Entwicklungshilfe verstärkt werden. Klingt das nicht wie Ihr

3580:, said, on 5 October 2009, that modern technology meant that was no longer the case. Stiglitz said, the tax is "much more feasible today" than a few decades ago, when Tobin recanted. However, on 7 November 2009, at the 4009: 989: 9308: 3532:: The European Commission expects its proposed EU financial transaction tax of 0.1% on bond and equity transactions, and 0.01% on derivative transactions between financial firms to raise up to €55 billion per year. 2138:

According to several leading figures, the "fairness" aspect of a financial transaction tax has eclipsed, and/or replaced, "prevention of volatility" as the most important purpose for the tax. Fraser Reilly-King of

7462: 2345:. If the scheme is successfully tested, it could be followed by an annual issue of SDRs and the amounts could be scaled up "so that they could have a meaningful impact on many of our most pressing social issues". 1874:

of the APT tax is to significantly improve economic efficiency, enhance stability in financial markets, and reduce to a minimum the costs of tax administration (assessment, collection, and compliance costs). The

3520:: According to the Robin Hood Tax campaign a FTT rate of about 0.05% on transactions like stocks, bonds, foreign currency and derivatives could raise £250 billion a year globally or £20 billion in the UK alone. 2127:, many economists, governments, and organizations around the world re-examined, or were asked to re-examine, the concept of a financial transaction tax, or its various forms. In response to a request from the 2119:(APT tax) taxes the broadest possible tax base, namely all transactions including all real and financial asset transactions. Instead of introducing progressivity through the tax rate structure, the flat rate 4384:

suggested that more than four out of five people in the UK, France, Germany, Spain and Italy thought the financial sector has a responsibility to help repair the damage caused by the economic crisis. A 2011

2279:

is intended to put a penalty on short-term financial round-trip excursions into another currency. Tobin suggested his currency transaction tax in 1972 in his Janeway Lectures at Princeton, shortly after the

8489: 7698: 7492: 2658:

addition, as taxable trading volumes fell, so did revenues from capital gains taxes, entirely offsetting revenues from the equity transactions tax that had grown to 4,000 million Swedish kronor by 1988.

2628:

market capitalization exceeding EUR 1 billion on December 1 of the previous year. This policy is in line with the trend initiated previously by other countries and EU partners such as France or Italy.

2082:

hedging protects against price changes and makes them less relevant to the overall price of outputs sold to the public, while speculation incurs risk to make a profit specifically from price volatility

9659: 6925: 3097:

A G20 financial transaction tax (G20 FTT) was first proposed in 2008. A G20 proposal for a FTT to raise revenue to reduce global poverty and spur global economic growth failed to gain support at the

9331: 3555:

result in a high tax burden on some activities." These costs could also be passed on to clients, including not only wealthy individuals and corporations, but charities and pension and mutual funds.

7323: 6105: 1985:. It was however expected to keep this tax at 0% initially, calculating potential revenue from different rate schemes and exemptions, and not to impose the actual tax unless speculation increased. 6256: 6078: 6208: 7518: 6281: 2104:

and other treaties and regulations that have increasingly required disclosure to make it easier to ascertain the degree of hedging or speculation in a given transaction or set of transactions.

5473: 4691: 3289:

elsewhere in the world. The scheme makes it impossible for say French or German banks to avoid the tax by moving their transactions offshore, unless they give up all their European customers.

7409: 8783: 3357:

A 1997 study of the UK Stamp Duty, which exempts market makers and large banks that are members of a qualifying exchange, found no significant effect on the volatility of UK equity prices.

7064: 6018: 9012: 7382: 5615: 2060:

dangerous shift of focus for a developed economy. By contrast, hedging is necessary for the stability of enterprises. Tax schemes, in general, seek to tax speculation – seen as akin to

9496: 6968: 3592:

agreed that the "greater centralisation and automisation of the exchanges' and banks' clearing and settlements systems ... makes avoidance of payment more difficult and less desirable."

2762:

from the SDRT. Only a minor part comes from Stamp Duty. Revenue is pro-cyclical with economic activity. In terms of GDP and total tax revenue, the highest values were reached during the

2147:

which, in part, triggered the financial crisis of 2007–2008. Nevertheless, he sees an FTT as important for bringing a more equitable balance to the taxation of all parts of the economy.

2555:

High Frequency Trading on cash equities and equity derivatives transactions. The liable party is the investor (net buyer) for cash equities and both parties of the derivatives contract.

2382: 6132: 9758: 7668: 5980: 2135:(IMF) delivered a report in 2010 titled "A Fair and Substantial Contribution by the Financial Sector" which made reference to a financial transaction tax as one of several options. 5065: 8813: 2167:) employs 21st century technology for automatically assessing and collecting taxes when transactions are settled through the electronic technology of the banking payments system. 9567: 8128: 3717:

Austria: In August 2011, the Austrian government states its support for a FTT, including a European FTT, in case of lacking political support to implement it on a global scale.

8101: 3588:, Dominique Strauss-Khan, said, "transactions are very difficult to measure and so it's very easy to avoid a transaction tax." Nevertheless, in early December 2009, economist 2123:

introduces progressiveness through the tax base since the highest income and wealth groups undertake a disproportionate share of financial transactions. In the context of the

9150: 8392: 7116: 4311:... We will look at it from various angles and consider all proposals.'" When the IMF presented its interim report for the G20 on 16 April 2010, it laid out three options: a 3542:

prices. For firms which rely on equity as marginal source of finance this may increase capital costs since the issue price of new shares would be lower than without the tax.

2675:

who served as finance minister in the Swedish government from 2006 to 2014, "between 90%-99% of traders in bonds, equities and derivatives moved out of Stockholm to London."

3305:

Being faced with stiff resistance from some non-eurozone EU countries, particularly United Kingdom and Sweden, a group of eleven states began pursuing the idea of utilizing

9304: 7593: 4177:

India: India remains opposed to a global FTT. A senior Finance Ministry official argued that the proposed tax would put an additional burden on the domestic banking system.

10041: 2259:

brokerage fee on currency deposits and withdrawals that is some multiple of the flat transaction tax rate applied to all payments made via electronic payments mechanisms.

8848: 8639: 7470: 6805:"Key address by Dr. Fidel Castro Ruz, President of the Republic of Cuba at the World Conference against racism, racial discrimination, xenophobia and related intolerance" 8880: 4221: 3185: 7943: 5901: 2227:

on all transactions might prove the most serviceable reform available, to mitigate the predominance of speculation over enterprise in the United States. (1936:159–60)"

5818:"Commission Staff Working Paper: Impact Assessment – Proposal for a Council Directive on a common system of financial transaction tax and amending Directive 2008/7/EC" 4111:

passed a resolution directing the government to "enact a tax on financial transactions in concert with the international community". However, in November 2009, at the

4068:

backs such a tax. However, the reality is that a commission of the Vatican of which the Pope is not a member merely said that such a tax would be worth reflecting on.

9374: 9120: 8485: 8257: 7983: 7344:

Dietlein, Georg (2012): National Approaches towards a Financial Transaction Tax and Their Compatibility with European Law, EC Tax Review, Vol. 21 Issue 4, S. 207–211

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to implement the tax in states which wish to participate. Opinion polls indicate that two-thirds of British people are in favour of some forms of FTT (see section:

7690: 5817: 3620:

could be penalized at double the agreed rate or more. Citizens of participating countries would also be taxed regardless of where the transaction was carried out.

8910: 6933: 5440: 9955: 7559: 6557: 5928: 5159:

Baker, D., "The Case for a Unilateral Speculation Tax in the United States," Briefing Paper, Center for Economic and Policy Research, Washington DC 20036, 2000.

4614: 9473: 7439: 9651: 7033: 3117:

on equities and 2 basis points on bonds could generate about $ 48 billion from G20 member states or $ 9 billion if only adopted by larger European countries.

7105: 5875: 4229: 3134: 9341: 5281: 9211: 7315: 2093: 8753: 5841: 8697: 3634:, the G20 leaders declared that a "global tax" was no longer "on the table", but that individual countries will be able to decide whether to implement a 1879: 9242: 8151: 7149: 6838: 6178: 6070: 2072:

hedging protects an existing investment against unforeseen price changes, while speculation takes on the additional risk the investor could have avoided

6204: 5177: 2811:, found that it increased capital costs for enterprises, lowered stock prices, caused stocks to increase in volatility, and increased bid-ask spreads. 4791: 3184:

The US FTT bills proposed by Rep. Peter DeFazio (D-Oregon) and Sen. Harkin (D-Iowa) have received a number of cosponsors in the Senate and House. The

1979: 8666: 6999: 6356:

Campbell, John Y. and Froot, Kenneth A. "International Experiences with Securities Transaction Taxes (December 1993)", NBER Working Paper No. W4587.

4687: 2461:, currency exchange, sale, distribution or brokerage, with or without advice, unit trusts and similar financial products. Currently the rate is 0.4% 1782:

for the official stamp on the legal document needed to formalize the purchase. As of 2011, it is the oldest tax still in existence in Great Britain.

4576: 3378:. The natural effect of the FTT's reduction of trading volume is to reduce liquidity, which "can in turn slow price discovery, the process by which 2565:

revenues of about $ 12 billion per year. The tax was eventually withdrawn as part of the "big bang" liberalization of the financial sector in 1999.

1910:

However, disclosure had not kept pace with practices. Regulators and policy-makers and theorists by the 1990s had to deal with increasingly complex

8323: 7639: 7405: 2527:

on securities, the rate is 0.017% of the option premium. The tax has been criticized by the Indian financial sector and is currently under review.

2075:

hedging is a means to manage or limit price risk, while speculation actually relies on taking a risk for profit (and is in this respect similar to

19:

This article is about a tax levied on transactions in the financial sector. For APT Tax--a small tax levied on each transaction in an economy, see

8791: 7056: 9692: 9002: 6423: 6011: 5080:

Peter J Reilly for Forbes. 28 October 2012 [Balanced Budget And Comprehensive Tax Reform Made Simple ? The Automated Payment Transaction Tax

3897:

backed an EU-FTT, saying Europe can't refrain from "the justice that needs to be delivered" out of consideration for London's financial industry.

1999:

asserted that speculation had "placed stress on our markets, created instability, and enabled unfair and abusive trading strategies" and that as

8072: 7374: 5732:"Bank transactions: pathway to the single tax ideal. A modern tax technology; the Brazilian experience with a bank transactions tax (1993–2007)" 9868: 9504: 8298: 7870: 6960: 5364: 4208:

goes further and proposes to enact a 1% FFT and eliminate federal income tax. Both bills never made it out of committee. On 24 September 2009,

8512: 8471: 8005: 3504: 2048: 10069: 9748: 9440: 9407: 5219: 4817: 1335: 7660: 7617: 3975:

supports a FTT in 2001. In 2007 Chávez proposed a regional FTT for Latin America together with former Argentinian president Nestor Kirchner.

3781:

said his country was prepared to support a FTT "if it increases the stability of the financial system and prevents competition distortions."

4954:

Summers, Lawrence; Summers, V. P. (1989). "When Financial Markets Work Too Well : A Cautious Case for a Securities Transactions Tax".

4747: 4064:

for the purpose of providing international assistance, without necessarily dismissing the Tobin tax idea. It has been widely reported that

3200:

to buy or sell a specified commodity of standardized quality at a certain date in the future, at a market determined price would be 0.02%.

8191: 6400: 5988: 4882: 4216:

chairman) "said he was 'very interested' by ideas for a tax on transactions between banks". On 3 December 2009, 22 representatives in the

3841:

revises her position and now supports a FTT. On 20 May 2010, German officials were understood to favor a Financial Transaction Tax over a

3328:

in January 2013. The formal agreement on the details of the EU FTT still need to be decided upon and approved by the European Parliament.

2470:

exceptions. For E.g. no transfer tax is payable if the equities in question are subject to trading on a qualifying market. Prime Minister

9820: 8288:"Notes on the Feasibility and Impact of a General Financial Transactions Tax; Civil society consultation with the IMF on 28 January 2010" 6128: 5422:: "The tax on foreign exchange transactions was devised to cushion exchange rate fluctuations." For source, see the following references. 5062: 9922: 8817: 5677: 3882:

said Rome had changed tack and now backed the push for a financial transaction tax, but he also warned against countries going it alone.

10016: 9900: 9556: 8573: 6781: 2144: 8976: 3635: 3494:

An examination of the scale and nature of the various payments and derivatives transactions and the likely elasticity of response led

2192: 9600: 8124: 6341: 1843: 1192: 9142: 8382: 8097: 7917: 7806: 7089: 6749: 2678:

The Swedish FTT is widely considered a failure by design since traders could easily avoid the tax by using foreign broker services.

2324:

It has a two-tier rate structure consisting of a low rate financial transactions tax and an exchange surcharge at prohibitive rates.

7113: 6620: 4400: 4053: 3835: 3218: 1952: 1057: 1052: 9725: 7585: 7208: 2457:, securities underwriting commitments and other forms of off balance sheet exposures, safekeeping of documents and other items in 493: 8422: 6861: 5397: 5323: 4319: 4263: 2085:

hedging is a form of insurance for risk-averse investors, speculation is for those seeking more rapid returns through higher risk

10045: 8840: 8629: 7844: 7720:

Summers L. H., Summers V. P. (1989). "When financial markets work too well: a cautious case for a securities transactions tax".

6524: 6492: 6459: 5252: 3728:

Belgium: On 15 June 2004, the Commission of Finance and Budget in the Belgian Federal Parliament approved a bill implementing a

2536:

the net balance of purchase and sale transactions executed same day on the same financial instrument by the same person/entity.

8536:

Kwan S. Kim; Seok-Hyeon Kim (December 2003). "The Tobin tax revisited in the context of global governance on capital markets".

7127: 6643: 5770: 5090: 4331: 4217: 4076: 3656:

Supporter (green) and opponents (red) of the EU financial transaction tax; undecided countries are in grey (date: March 2012).

3158: 2581: 2368:(and/or credit) entries on bank accounts proved to be evasion-proof, more efficient, and less costly than orthodox tax models. 1406: 999: 220: 9282: 8876: 7356: 7171: 7160: 7138: 488: 9804: 9047: 8940: 7950: 7770: 7193: 6808: 5893: 5514: 5114: 4929: 4757: 9364: 8247: 8224: 7182: 5739: 5700: 9989: 9128: 6590: 4082:

The European Commission has proposed a regional FTT to be implemented within the European Union (or the Eurozone) by 2014.

3759: 2931: 2803:

had a financial transaction tax, which lasted from 1905 to 1981. A study conducted by Anna Pomeranets, an economist at the

1606: 787: 9534: 9176: 7979: 7288: 7228: 6893: 6729: 1812:

advocated the wider use of financial transaction taxes. He proposed the levying of a small transaction tax on dealings on

3383:"slow the upswing of the asset cycle", but it could also "slow a correction of prices toward their fundamental values". 3150: 1481: 4658:"Foolish Revenge or Shrewd Regulation? Financial-Industry Tax Law Reforms Proposed in the Wake of the Financial Crisis?" 10092: 6230: 4416: 4405: 2784: 2479: 1683: 1546: 669: 181: 9945: 8906: 8351: 6668: 6564: 6307: 5432: 4564: 2418: 7548: 7431: 5924: 4625: 4526: 4501: 4291: 4287: 2645: 2255: 2247: 2160: 2124: 2116: 1948: 1920: 1899: 1875: 1867: 1007: 755: 20: 9463: 8603: 1789:, which continued until 1999. In 1893, the tax rates were 0.06% for securities and commodities and 0.03% for bonds. 7025: 4245: 2747: 2712: 1771: 472: 8035: 5957: 5872: 4721: 1723:

A transaction tax is levied on specific transactions designated as taxable rather than on any other attributes of

1716:

for transactions involving intangible property rather than real property. It is not usually considered to include

10102: 10097: 7354:

Sieling, Carsten (2012): Financial Transaction Tax. Sensible, Feasible, Overdue. Friedrich-Ebert-Foundation, S. 2

6589:

Burman, Leonard E.; Gale, William G.; Gault, Sarah; Bryan, Kim; Jim, Nunns; Steve, Rosenthal (29 February 2016).

5289: 5025:

Feige, Edgar L (2000). "The Automated Payment transaction tax: Proposing a new tax system for the 21st century".

2775:

The US imposed a financial transaction tax from 1914 to 1966 that was originally 0.2% and was doubled during the

2115:

Another common theme is the proposed intention to create a system of more fair and equitable tax collection. The

1847: 1798: 654: 250: 9203: 5824: 2726:

tax on share purchases in 1808. Stamp duties are collected on documents used to effect the sale and transfer of

2091: 5848: 4660: 4116: 3823:

of France supported a FTT. On 1 August 2012, French president Hollande introduced a unilateral 0.2 percent FTT.

3209:

promotion activities. The day the bill was introduced, it had the support of 25 of DeFazio's House colleagues.

2107:

The sheer duration of a holding is the most cogent clue: Day traders all engage in speculation by definition.

1611: 1330: 9234: 8689: 6360: 1967:

As another example of an FTT proposal as a warning to speculators, or a response to the crisis, in March 2016

9430: 8161: 7555: 7201: 7146: 6834: 6171: 3325: 2293: 2156: 1616: 575: 44: 5169: 4787: 4446: 2543:

Shares issued by Italian resident companies with a capitalization equal to or higher than 500 million euros;

1751:

multinational. In 2011 there were 40 countries that made use of FTT, together raising $ 38 billion (€29bn).

9063: 8662: 8538:

The Role of International Institutions in Globalization: The Challenges of Reform (edited by John-ren Chen)

6702: 5735: 4154: 3820: 1314: 605: 5480:; Excerpt and Link to Full Report as a PDF – republished online by Global Print Monitor on 22 April 2010. 4306:

In 2001, the IMF conducted considerable research that opposes a transaction tax. On 11 December 2009, the

4278:

Most hedge funds managers fiercely oppose FTT. So does the economist and former member of Bank of England

8294: 6706: 5477: 5469: 5215: 4538:

This illustration is attributed to the public lecture of economist Rodney Schmidt, Principal Researcher,

3585: 2754:

and large banks that are members of a qualifying exchange) as a condition of their obligation to provide

2289: 2132: 1556: 1526: 7636: 4903:

Keynes, J.M. (1936). The General Theory of Employment, Interest and Money, Harcourt Brace, New York, NY.

4119:

of Canada spoke publicly on the world stage in opposition to the resolution. Canada's finance minister,

2947:. Castro also suggested that the United Nations be the administrator of this tax, stating the following: 1816:, in the United States, where he argued excessive speculation by uninformed financial traders increased 1731:(FAT), and is not directly an industry or sector tax like a Financial stability contribution (FSC), or " 9850: 9682: 9623: 9397: 8281: 4232:

stated her support for a "G-20 global tax". However, already on 6 November 2009, US Treasury Secretary

4108: 3573: 2975: 2552:

Instruments incorporating or representing the shares (ADR, GDR) regardless the residency of the issuer;

2172: 937: 409: 8724: 3984: 2043:

and is a common theme in several other types of financial transaction taxes. For the specific type of

8283: 8065: 7110:

H.R. 3313: To amend the Internal Revenue Code of 1986 to impose a tax on certain trading transactions

6698: 5654: 4539: 4451: 4104: 3647: 3600: 2188: 562: 519: 370: 225: 74: 9875: 9077:

Nelson, Paul (December 2002). "New Agendas and New Patterns of International NGO Political Action".

8761: 8287: 7877: 6717:

rates, fighting disease epidemics such as AIDS, and developing a global partnership for development.

6446: 6154: 5570: 5356: 5011: 4134:

People's Republic of China: China opposes the tax because it may add more burdens on domestic banks.

2051:

below. An exception to the purpose of "curbing of volatility" is likely the "bank transaction tax".

8519: 8013: 5922: 4775: 4715:

Financial Transactions Taxes – a report produced for the Committee on Economic and Monetary Affairs

4033: 3808: 3631: 2372:

It often applies to deposits and withdrawals from bank accounts, often including checking accounts.

2300:

It is intended to put a penalty on short-term financial round-trip excursions into another currency

2236: 1972: 1832: 1576: 994: 478: 10066: 9828: 5208: 4077:

fair political initiative in the current financial crisis and it would represent an EU added value

1955:. The outcry after this crisis had major political, legal, and economic fallout. By the 2010s the 7614: 4491: 4481: 4456: 4162: 4045: 3589: 3526:: The Center for Economic and Policy Research estimates a US FTT to raise $ 177 billion per year. 3098: 2731: 2572: 2483: 2360: 1797:

of the Great Depression, then eliminated in 1966. By 2020, all major economies have moved to the

1786: 1591: 1531: 1042: 1037: 659: 540: 191: 6991: 6338: 4870: 4032:

and other major environmental organizations support a FTT. Other notable supporters include the

3815:

in March 2002. On 19 September 2009 the Government of France supports a FTT. On 5 February 2010

8731: 8183: 7086: 6380: 6044:"Securities Transaction Tax (STT)- Applicability, levy and collection, income tax implications" 5565: 4318:

Challenging the IMF's belittling of the financial transaction tax, Stephan Schulmeister of the

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both supported the idea of new global taxes on financial transactions. On the other hand, the

3301:

usually a larger one than the sovereign territory where they are attempting to impose the tax.

3261:

in September 2011 to introduce a financial transaction tax within the 27 member states of the

2651: 9985: 9977: 9914: 9007: 6598: 6172:"The Japanese Income Tax System and the Disparity of Income and Wealth Among People in Japan" 5674: 5670: 5611: 4998: 4426: 3793: 3306: 2940: 1911: 1775: 1736: 1724: 1709: 1581: 1506: 1471: 1456: 1376: 1366: 610: 530: 525: 446: 10012: 8966: 8577: 2934:, when the issue of compensation for colonialism and slavery arose in the agenda, President 8355: 7378: 7109: 7101: 7097: 6672: 4832: 4441: 4295: 4145:

Great Britain: The British government supports FTT only if implemented worldwide. In 2009,

3612: 3342: 3205: 3162: 2616: 2354: 2281: 2044: 1916: 1824: 1817: 1601: 1566: 1541: 1421: 1401: 568: 245: 106: 5923:

Christophe Aldebert; Corinne Reinbold; Marc-Etienne Sébire; Jérôme Sutour (21 June 2012).

5389: 1770:

The year 1694 saw an early implementation of a financial transaction tax in the form of a

8: 9336: 8444: 7975: 7910: 7799: 7694: 7522: 6756: 5474:"A Fair and Substantial Contribution by the Financial Sector Interim Report for the G-20" 4025: 3894: 3321: 3282: 3258: 2400:

In 2011 there were 40 countries that had FTT in operation, raising $ 38 billion (€29bn).

2285: 2212: 2036: 1989: 1933: 1855: 1809: 1763: 1744: 1621: 1521: 1516: 1461: 1446: 1436: 1431: 1426: 1371: 1361: 1356: 1340: 1210: 1156: 959: 467: 9715: 9429:

George Parker; Daniel Pimlott; Kate Burgess; Lina Saigol; Jim Pickard (28 August 2009).

7871:"The Role of Transaction Costs for Financial Volatility: Evidence from the Paris Bourse" 7205: 6612: 6043: 4836: 4363:

Please help update this article to reflect recent events or newly available information.

2191:, also concurred that a financial transaction tax is more technically feasible than the 9204:"Full Text: Note on financial reform from the Pontifical Council for Justice and Peace" 9102: 9057: 8971: 8634: 8418: 8347: 7737: 5658: 5641: 5637: 5583: 5543: 5539: 5135:"Destabilizing Speculation and the Case for an International Currency Transactions Tax" 4971: 4848: 4572: 4560: 4547: 4543: 4476: 4013: 2944: 2808: 2140: 1596: 1586: 1571: 1561: 1536: 1486: 1451: 1441: 1411: 1396: 1391: 1246: 1161: 949: 913: 834: 713: 431: 69: 9592: 6871: 6337:

Financial Transaction Taxes: The International Experience and the Lessons for Canada.

5315: 5276: 3699: 2588:

In 1893, the tax rates were 0.06% for securities and commodities and 0.03% for bonds.

2219:

transaction tax. In 1936 he proposed that a small tax should be levied on dealings on

1932:

proposals often emerge in response to specific crises. For example, the December 1994

9894: 9800: 9106: 9094: 9043: 8545: 8317: 7837: 7741: 6775: 6396: 6129:"Temi dell'attività Parlamentare – Imposta sulle transazioni finanziarie (Tobin tax)" 5244: 5110: 4975: 4753: 3816: 3703: 3114: 2767:

due to reduced share prices and trading volumes as a result of the financial crisis.

2727: 2501: 2450: 1735:", for example. These distinctions are important in discussions about the utility of 1669: 1511: 1496: 1491: 1466: 1416: 1216: 927: 879: 819: 735: 676: 388: 355: 161: 7493:"11 eurozone states ready to launch financial transactions tax: EU tax commissioner" 7168: 7157: 7135: 7124: 5762: 5734:. University Library of Munich, Germany in its series MPRA Paper with number 16710. 5587: 3912:

said his cabinet supports a FTT but opposes an introduction in only a few countries.

9271: 9086: 7729: 7353: 7190: 6804: 6428: 6392: 5575: 5204: 4963: 4852: 4840: 4471: 4461: 4279: 4233: 3379: 3317: 3197: 3189: 3138: 2776: 2755: 2743: 2524: 2458: 2454: 2426: 2309: 1937: 1863: 1805: 1713: 1551: 1476: 1082: 1047: 1027: 839: 807: 681: 535: 286: 9428: 8932: 8486:"Prime Minister Ansip: Estonia favours a tax policy that supports economic growth" 8345: 7838:"The Impact of Transaction Tax on Stock Markets: Evidence from an Emerging Market" 7763: 5731: 5510: 4914: 2751: 1907:

framework, which was itself a response to the 1980s financial speculation crises.

10073: 9950: 9687: 9628: 9468: 9435: 9402: 9181: 8220: 7643: 7621: 7360: 7212: 7197: 7186: 7179: 7175: 7164: 7153: 7142: 7131: 7120: 7093: 6733: 6714: 6710: 6364: 6003: 5879: 5708: 5681: 5093:, Presented to the President’s Advisory Panel on Federal Tax Reform 28 April 2005 5069: 4664: 4496: 4436: 4307: 4283: 4213: 4158: 4005: 4001: 3867:

Ireland: Ireland is in favor of EU-wide FTT, but not supporter of a Eurozone FTT.

3569: 3495: 3375: 3293: 3274: 3102: 2956:

Member countries have not given the UN a mandate to seek a global financial tax.

2667: 2168: 2155:

According to some economists, a financial transaction tax is less susceptible to

2143:

is one such economist. He proposes that an FTT would not have addressed the root

2097: 1996: 1779: 1717: 1645: 1261: 1119: 1114: 849: 812: 723: 688: 590: 514: 350: 310: 276: 186: 176: 171: 166: 84: 9981: 7519:"Eleven EU countries get Parliament's all clear for a financial transaction tax" 6726: 5040:

Feige, Edgar L. (2001). "Starting Over: The Automated Payment Transaction Tax".

4413:– Association for the Taxation of Financial Transactions for the Aid of Citizens 3188:

is an early version of their cosponsored US FTT bill which includes a tax on US

9652:"US Treasury Secretary Timothy Geithner slaps down Gordon Brown's 'global tax'" 9526: 9039: 7664: 4259: 4010:

Association for the Taxation of Financial Transactions and for Citizens' Action

3935: 3652: 3617: 3278: 3262: 3223: 3201: 3170: 2965: 2804: 2796: 2471: 2243: 2013:

topic of speculation in the financial community, which expected them to follow

1851: 1204: 1176: 1151: 1012: 854: 649: 585: 483: 421: 325: 320: 303: 281: 9090: 6736:, United Nations Millennium Development Goals website, retrieved 16 June 2009. 4004:), more than 1,000 parliamentarians from over 30 countries, the world's major 3972: 3743:

Brazil: On 20 October 2009 the Government of Brazil officially supports a FTT.

3702:

initiates and supports a regional Tobin tax. The proposal is supported by the

3296:, the unilateral extension of extraterritorial power can only cause problems:- 3165:

has introduced four. The bills in the Senate have been variously sponsored by

3157:

health, public services, debt reduction, infrastructure and job creation. The

10086: 9792: 9267: 9098: 8625: 7232: 6433: 6345: 4431: 4386: 4266: 4224:", which contained a domestic financial transaction tax. On 7 December 2009, 4200: 4041: 3997: 3838: 3812: 3174: 3146: 2800: 1712:

for a particular purpose. The tax has been most commonly associated with the

1276: 944: 869: 760: 693: 627: 595: 462: 404: 365: 345: 315: 230: 151: 146: 121: 111: 53: 5763:"Taxation for the 21st Century: The Automated Payment Transaction (APT) Tax" 5579: 4056:, breaking ranks with many of his peers fiercely opposed to such a measure. 3125:

Different US financial transaction tax (US FTT) bills have been proposed in

2650:

In January 1984, Sweden introduced a 0.5% tax on the purchase or sale of an

9369: 9276: 8998: 8962: 8387: 8359: 8252: 7466: 6800: 6676: 5704: 5696: 5608:"Joseph Stiglitz calls for Tobin tax on all financial trading transactions" 5285: 4668: 4466: 4249: 4241: 4225: 4209: 4204: 4150: 4146: 4120: 4060:, put forward a different proposal, calling rich countries to donate their 4057: 3993: 3778: 3755: 3350: 3178: 3130: 2935: 2763: 2687: 2475: 2442: 2334: 2224: 2187:

in the financial sector. Economist Rodney Schmidt, principal researcher of

1981:. This was widely viewed as a warning to curb shorting of its currency the 1944:, opposed its original form, and instead proposed his own version in 1995. 1839: 1793: 1657: 1171: 954: 923: 894: 874: 765: 750: 730: 644: 639: 441: 235: 8690:"Merkel leads calls for global financial tax as markets continue to slide" 5842:"Towards Multibanking in Colombia: from 'Patchwork' to Financial Holdings" 5209:"International Financial Flows and Transactions Taxes: Survey and Options" 5091:

Taxation for the 21st Century: The Automated Payment Transaction (APT) Tax

204: 9780: 8595: 8125:"EU's Financial Transaction Tax is Feasible, and If Set Right, Desirable" 7944:"Stamp duty on share trading: what is the effect on UK listed companies?" 6709:

have agreed (in 2000) to achieve by the year 2015. They include reducing

6648: 5419: 5277: 4486: 4255: 4188:

Sweden: Sweden opposes a FTT if it is applied only in the European Union.

4100: 4049: 4021: 3879: 2672: 2272: 2268: 2220: 2184: 1859: 1828: 1813: 1740: 1166: 904: 864: 782: 718: 664: 600: 426: 416: 360: 240: 141: 136: 94: 79: 9079:

Voluntas: International Journal of Voluntary and Nonprofit Organizations

5701:"George Soros: Open Societies, Sovereignty, and International Terrorism" 4749:

Reshaping globalisation: a new order for international financial markets

2314:

International Financial Flows and Transactions Taxes: Survey and Options

1827:

for stabilizing currencies effectively came to an end. In that context,

8043: 7733: 7262:"DeFazio Introduces Legislation Invoking Wall Street 'Transaction Tax'" 6531: 6499: 6466: 5953: 5313: 4991:"Taxing all Transactions: The Automated Payment Transactions (APT) Tax" 4967: 4714: 4037: 4029: 3909: 3603: 3577: 3166: 3106: 2723: 2216: 2176: 1866:, to their logical conclusion, namely to tax all transactions. Feige's 1271: 1241: 1124: 1109: 1032: 964: 932: 884: 859: 844: 745: 740: 708: 634: 340: 335: 156: 116: 62: 7764:"Is a Financial Transaction Tax a Good Idea? A Review of the Evidence" 6447:

Seven-year Transaction Tax Exemption for Corporate and Financial Bonds

5282:"James Tobin: "The antiglobalisation movement has highjacked my name"" 4712: 4685: 4612: 3599:

When presented with the problem of speculators shifting operations to

1964:

of risk to enable a clear differentiation of hedging vs. speculation.

7843:. Department of Economics, East Carolina University. pp. 20, 2. 7114:"Summary: H.R. 676, The Expanded & Improved Medicare For All Act" 6653: 6424:"Sweden Explains Why A European Financial Transaction Tax Won't Work" 6282:"Spain: Financial Transaction Tax (FTT) - Frequently asked questions" 6071:"Explained: What is securities transaction tax and why is it levied?" 4844: 3729: 3508:

difficult for traders to avoid the tax by moving to other locations.

3173:(I-Vermont). The bills in the House have been variously sponsored by 3161:

has introduced since 2009 ten different US FTT related bills and the

3142: 3110: 2971: 2825: 2742:

To address the development of trades in uncertificated stock, the UK

2446: 2422: 2317: 2276: 2251: 2101: 2065: 2040: 2014: 2005: 1960: 1941: 1104: 1022: 1017: 703: 698: 509: 436: 126: 9937: 9143:"Robin Hood and the Great Vampire Squid: Still no G8 climate action" 8469: 7637:"Barnier: Europe's 'Robin Hood' tax 'politically and morally right'" 7229:"DeFazio calls for tax on financial transactions but critics abound" 5214:. University of Frankfurt/Main; Paper originally published with the 4990: 4657: 3257:

The EU financial transaction tax (EU FTT) is a proposal made by the

2730:

and other securities of UK based companies. It can be avoided using

9943: 7549:"Financial transaction tax: Council agrees to enhanced cooperation" 6357: 4568: 4421: 4312: 4237: 4065: 2076: 2061: 1982: 1956: 1732: 1266: 1234: 918: 908: 829: 824: 797: 770: 580: 330: 271: 266: 99: 8518:. Institut Francais des Relationes Internationales. Archived from 6155:"Premia in the Indian ADR Market-An Analysis of Trends and Causes" 5653:

Public lecture of economist Rodney Schmidt, Principal Researcher,

2100:. In general the advocates of financial transaction tax point to 9720: 8445:"An Idea Whose Time Has Come: Adopt a Financial Transactions Tax" 8156: 7586:"EU approves financial transaction tax for 11 eurozone countries" 7463:"Lowering contributions possible even under enhanced cooperation" 7289:"The EU Expects 57 Billion Euros a Year from a New Financial Tax" 6866: 6202: 4788:"Great Depression: Black Thursday, Facts & Effects - HISTORY" 4298:

have also spoken out against a global financial transaction tax.

3149:, opposing the idea. The Obama administration instead proposed a 2164: 2159:

than other types of taxes proposed for the financial sector. The

2120: 1904: 1077: 899: 802: 792: 131: 89: 8784:"Juncker Says Euro Area May Introduce Financial Transaction Tax" 8513:"The French Antiglobalization Movement: a New French Exception?" 6381:"Transaction Taxes and the Behavior of the Swedish Stock Market" 5390:"James Tobin-El movimiento antiglobalización abusa de mi nombre" 2320:, was later approved by the Belgian Federal Parliament in 2004. 2284:

effectively ended. In 2001, James Tobin looked back at the 1994

1831:, influenced by the work of Keynes, suggested his more specific 9753: 9329: 8663:"Merkel Says Germany Prefers Financial Markets Transaction Tax" 7797: 7106:"Currency tax: A way to invest in our future (Rep. Pete Stark)" 5280:– German interview translated into English (3 September 2001). 4381: 4075:. In their opinion FTT would constitute, among other things, a 3606:, a representative of a "pro–Tobin tax" NGO argued as follows: 2438: 2434: 2430: 2364: 1640: 1286: 1097: 1092: 1087: 889: 777: 7805:. Monetary and Exchange Affairs Department, IMF. p. 178. 5314:

Christian Von Reiermann; Michaela Schießl (3 September 2001).

3698:

Argentina: In early November 2007, then Argentinian president

1759: 9497:"EU Transaction Tax Debate Highlights Euro-Area Disagreement" 6339:

http://dsp-psd.tpsgc.gc.ca/Collection-R/LoPBdP/BP/bp419-e.htm

4410: 4017: 3193: 2000: 1992: 1968: 1301: 1296: 1291: 1281: 1256: 1251: 1198: 1070: 10067:

Eurobarometer 74 – Economic Governance in the European Union

9494: 9235:"EU calls for 'Tobin' tax in a move to raise direct revenue" 8814:"Netherlands Supports Financial Transaction Tax, Rutte Says" 7719: 7661:"EU to Present Financial-Transaction Tax Proposal on 14 Feb" 4072: 3893:

Luxembourg: In December 2011, prime minister of Luxembourg,

2312:

opposed the original form of a Tobin Tax in a Working Paper

6009: 5468: 4222:

Let Wall Street Pay for the Restoration of Main Street Bill

4203:

initially supported a FTT in 1994. In 2004, Representative

3638:

to recoup billions of dollars in taxpayer-funded bailouts.

3212: 3186:

Let Wall Street Pay for the Restoration of Main Street Bill

2671:

returned and grew substantially in the 1990s. According to

1890: 9036:

Creating a better world: interpreting global civil society

8907:"Emerging Economies Join G20 Coalition to Tax Speculation" 8470:

Cristina Arantes Berry; Marcelo Natale (21 October 2009).

7087:

Let Wall Street Pay for the Restoration of Main Street Act

6102:"Imposta sulle transazioni finanziarie – Scheda normativa" 5978: 4713:

Stephany Griffith-Jones; Avinash Persaud (February 2012).

4686:

Stephany Griffith-Jones; Avinash Persaud (12 March 2012).

3811:

passed a Tobin tax amendment, which was overturned by the

3120: 2395: 8591: 8535: 8216: 5506: 5042:

The Milken Institute Review: A Journal of Economic Policy

4688:"Why critics are wrong about a financial-transaction tax" 4613:

Stephen Spratt of Intelligence Capital (September 2006).

4112: 3581: 2943:

as a previously established precedent for the concept of

2429:, processing of payments by way of telegraphic transfer, 2128: 1705: 36: 9944:

Tobin tax remains Treasury ambition (11 December 2009).

8449:

Austrian Leader Backs European Financial Transaction Tax

8374: 6859: 6530:. HM Revenue and Customs. pp. 9, 11. Archived from 4624:. Stamp Out Poverty Campaign. p. 19. Archived from 2722:

A stamp duty was introduced in the United Kingdom as an

2064:– while trying not to interfere with hedging (a form of 9716:"Volcker finds British bonus tax "interesting": report" 9362: 9272:"The Cult of impotence; Making Sure the Rich Stay Rich" 8754:"France financial transaction tax push hits resistance" 8421:[Bank of the South] (in Spanish). Sin Permiso. 8380: 8277: 8275: 8245: 7102:

H.R. 5204:21st Century Full Employment and Training Act

6485: 5556:

Feige E. L. (2000). "Wiley Online Library: Not Found".

5511:"IMF proposes two big new bank taxes to fund bail-outs" 4071:

Another group of EU FTT supporters it is integrated by

3341:

Proponents of the tax assert that it will reduce price

3105:

said he planned to still pursue the idea. According to

2814: 1886: 1766:(1933) envisaged the financial transaction tax in 1936. 9003:"Tax the banks and give to the poor, Robin Hood style" 5894:"European financial transaction tax moves step closer" 5170:"Hedging and Speculation: Two sides of the same coin?" 4818:"The General Theory of Employment, Interest and Money" 4771: 4769: 3584:

finance ministers summit in Scotland, the head of the

10044:. PublicServiceEurope. 17 August 2011. Archived from 9976: 9749:"The Volcker Rule Is in Better Shape That Some Think" 9330:

Patrick Hennessy; Angela Monaghan (7 November 2009).

8900: 8898: 7691:"Financial transaction tax: clearing the next hurdle" 7125:"H.R. 2003: Taxing Speculators Out of the Oil Market" 5061:

Daniel Akst for the New York Times. 2 February 2003.

4953: 4565:"Flaherty says global bank tax a distraction for G20" 4230:

Speaker of the United States House of Representatives

4115:

finance ministers summit, the representatives of the

3821:

Minister of Economic Affairs, Industry and Employment

3624: 3135:

speaker of the United States House of Representatives

3113:

and a supporter of a G20 FTT, even a small tax of 10

1975:

and this was referred to in the financial press as a

1936:

reduced confidence in its currency. In that context,

1835:

for stabilizing currencies on a larger global scale.

1001:

European Union Common Consolidated Corporate Tax Base

10042:"Commission's financial transaction tax – a winner?" 9915:"Securities Transaction Taxes and Financial Markets" 8933:"BBC NEWS – Americas – Chavez fights strike fallout" 8272: 7911:"Taxing Financial Transactions: Issues and Evidence" 7800:"Securities Transaction Taxes and Financial Markets" 6926:"EU Commission backs 11-nation transaction tax plan" 6644:"What would Bernie Sanders' Wall St. tax look like?" 6591:"Financial transaction taxes in theory and practice" 6588: 2376: 9038:. 1294 Blue Hills Avenue, Bloomfield CT 06002 USA: 8877:"G20 Defers Decision on FTT Despite Global Support" 7974: 7577: 7403: 6012:"THE FINANCIAL TRANSACTION TAX: A REALLY GOOD IDEA" 5199: 5197: 5195: 5128: 5126: 4815: 4766: 3908:Netherlands: In October 2011, Dutch prime minister 3878:Italy: In January 2012, new Italian prime minister 3777:Estonia: In December 2011, Estonian prime minister 3181:(D-Michigan) or a number of other Representatives. 9784: 9495:Rebecca Christie; Jim Brunsden (8 November 2011). 8895: 8725:"The financial transaction tax. Where are we now?" 7158:H.R. 5909: Comprehensive Dental Reform Act of 2012 5675:Opinion of the European Central Bank (CON/2004/34) 5657:, 20 June 2010, at the "People's Summit", held at 5640:, 20 June 2010, at the "People's Summit", held at 5542:, 20 June 2010, at the "People's Summit", held at 5538:Public lecture of economist Fraser Reilly-King of 5363:. Spiegel Online International. 3 September 2001. 4559: 4525:which taxes transactions on bank accounts and the 3988:A Robin Hood Tax march in Washington, D.C. in 2013 3192:securities transactions. The bill suggests to tax 2363:on customer withdrawals from bank accounts with a 1739:tax as a tool to selectively discourage excessive 9027: 8416: 7908: 7876:. INSEAD and CEPR. pp. 2, 20. Archived from 7286: 7191:"S. 1787 Wall Street Trading and Speculators Act" 7054: 6257:"Financial Transaction Tax in Spain: on overview" 6099: 5873:Finland steers clear of financial transaction tax 5433:"Feige APT Presentation to Tax Reform Panel 2005" 2982: 2807:, and Daniel Weaver, a professor of economics at 2151:Less susceptible to tax evasion than alternatives 2049:each specific type of financial transaction taxes 10084: 10076:, p. 13–14, European Commission, 12 January 2011 10013:"Research at the IMF: Relevance and Utilization" 8870: 8868: 8866: 8841:"To Ease the Crisis, Tax Financial Transactions" 7264:. Peter DeFazio. 3 December 2009. Archived from 6992:"G20 fails to endorse financial transaction tax" 6989: 6961:"G20 fails to endorse financial transaction tax" 6010:Panthéon-Sorbonne; Labex ReFi (September 2017). 5601: 5599: 5597: 5272: 5270: 5203: 5192: 5123: 4681: 4679: 4677: 4199:United States: The US Secretary of the Treasury 3992:Over 1,000 economists (including Nobel laureate 3934:South Africa: In October 2011, Finance Minister 3549: 2421:, covering all financial transactions including 2055:Curbing speculation without discouraging hedging 1880:President's Advisory Panel on Federal Tax Reform 1785:In 1893, the Japanese government introduced the 9746: 9713: 9621: 8122: 7769:. Institute of Development Studies. p. 2. 7372: 7222: 7220: 6860:Kylie MacLellan; Ron Askew (10 February 2010). 6378: 6126: 5981:"French Lawmakers Pass Trading Transaction Tax" 5109:. Fairleigh Dickinson Univ Press. p. 196. 4745: 9395: 9177:"Hedge fund chief backs transaction tax plans" 8904: 8874: 8681: 8571: 8149: 8116: 8098:"Barroso calls for financial transactions tax" 7916:. Fiscal Affairs Department, IMF. p. 20. 7798:Karl Habermeier; Andrei Kirilenko (May 2001). 7793: 7791: 7761: 7280: 5979:Helene Fouquet; Adria Cimino (1 August 2012). 5812: 5810: 5808: 4915:"A proposal for international monetary reform" 4871:"A Proposal for International Monetary Reform" 3760:September 2001 World Conference against Racism 1820:(see Keynes financial transaction tax below). 10036: 10034: 9461: 9332:"Gordon Brown: worldwide snub over tax plans" 9266: 8863: 8687: 8624: 8383:"Banks relieved as G20 backs off on bank tax" 7583: 7397: 7316:"Financial transaction tax would raise €10bn" 7256: 7254: 6955: 6953: 6951: 6835:"Progressives Back Obama Push for Global Tax" 6832: 6744: 6742: 6196: 5948: 5946: 5891: 5806: 5804: 5802: 5800: 5798: 5796: 5794: 5792: 5790: 5788: 5729: 5636:Public lecture of economist Fraser Reilly of 5605: 5594: 5267: 4674: 4048:, founder and CEO of one of London's biggest 2449:, installment loans, documentary and standby 2207: 1677: 9680: 9226: 8997: 8961: 8839:Douste-Blazy, Philippe (28 September 2011). 8838: 8816:. Bloomberg. 22 October 2011. Archived from 8660: 8510: 8322:: CS1 maint: multiple names: authors list ( 8211: 8209: 7904: 7902: 7900: 7898: 7313: 7226: 7217: 7180:"S.915 American Health Security Act of 2011" 7023: 6799: 6613:"SEC.gov | Section 31 Transaction Fees" 6231:"Spain Introduces Financial Transaction Tax" 5695: 5351: 5349: 5309: 5307: 4752:. Institute for Global Dialotue. p. 7. 4107:opposes a FTT in 1994. On 23 March 1999 the 3369: 3196:transactions at a rate of 0.25%. The tax on 2275:of one currency into another. The so-called 1903:standardization of risk reporting under the 1743:without discouraging any other activity (as 9674: 9363:Stephany Griffith-Jones (7 December 2009). 9232: 9170: 9168: 8246:Stephany Griffith-Jones (7 December 2009). 7788: 7541: 7206:"Comprehensive Dental Reform Act full text" 6666: 6308:"The new Spanish Financial Transaction Tax" 5954:"France launches financial transaction tax" 5555: 4868: 4776:取引所税法・御署名原本・明治二十六年・法律第六号 - 国立公文書館　デジタルアーカイブ 2230: 1854:proposed extending the tax reform ideas of 10031: 10004: 9982:"IMF bank tax proposals cause controversy" 9970: 7941: 7868: 7251: 6948: 6828: 6826: 6739: 5943: 5785: 5464: 5462: 5460: 5458: 4780: 4553: 3630:trading." However, on 27 June 2010 at the 2359:Between 1982 and 2002 Australia charged a 2180: 2145:causes of the United States housing bubble 1684: 1670: 9431:"Turner relishes role on City front line" 9356: 9174: 8451:. The Wall Street Journal. 17 August 2011 8341: 8339: 8337: 8335: 8333: 8206: 8090: 7895: 7831: 7829: 7827: 7019: 7017: 5569: 5534: 5532: 5346: 5304: 5132: 5102: 4811: 4809: 4522: 3536: 3374:An IMF Working Paper found a FTT impacts 2737: 2333:On 19 September 2001, retired speculator 1844:International Institute of Public Finance 1193:Institute on Taxation and Economic Policy 9861: 9649: 9279:; republished by Hartford Web Publishing 9262: 9260: 9165: 8925: 8565: 8504: 8412: 8410: 8381:Madhavi Acharya-Tom Yew (27 June 2010). 8143: 7835: 7713: 7658: 7432:"Trouble brews over EU transactions tax" 6465:. HM Revenue and Customs. Archived from 6069:Sharma, Ashwini Kumar (7 January 2019). 6017:. Scientific Advisory Board of the AMF. 5691: 5689: 4864: 4862: 4608: 4606: 4604: 4602: 4600: 4598: 4596: 4594: 4330: 4238:ongoing levy charged against large banks 4024:and other major development groups, the 3983: 3764:compensation for colonialism and slavery 3651: 3562: 3222: 3219:European Union financial transaction tax 3213:European Union financial transaction tax 1758: 9779: 9488: 9464:"Mervyn King: Radical reform is needed" 9323: 9307:. Parliament of Canada. 23 March 1999. 8991: 8719: 8717: 8715: 7757: 7755: 7753: 7751: 7683: 7511: 7287:Ralitsa Kovacheva (30 September 2011). 6918: 6823: 6555: 6374: 6372: 6203:Inland Revenue Authority of Singapore. 5664: 5501: 5499: 5455: 5384: 5382: 5057: 5055: 4482:Speculation in foreign exchange markets 4320:Austrian Institute of Economic Research 3971:Venezuela: The president of Venezuela, 3684: 3336: 3121:United States financial transaction tax 2396:Implemented financial transaction taxes 2348: 2030:Curbing volatility of financial markets 1924:financial markets in the 20th century. 10085: 9958:from the original on 24 September 2015 9899:: CS1 maint: archived copy as title ( 9245:from the original on 30 September 2013 9076: 9033: 8618: 8540:. Edward Elgar Publishing. p. 30. 8417:Michael R. Krätke (11 November 2007). 8330: 8282:Rodney Schmidt, Principal Researcher, 7949:. Oxera. pp. 2, 3. Archived from 7935: 7824: 7722:Journal of Financial Services Research 7671:from the original on 25 September 2013 7596:from the original on 28 September 2013 7412:from the original on 10 September 2012 7307: 7014: 6795: 6793: 6791: 6780:: CS1 maint: archived copy as title ( 6660: 6641: 6517: 6421: 6333: 6331: 6068: 6024:from the original on 30 September 2018 5925:"The French financial transaction tax" 5529: 5063:Dreaming Out Loud: One Tiny Little Tax 4956:Journal of Financial Services Research 4806: 4652: 4650: 4648: 4646: 4218:United States House of Representatives 4054:European tax on financial transactions 3360: 3273:charging 0.1% against the exchange of 2193:"bank tax" proposed by the IMF in 2010 2181:the "technical feasibility" of the tax 2111:More fair and equitable tax collection 2017:definitions with further refinements. 1778:. The tax was payable by the buyer of 9946:"Tobin tax remains Treasury ambition" 9728:from the original on 18 February 2010 9622:Tom Braithwaite (24 September 2009). 9443:from the original on 25 December 2018 9410:from the original on 25 December 2018 9377:from the original on 8 September 2013 9285:from the original on 14 February 2010 9257: 8883:from the original on 30 November 2011 8425:from the original on 18 November 2007 8407: 8260:from the original on 8 September 2013 8227:from the original on 10 November 2009 7923:from the original on 19 November 2011 7529:from the original on 26 December 2012 7460: 7326:from the original on 20 February 2012 7169:"H.R. 6411: Inclusive Prosperity Act" 7036:from the original on 13 November 2019 6906:from the original on 26 December 2011 6853: 6841:from the original on 11 February 2010 6811:from the original on 12 February 2010 6667:Robin Round (January–February 2000). 5760: 5686: 5318:[They Are Misusing My Name]. 5039: 5024: 4912: 4859: 4591: 4161:strongly opposes a FTT. Its governor 4085: 3316:The proposal supported by the eleven 9925:from the original on 2 November 2011 9761:from the original on 31 October 2011 9747:Groenfeldt, Tom (11 December 2009). 9714:Michael Shields (13 December 2009). 9695:from the original on 15 October 2014 9650:Monaghan, Angela (7 November 2009). 9573:from the original on 30 January 2011 9557:"FDsys – Browse Congressional Bills" 9476:from the original on 4 February 2010 9311:from the original on 13 October 2012 8913:from the original on 8 November 2011 8851:from the original on 28 January 2012 8712: 8669:from the original on 4 November 2012 8642:from the original on 9 February 2010 8529: 8472:"Brazil Tax Alert – 21 October 2009" 8304:from the original on 2 November 2011 8131:from the original on 7 December 2011 7986:from the original on 31 October 2011 7862: 7776:from the original on 13 January 2012 7748: 7615:"Robin Hood Gets Go Ahead in Europe" 7385:from the original on 13 January 2012 7202:"Bill Summary and Status of S. 2252" 7147:"Bill Summary and Status of S. 2252" 7067:from the original on 8 December 2016 7057:"Financial trade tax looks unlikely" 7026:"Pelosi pushes global financial fee" 7002:from the original on 9 December 2011 6990:Lesley Wroughton (4 November 2011). 6862:""Robin Hood" tax campaign launched" 6369: 6305: 6211:from the original on 25 October 2016 6135:from the original on 28 October 2014 6081:from the original on 4 February 2019 5742:from the original on 24 October 2010 5496: 5379: 5249:The Office of Hillary Rodham Clinton 5225:from the original on 11 October 2010 5103:Collignon, Stefan (1 January 1994). 5052: 4935:from the original on 21 January 2012 4885:from the original on 17 October 2009 4579:from the original on 31 October 2010 4521:With the exception, perhaps, of the 4427:Central banks – which issue currency 4401:1998–2002 Argentine great depression 4343: 3641: 2939:recipients of revenue. Castro cited 2932:World Conference against Racism 2001 2815:Proposed financial transaction taxes 2215:was among the first proponents of a 2068:). The differences summarize that: 10010: 9214:from the original on 7 January 2012 8979:from the original on 30 August 2011 8630:"A Tobin tax? The outré is back in" 8590: 8215: 7850:from the original on 13 August 2011 7404:Alexander Hagelüken (10 May 2012). 7373:Avinash Persaud (10 January 2012). 7239:from the original on 7 January 2010 6788: 6328: 6184:from the original on 4 October 2015 5761:Feige, Edgar L. (2 February 2001). 5505: 5484:from the original on 2 January 2011 5367:from the original on 7 October 2010 5284:. Jubilee Research, a successor to 5141:from the original on 27 August 2016 4643: 4502:Consequences of currency volatility 3979: 3636:levy against financial institutions 3572:, former Senior Vice President and 3310: 3265:by 2014. The tax would only impact 3151:Financial Crisis Responsibility Fee 2819: 2578:securities transfer tax (1937-1950) 2433:, internet banking or other means, 2171:, former Senior Vice President and 1747:originally envisioned it in 1936). 13: 9821:"Eurointelligence – Eurozone Blog" 9662:from the original on 14 March 2016 9396:Daniel Pimlott (8 November 2009). 8943:from the original on 27 March 2010 8905:Sarah Anderson (4 November 2011). 8875:Kavaljit Singh (17 October 2011). 8790:. 23 December 2011. Archived from 8606:from the original on 16 April 2012 8596:"Sarkozy to press for 'Tobin Tax'" 8221:"Lukewarm reaction to UK tax plan" 8194:from the original on 27 March 2010 8123:Avinash Persaud (3 October 2011). 8104:from the original on 29 March 2012 7980:"Taxation of the financial sector" 7565:from the original on 24 April 2013 7442:from the original on 19 April 2013 7098:S. 2927:Wall Street Fair Share Act 6971:from the original on 15 April 2020 6422:Taylor, Adam (30 September 2011). 5960:from the original on 4 August 2012 5904:from the original on 10 April 2017 5517:from the original on 22 April 2010 4694:from the original on 14 April 2012 4417:Bank for International Settlements 4052:has given qualified support for a 3949:Slovenia: Slovenia supports a FTT. 3923:Portugal: Portugal supports a FTT. 3625:Gradual implementation feasibility 3252: Undecided non-Euro countries 2785:Securities and Exchange Commission 2480:Social Democratic Party of Finland 1971:drafted rules to impose a genuine 14: 10114: 10019:from the original on 24 July 2013 9992:from the original on 28 July 2010 9603:from the original on 21 July 2011 9462:Emma Saunders (26 January 2010). 8760:. 17 October 2011. Archived from 8661:Tony Czuczka (10 December 2010). 8492:from the original on 5 March 2016 8150:Kenneth Rogoff (3 October 2011). 7659:Brunsden, Jim (1 February 2013). 7584:Phillip Inman (22 January 2013). 7461:Sebag, Gaspard (31 August 2012). 7314:Harry Wilson (16 February 2012). 7295:from the original on 3 March 2012 7055:Darrell Delamaide (2 July 2013). 6932:. 24 October 2012. Archived from 6642:Carney, John (14 February 2016). 6623:from the original on 8 April 2020 6558:"Closing the Stamp Duty Loophole" 6403:from the original on 2 April 2015 5956:. EUobserver.com. 2 August 2012. 5931:from the original on 26 June 2012 5892:Larry Elliott (23 October 2012). 5773:from the original on 2 April 2015 5443:from the original on 5 March 2016 5400:from the original on 12 June 2010 4988: 4869:James Tobin (July–October 1978). 4527:Automated Payment Transaction tax 4326: 4301: 4292:Confederation of British Industry 4288:Asia-Pacific Economic Cooperation 4273: 3834:Germany: On 10 December 2009 the 3758:advocated a global FTT at the UN 3679: Udecided Non-Euro countries 3101:. Nevertheless, French President 2959: 2706: 2646:Swedish financial transaction tax 2419:financial transaction tax of 0.2% 2383:Automated Payment Transaction Tax 2377:Automated Payment Transaction Tax 2256:Automated Payment Transaction tax 2248:Automated Payment Transaction tax 2161:Automated Payment Transaction tax 2117:Automated Payment Transaction tax 1921:Automated Payment Transaction tax 1900:Automated Payment Transaction tax 1876:Automated Payment Transaction tax 1868:Automated Payment Transaction tax 1008:Global minimum corporate tax rate 21:Automated Payment Transaction tax 10060: 9907: 9843: 9813: 9773: 9740: 9707: 9681:Anna Fifield (6 February 2010). 9643: 9615: 9585: 9549: 9537:from the original on 10 May 2020 9519: 9455: 9422: 9389: 9297: 9196: 9135: 9113: 9070: 9015:from the original on 4 July 2010 8955: 8909:. Institute for Policy Studies. 8879:. Institute for Policy Studies. 8832: 8806: 8776: 8746: 8700:from the original on 29 May 2010 8654: 8584: 8572:Daniel Ben-Ami (25 March 2002). 8478: 8463: 8437: 8395:from the original on 7 June 2011 8239: 8176: 8100:. FX Street. 28 September 2011. 8078:from the original on 9 July 2010 8058: 8028: 7998: 7968: 7909:Thornton Matheson (March 2011). 7812:from the original on 8 June 2012 7701:from the original on 11 May 2013 7652: 7630: 7608: 7485: 7227:Charles Pope (3 December 2009). 7024:David Rogers (2 December 2009). 6833:Cliff Kincaid (6 October 2009). 6358:https://ssrn.com/abstract=338864 5606:Edmund Conway (5 October 2009). 5326:from the original on 6 June 2010 5255:from the original on 17 May 2016 4794:from the original on 25 May 2020 4727:from the original on 3 July 2012 4348: 4246:Economic Recovery Advisory Board 4192: 4181: 4170: 4138: 4127: 4092: 3964: 3953: 3942: 3927: 3916: 3901: 3886: 3871: 3860: 3849: 3827: 3800: 3785: 3770: 3747: 3736: 3721: 3710: 3691: 3292:According to John Dizard of the 2770: 2713:Stamp duty in the United Kingdom 2337:put forward a proposal, issuing 1651: 1639: 473:Base erosion and profit shifting 43: 9683:"G7 warms to idea of bank levy" 9153:from the original on 1 May 2010 8346:Robin Round (representative of 7762:Neil McCulloch (October 2010). 7454: 7424: 7366: 7347: 7338: 7085:House of Representative bills: 7079: 7048: 6983: 6886: 6720: 6691: 6635: 6605: 6582: 6556:Persaud, Avinash (April 2015). 6549: 6498:. pp. 8, 9. Archived from 6452: 6440: 6415: 6350: 6299: 6274: 6249: 6223: 6164: 6147: 6120: 6093: 6062: 6036: 5972: 5927:. CMS Bureau Francis Lefebvre. 5916: 5885: 5866: 5834: 5754: 5723: 5647: 5630: 5549: 5425: 5412: 5316:"Die missbrauchen Meinen Namen" 5237: 5180:from the original on 9 May 2020 5162: 5153: 5096: 5083: 5074: 5033: 5018: 4982: 4947: 4906: 4897: 4290:Business Advisory Council, the 3354:stabilizing liquidity supply". 1848:University of Wisconsin-Madison 1792:The United States instituted a 251:Optimal capital income taxation 9624:"Volcker backs new bank taxes" 9305:"36th Parliament, 1st Session" 9175:Sam Jones (27 November 2011). 7869:Harold Hau (14 October 2002). 6385:Journal of Financial Economics 6205:"Stamp Duty Basics for Shares" 5823:. pp. 4–6. Archived from 4739: 4706: 4532: 4515: 4406:2008–2009 Keynesian resurgence 4335:Europeans for Financial Reform 3856:Greece: Greece supports a FTT. 3246: Undecided Euro countries 2983:G20 financial transactions tax 2681: 2417:In 1998 Colombia introduced a 1878:proposal was presented to the 1331:List of countries by tax rates 1: 8688:David Charter (20 May 2010). 8006:"Everything you need to know" 7942:Derek Holt, ed. (June 2007). 7556:Council of the European Union 7136:"Act for the 99% (H.R. 3638)" 4529:which taxes all transactions. 4508: 4447:Fluctuation in exchange rates 3550:Progressive or regressive tax 3331: 3326:Council of the European Union 3324:in December 2012, and by the 3234: Supporting EU countries 2717: 2549:Equity Derivatives contracts; 2294:1998 Russian financial crisis 2157:tax avoidance and tax evasion 2125:financial crisis of 2007–2008 1949:financial crisis of 2007–2008 756:Natural resources consumption 9365:"Now let's tax transactions" 9233:Ian Traynor (29 June 2011). 9121:"Report: The Robin Hood Tax" 9034:Taylor, Rupert, ed. (2004). 8511:Eddy Fougier (Spring 2003). 8286:, Ottawa (28 January 2010). 8248:"Now let's tax transactions" 6703:United Nations member states 6397:10.1016/0304-405x(93)90005-v 6104:(in Italian). Archived from 5736:Research Papers in Economics 5343:(Interview with James Tobin) 4816:John Maynard Keynes (1936). 4671:191, 193–195, 205–14 (2010). 4550:in Toronto, Ontario, Canada. 4155:Financial Services Authority 3960:Spain: Spain supports a FTT. 3673: Undecided EU countries 3512:Projections of FTT proposals 3481: 3476: 3460: 3457: 3447: 3444: 3434: 3431: 3423: 3420: 3396:Revenue Estimate for Global 3228:EU Financial transaction tax 3088: 3086: 3070: 3067: 3059: 3056: 3048: 3045: 3037: 3034: 3026: 3023: 3015: 3012: 2921: 2916: 2900: 2897: 2887: 2884: 2874: 2871: 2861: 2858: 2832:Revenue estimate for global 2609: 1953:EU financial transaction tax 1804:In 1936, in the wake of the 1799:GST (Goods and Services Tax) 606:United States as a tax haven 7: 8350:) (January–February 2000). 8295:International Monetary Fund 7406:"Und sie funktioniert doch" 7375:"Warum Rösler falsch liegt" 6707:international organizations 5847:. p. 7. Archived from 5730:Marcos Cintra (July 2009). 5478:International Monetary Fund 5470:International Monetary Fund 5357:"They are misusing my name" 5218:as Working Paper WP/95/60. 5216:International Monetary Fund 4393: 4380:A 2011 survey published by 3586:International Monetary Fund 3390: 3240: Opposing EU countries 2976:civil society organisations 2790: 2412: 2290:1997 Asian financial crisis 2133:International Monetary Fund 1889:, European free trade, and 10: 10119: 8152:"The wrong tax for Europe" 4913:Tobin, James (July 1978). 4109:House of Commons of Canada 3807:France: In late 2001, the 3796:supports a FTT since 2000. 3645: 3505:revenues from stamp duties 3471: 3452: 3439: 3428: 3417: 3398:Financial Transaction Tax 3216: 3129:since 2009. In that year, 3081: 3064: 3053: 3042: 3031: 3020: 3009: 2990:financial transaction tax 2963: 2911: 2892: 2879: 2866: 2853: 2710: 2643: 2582:securities transaction tax 2464: 2403: 2380: 2352: 2234: 2208:Securities transaction tax 2020: 1754: 520:Offshore financial centres 410:Repatriation tax avoidance 18: 10093:Financial transaction tax 8284:The North-South Institute 7185:16 September 2011 at the 7130:15 September 2015 at the 6699:international development 6493:"HMRC Stamp Taxes Manual" 5655:The North-South Institute 4540:The North-South Institute 4452:Foreign exchange controls 4357:This section needs to be 4339: 4264:National Economic Council 4105:Canadian Finance Minister 3754:Cuba: President of Cuba, 3667: EU countries contra 3648:Reaction to the Tobin Tax 3467: 3370:Effect on price discovery 3077: 2907: 2834:currency transaction tax 2693: 2639: 2600: 2508: 2490: 2189:The North-South Institute 2096:17 September 2016 at the 2035:of speculation" was also 1698:financial transaction tax 985:Financial transaction tax 75:Property tax equalization 9398:"Q & A on Tobin tax" 9340:. London. Archived from 9062:: CS1 maint: location ( 8967:"Taxing the Speculators" 8576:. spiked. Archived from 7092:25 December 2018 at the 6732:13 November 2013 at the 6379:Umlauf Steven R (1993). 5680:22 November 2007 at the 5106:Europe's Monetary Future 4922:Eastern Economic Journal 4875:Eastern Economic Journal 4746:Heribert Dieter (2003). 4622:Stamp Out Poverty report 4542:, 20 June 2010, at the " 4034:Archbishop of Canterbury 3938:strongly supports a FTT. 3843:financial activities tax 3809:French National Assembly 3632:2010 G-20 Toronto summit 3496:Honohan and Yoder (2010) 3159:House of Representatives 2988:Revenue estimate for US 2622: 2568:There were these taxes. 2559: 2530: 2517: 2237:Currency transaction tax 2231:Currency transaction tax 2198: 1973:currency transaction tax 1833:currency transaction tax 1729:financial activities tax 1336:Tax revenue to GDP ratio 995:Currency transaction tax 576:Liechtenstein tax affair 9091:10.1023/A:1022062010375 7642:31 January 2013 at the 7620:27 January 2013 at the 7363:(Retrieved 5 June 2012) 7359:1 November 2013 at the 7174:21 January 2013 at the 7163:21 January 2013 at the 7119:24 October 2012 at the 6100:Agenzia delle Entrate. 5878:2 December 2012 at the 5580:10.1111/1468-0327.00067 4492:Sudden stop (economics) 4457:Foreign exchange market 4240:. On 13 December 2009, 3590:Stephany Griffith-Jones 3099:2011 G-20 Cannes summit 2591: 2361:bank account debits tax 2047:in specific areas, see 1850:Professor of Economics 1043:Permanent establishment 1038:Exchange of Information 541:Financial Secrecy Index 192:Medical savings account 10103:Economic globalization 10098:International taxation 9501:Bloomberg Businessweek 8732:PricewaterhouseCoopers 6899:. www.peri.umass.edu. 6363:6 October 2010 at the 5985:Bloomberg Businessweek 5418:Translated quote from 5006:Cite journal requires 4336: 4062:special drawing rights 3989: 3681: 3661: EU countries pro 3622: 3537:Effect on share prices 3320:, was approved in the 3303: 3271:financial institutions 3267:financial transactions 3254: 3204:between two firms and 2970:On 15 February 2010 a 2954: 2748:Stamp Duty Reserve Tax 2738:Stamp Duty Reserve Tax 2546:Cash equity contracts; 2498:high-frequency trading 2343:United States Congress 2339:special drawing rights 2329:Special Drawing Rights 2271:proposed a tax on all 2267:In 1972 the economist 2037:an intended purpose of 1947:In the context of the 1767: 1725:financial institutions 1708:on a specific type of 938:Vehicle miles traveled 557:Ireland as a tax haven 371:Private tax collection 10072:25 April 2012 at the 9986:Bretton Woods Project 9978:Bretton Woods Project 9008:Sydney Morning Herald 8594:(19 September 2009). 8574:"Tobin or not Tobin?" 8525:on 20 September 2011. 7196:10 April 2013 at the 7141:25 March 2013 at the 6837:. Accuracy in Media. 6599:Brookings Institution 6127:Camera dei Deputati. 5699:(19 September 2001). 5612:Telegraph Media Group 5068:27 March 2019 at the 4615:"A Sterling Solution" 4334: 4244:, chairman of the US 3987: 3836:Chancellor of Germany 3655: 3608: 3563:Technical feasibility 3307:enhanced co-operation 3298: 3226: 2949: 2941:holocaust reparations 1917:financial derivatives 1912:financial engineering 1776:London Stock Exchange 1762: 1737:financial transaction 1710:financial transaction 611:Panama as a tax haven 563:Ireland v. Commission 531:Conduit and sink OFCs 526:Offshore magic circle 447:Unreported employment 10011:IEO (21 June 2011). 9851:"Tobin or not Tobin" 9825:eurointelligence.com 9599:. 8 September 2010. 9593:"1% Transaction Tax" 8965:(26 November 2009). 8356:New Internationalist 7697:. 11 December 2012. 7525:. 12 December 2012. 7211:25 July 2012 at the 6803:(1 September 2001). 6673:New Internationalist 6525:"Stamp Taxes Manual" 6460:"Stamp Taxes Manual" 5991:on 11 September 2012 5882:yle 30 November 2012 5245:"Wall Street reform" 4663:16 June 2016 at the 4523:bank transaction tax 4442:Exorbitant privilege 4296:Adam Smith Institute 4073:European federalists 3685:Supporting countries 3613:Chase Manhattan Bank 3503:and €7.4 billion in 3337:Effect on volatility 3283:derivative contracts 3206:credit default swaps 2974:of 50 charities and 2355:Bank transaction tax 2349:Bank transaction tax 2282:Bretton Woods system 1825:Bretton Woods system 1607:United Arab Emirates 1349:Individual Countries 1058:Foreign revenue rule 850:Inheritance (estate) 569:Leprechaun economics 10048:on 16 November 2011 9656:The Daily Telegraph 9337:The Daily Telegraph 8939:. 27 January 2003. 8628:(5 February 2010). 8488:. 2 December 2011. 8219:(7 November 2009). 8127:. Wall Street Pit. 8046:on 26 November 2011 8016:on 24 November 2011 7978:(3 November 2011). 7976:European Commission 7695:European Parliament 7558:. 22 January 2013. 7523:European Parliament 7436:The Financial Times 7268:on 25 December 2018 7152:4 July 2016 at the 6967:. 4 November 2011. 6874:on 13 February 2010 6762:on 19 November 2011 6344:5 December 2012 at 6050:. 17 September 2020 5830:on 12 January 2012. 5618:on 18 February 2010 5029:. October: 475–511. 4837:1936Natur.137..761B 4117:minority government 4026:World Wildlife Fund 4000:and Nobel laureate 3895:Jean-Claude Juncker 3453:Global derivatives 3440:Global derivatives 3399: 3361:Effect on liquidity 3322:European Parliament 3259:European Commission 3010:US stocks/equities 2991: 2835: 2286:Mexican peso crisis 2242:are the Tobin tax, 2213:John Maynard Keynes 1990:US Democratic Party 1934:Mexican peso crisis 1856:John Maynard Keynes 1810:John Maynard Keynes 1764:John Maynard Keynes 1745:John Maynard Keynes 1720:paid by consumers. 1646:Business portal 1341:Tax rates in Europe 1211:Tax Justice Network 1157:Dhammika Dharmapala 660:Airport improvement 468:Transfer mispricing 259:Distribution of Tax 31:Part of a series on 9831:on 7 February 2010 8972:The New York Times 8845:The New York Times 8820:on 29 January 2012 8764:on 10 January 2012 8635:The Globe and Mail 8419:"El Banco del Sur" 8362:on 6 December 2009 8348:Halifax Initiative 7734:10.1007/BF00122806 7497:The Economic Times 7235:, OregonLive.com. 6936:on 24 October 2012 6807:. United Nations. 6679:on 6 December 2009 6537:on 6 February 2014 6505:on 6 February 2014 6482:paras 1.34 to 1.40 6472:on 6 February 2014 5661:, Toronto, Ontario 5659:Ryerson University 5644:, Toronto, Ontario 5642:Ryerson University 5638:Halifax Initiative 5546:, Toronto, Ontario 5544:Ryerson University 5540:Halifax Initiative 5361:English Summaries 5288:UK. Archived from 4968:10.1007/BF00122806 4690:. European Voice. 4573:The Canadian Press 4561:The Canadian Press 4548:Ryerson University 4477:Speculative attack 4337: 4086:Opposing countries 4014:Occupy Wall Street 3990: 3794:Finnish Government 3682: 3395: 3255: 2987: 2831: 2809:Rutgers University 2728:certificated stock 2686:In Switzerland, a 2459:safe deposit boxes 2141:Halifax Initiative 1801:based tax system. 1768: 1247:Eight per thousand 1162:James R. Hines Jr. 1053:European Union FTT 70:Government revenue 9806:978-0-06-142925-5 9270:(22 March 1998). 9147:Greenpeace Canada 9049:978-1-56549-188-5 9001:(31 March 2010). 8553:Missing or empty 8352:"Time for Tobin!" 8164:on 7 October 2011 7836:Li Zhang (2001). 7649:, 25 January 2013 7627:, 23 January 2013 7438:. 12 April 2013. 6669:"Time for Tobin!" 6449:, 12 January 2010 6237:. 26 October 2020 6108:on 8 January 2015 5509:(21 April 2010). 5472:(16 April 2010). 5116:978-0-8386-3606-0 4759:978-1-919697-64-2 4656:Richard T. Page, 4378: 4377: 4258:, the author of " 3817:Christine Lagarde 3704:Bank of the South 3642:Political support 3488: 3487: 3380:financial markets 3281:and 0.01% across 3198:futures contracts 3095: 3094: 2928: 2927: 2895:forward and swap 2882:forward and swap 2869:forward and swap 2856:forward and swap 2502:Francois Hollande 2455:performance bonds 2451:letters of credit 1718:consumption taxes 1694: 1693: 1629: 1628: 1225: 1224: 1217:Tax Policy Center 960:Negative (income) 736:Environmental tax 618: 617: 536:Financial centres 356:Tax investigation 294: 293: 162:Tax harmonization 10110: 10077: 10064: 10058: 10057: 10055: 10053: 10038: 10029: 10028: 10026: 10024: 10008: 10002: 10001: 9999: 9997: 9980:(17 June 2010). 9974: 9968: 9967: 9965: 9963: 9941: 9935: 9934: 9932: 9930: 9911: 9905: 9904: 9898: 9890: 9888: 9886: 9881:on 31 March 2010 9880: 9874:. Archived from 9873: 9865: 9859: 9858: 9847: 9841: 9840: 9838: 9836: 9827:. Archived from 9817: 9811: 9810: 9790: 9777: 9771: 9770: 9768: 9766: 9744: 9738: 9737: 9735: 9733: 9711: 9705: 9704: 9702: 9700: 9678: 9672: 9671: 9669: 9667: 9647: 9641: 9640: 9638: 9636: 9619: 9613: 9612: 9610: 9608: 9589: 9583: 9582: 9580: 9578: 9572: 9561: 9553: 9547: 9546: 9544: 9542: 9523: 9517: 9516: 9514: 9512: 9503:. Archived from 9492: 9486: 9485: 9483: 9481: 9459: 9453: 9452: 9450: 9448: 9426: 9420: 9419: 9417: 9415: 9393: 9387: 9386: 9384: 9382: 9360: 9354: 9353: 9351: 9349: 9344:on 18 March 2010 9327: 9321: 9320: 9318: 9316: 9301: 9295: 9294: 9292: 9290: 9264: 9255: 9254: 9252: 9250: 9230: 9224: 9223: 9221: 9219: 9200: 9194: 9193: 9191: 9189: 9172: 9163: 9162: 9160: 9158: 9139: 9133: 9132: 9131:on 16 June 2011. 9127:. Archived from 9117: 9111: 9110: 9074: 9068: 9067: 9061: 9053: 9031: 9025: 9024: 9022: 9020: 8995: 8989: 8988: 8986: 8984: 8959: 8953: 8952: 8950: 8948: 8929: 8923: 8922: 8920: 8918: 8902: 8893: 8892: 8890: 8888: 8872: 8861: 8860: 8858: 8856: 8836: 8830: 8829: 8827: 8825: 8810: 8804: 8803: 8801: 8799: 8780: 8774: 8773: 8771: 8769: 8750: 8744: 8743: 8741: 8739: 8729: 8721: 8710: 8709: 8707: 8705: 8685: 8679: 8678: 8676: 8674: 8658: 8652: 8651: 8649: 8647: 8622: 8616: 8615: 8613: 8611: 8588: 8582: 8581: 8580:on 22 June 2011. 8569: 8563: 8562: 8556: 8551: 8549: 8541: 8533: 8527: 8526: 8524: 8517: 8508: 8502: 8501: 8499: 8497: 8482: 8476: 8475: 8467: 8461: 8460: 8458: 8456: 8441: 8435: 8434: 8432: 8430: 8414: 8405: 8404: 8402: 8400: 8378: 8372: 8371: 8369: 8367: 8358:. Archived from 8343: 8328: 8327: 8321: 8313: 8311: 8309: 8303: 8292: 8279: 8270: 8269: 8267: 8265: 8243: 8237: 8236: 8234: 8232: 8213: 8204: 8203: 8201: 8199: 8188:uni-frankfurt.de 8180: 8174: 8173: 8171: 8169: 8160:. Archived from 8147: 8141: 8140: 8138: 8136: 8120: 8114: 8113: 8111: 8109: 8094: 8088: 8087: 8085: 8083: 8077: 8071:. www.cepr.net. 8070: 8062: 8056: 8055: 8053: 8051: 8042:. Archived from 8040:robinhoodtax.org 8032: 8026: 8025: 8023: 8021: 8012:. Archived from 8010:robinhoodtax.org 8002: 7996: 7995: 7993: 7991: 7972: 7966: 7965: 7963: 7961: 7955: 7948: 7939: 7933: 7932: 7930: 7928: 7922: 7915: 7906: 7893: 7892: 7890: 7888: 7883:on 25 April 2012 7882: 7875: 7866: 7860: 7859: 7857: 7855: 7849: 7842: 7833: 7822: 7821: 7819: 7817: 7811: 7804: 7795: 7786: 7785: 7783: 7781: 7775: 7768: 7759: 7746: 7745: 7728:(2–3): 163–188. 7717: 7711: 7710: 7708: 7706: 7687: 7681: 7680: 7678: 7676: 7656: 7650: 7634: 7628: 7625:RobinHoodTax.org 7612: 7606: 7605: 7603: 7601: 7581: 7575: 7574: 7572: 7570: 7564: 7553: 7545: 7539: 7538: 7536: 7534: 7515: 7509: 7508: 7506: 7504: 7499:. 9 October 2012 7489: 7483: 7482: 7480: 7478: 7469:. Archived from 7458: 7452: 7451: 7449: 7447: 7428: 7422: 7421: 7419: 7417: 7401: 7395: 7394: 7392: 7390: 7370: 7364: 7351: 7345: 7342: 7336: 7335: 7333: 7331: 7311: 7305: 7304: 7302: 7300: 7284: 7278: 7277: 7275: 7273: 7258: 7249: 7248: 7246: 7244: 7224: 7215: 7178:; Senate bills: 7083: 7077: 7076: 7074: 7072: 7052: 7046: 7045: 7043: 7041: 7021: 7012: 7011: 7009: 7007: 6987: 6981: 6980: 6978: 6976: 6957: 6946: 6945: 6943: 6941: 6922: 6916: 6915: 6913: 6911: 6905: 6898: 6890: 6884: 6883: 6881: 6879: 6870:. Archived from 6857: 6851: 6850: 6848: 6846: 6830: 6821: 6820: 6818: 6816: 6797: 6786: 6785: 6779: 6771: 6769: 6767: 6761: 6755:. Archived from 6754: 6746: 6737: 6724: 6718: 6705:and at least 23 6697:There are eight 6695: 6689: 6688: 6686: 6684: 6675:. Archived from 6664: 6658: 6657: 6639: 6633: 6632: 6630: 6628: 6609: 6603: 6602: 6586: 6580: 6579: 6577: 6575: 6569: 6563:. Archived from 6562: 6553: 6547: 6546: 6544: 6542: 6536: 6529: 6521: 6515: 6514: 6512: 6510: 6504: 6497: 6489: 6483: 6481: 6479: 6477: 6471: 6464: 6456: 6450: 6444: 6438: 6437: 6429:Business Insider 6419: 6413: 6412: 6410: 6408: 6376: 6367: 6354: 6348: 6335: 6326: 6325: 6323: 6321: 6312: 6306:Menendez, Uría. 6303: 6297: 6296: 6294: 6292: 6278: 6272: 6271: 6269: 6267: 6253: 6247: 6246: 6244: 6242: 6227: 6221: 6220: 6218: 6216: 6200: 6194: 6193: 6191: 6189: 6183: 6176: 6168: 6162: 6161: 6159: 6151: 6145: 6144: 6142: 6140: 6124: 6118: 6117: 6115: 6113: 6097: 6091: 6090: 6088: 6086: 6066: 6060: 6059: 6057: 6055: 6040: 6034: 6033: 6031: 6029: 6023: 6016: 6007: 6001: 6000: 5998: 5996: 5987:. Archived from 5976: 5970: 5969: 5967: 5965: 5950: 5941: 5940: 5938: 5936: 5920: 5914: 5913: 5911: 5909: 5889: 5883: 5870: 5864: 5863: 5861: 5859: 5853: 5846: 5838: 5832: 5831: 5829: 5822: 5814: 5783: 5782: 5780: 5778: 5758: 5752: 5751: 5749: 5747: 5727: 5721: 5720: 5718: 5716: 5711:on 14 April 2009 5707:. Archived from 5693: 5684: 5668: 5662: 5651: 5645: 5634: 5628: 5627: 5625: 5623: 5614:. Archived from 5603: 5592: 5591: 5573: 5553: 5547: 5536: 5527: 5526: 5524: 5522: 5503: 5494: 5493: 5491: 5489: 5466: 5453: 5452: 5450: 5448: 5429: 5423: 5416: 5410: 5409: 5407: 5405: 5386: 5377: 5376: 5374: 5372: 5353: 5344: 5342: 5333: 5331: 5311: 5302: 5301: 5299: 5297: 5274: 5265: 5264: 5262: 5260: 5241: 5235: 5234: 5232: 5230: 5224: 5213: 5207:(16 June 1995). 5205:Paul Bernd Spahn 5201: 5190: 5189: 5187: 5185: 5176:. 19 July 2012. 5166: 5160: 5157: 5151: 5150: 5148: 5146: 5130: 5121: 5120: 5100: 5094: 5087: 5081: 5078: 5072: 5059: 5050: 5049: 5037: 5031: 5030: 5022: 5016: 5015: 5009: 5004: 5002: 4994: 4989:Feige, Edgar L. 4986: 4980: 4979: 4962:(2–3): 261–286. 4951: 4945: 4944: 4942: 4940: 4934: 4928:(3–4): 153–159. 4919: 4910: 4904: 4901: 4895: 4894: 4892: 4890: 4881:(3–4): 153–159. 4866: 4857: 4856: 4845:10.1038/137761a0 4822: 4813: 4804: 4803: 4801: 4799: 4784: 4778: 4773: 4764: 4763: 4743: 4737: 4736: 4734: 4732: 4726: 4719: 4710: 4704: 4703: 4701: 4699: 4683: 4672: 4654: 4641: 4640: 4638: 4636: 4630: 4619: 4610: 4589: 4588: 4586: 4584: 4563:(24 June 2010). 4557: 4551: 4536: 4530: 4519: 4472:Noise (economic) 4462:Liquidity crisis 4373: 4370: 4364: 4352: 4351: 4344: 4280:Charles Goodhart 4248:under President 4234:Timothy Geithner 4198: 4196: 4195: 4187: 4185: 4184: 4176: 4174: 4173: 4153:(CEO) of the UK 4144: 4142: 4141: 4133: 4131: 4130: 4098: 4096: 4095: 3980:Other supporters 3970: 3968: 3967: 3959: 3957: 3956: 3948: 3946: 3945: 3933: 3931: 3930: 3922: 3920: 3919: 3907: 3905: 3904: 3892: 3890: 3889: 3877: 3875: 3874: 3866: 3864: 3863: 3855: 3853: 3852: 3833: 3831: 3830: 3806: 3804: 3803: 3791: 3789: 3788: 3776: 3774: 3773: 3762:to be used as a 3753: 3751: 3750: 3742: 3740: 3739: 3727: 3725: 3724: 3716: 3714: 3713: 3697: 3695: 3694: 3678: 3672: 3666: 3660: 3616:havens like the 3400: 3394: 3318:EU member states 3251: 3245: 3239: 3233: 3190:financial market 3139:Timothy Geithner 3109:, co-founder of 2992: 2986: 2836: 2830: 2820:Global Tobin tax 2777:Great Depression 2744:Finance Act 1986 2427:promissory notes 2310:Paul Bernd Spahn 2273:spot conversions 1940:re-examined the 1938:Paul Bernd Spahn 1864:Lawrence Summers 1842:meetings of the 1838:In 1989, at the 1806:Great Depression 1714:financial sector 1686: 1679: 1672: 1658:Money portal 1656: 1655: 1654: 1644: 1643: 1320: 1319: 1141: 1140: 1048:Transfer pricing 1028:Tax equalization 1002: 945:Corporate profit 581:Luxembourg Leaks 515:Corporate havens 394: 393: 210: 209: 47: 28: 27: 10118: 10117: 10113: 10112: 10111: 10109: 10108: 10107: 10083: 10082: 10081: 10080: 10074:Wayback Machine 10065: 10061: 10051: 10049: 10040: 10039: 10032: 10022: 10020: 10009: 10005: 9995: 9993: 9975: 9971: 9961: 9959: 9951:Financial Times 9942: 9938: 9928: 9926: 9913: 9912: 9908: 9892: 9891: 9884: 9882: 9878: 9871: 9869:"Archived copy" 9867: 9866: 9862: 9855:Financial Times 9849: 9848: 9844: 9834: 9832: 9819: 9818: 9814: 9807: 9778: 9774: 9764: 9762: 9745: 9741: 9731: 9729: 9712: 9708: 9698: 9696: 9688:Financial Times 9679: 9675: 9665: 9663: 9648: 9644: 9634: 9632: 9629:Financial Times 9620: 9616: 9606: 9604: 9591: 9590: 9586: 9576: 9574: 9570: 9559: 9555: 9554: 9550: 9540: 9538: 9531:www.govinfo.gov 9525: 9524: 9520: 9510: 9508: 9493: 9489: 9479: 9477: 9469:Financial Times 9460: 9456: 9446: 9444: 9436:Financial Times 9427: 9423: 9413: 9411: 9403:Financial Times 9394: 9390: 9380: 9378: 9361: 9357: 9347: 9345: 9328: 9324: 9314: 9312: 9303: 9302: 9298: 9288: 9286: 9265: 9258: 9248: 9246: 9231: 9227: 9217: 9215: 9202: 9201: 9197: 9187: 9185: 9182:Financial Times 9173: 9166: 9156: 9154: 9141: 9140: 9136: 9119: 9118: 9114: 9075: 9071: 9055: 9054: 9050: 9042:. p. 123. 9032: 9028: 9018: 9016: 8996: 8992: 8982: 8980: 8960: 8956: 8946: 8944: 8931: 8930: 8926: 8916: 8914: 8903: 8896: 8886: 8884: 8873: 8864: 8854: 8852: 8837: 8833: 8823: 8821: 8812: 8811: 8807: 8797: 8795: 8782: 8781: 8777: 8767: 8765: 8752: 8751: 8747: 8737: 8735: 8734:. November 2011 8727: 8723: 8722: 8713: 8703: 8701: 8686: 8682: 8672: 8670: 8659: 8655: 8645: 8643: 8623: 8619: 8609: 8607: 8589: 8585: 8570: 8566: 8554: 8552: 8543: 8542: 8534: 8530: 8522: 8515: 8509: 8505: 8495: 8493: 8484: 8483: 8479: 8468: 8464: 8454: 8452: 8443: 8442: 8438: 8428: 8426: 8415: 8408: 8398: 8396: 8379: 8375: 8365: 8363: 8344: 8331: 8315: 8314: 8307: 8305: 8301: 8290: 8280: 8273: 8263: 8261: 8244: 8240: 8230: 8228: 8214: 8207: 8197: 8195: 8182: 8181: 8177: 8167: 8165: 8148: 8144: 8134: 8132: 8121: 8117: 8107: 8105: 8096: 8095: 8091: 8081: 8079: 8075: 8068: 8064: 8063: 8059: 8049: 8047: 8034: 8033: 8029: 8019: 8017: 8004: 8003: 7999: 7989: 7987: 7973: 7969: 7959: 7957: 7956:on 2 April 2012 7953: 7946: 7940: 7936: 7926: 7924: 7920: 7913: 7907: 7896: 7886: 7884: 7880: 7873: 7867: 7863: 7853: 7851: 7847: 7840: 7834: 7825: 7815: 7813: 7809: 7802: 7796: 7789: 7779: 7777: 7773: 7766: 7760: 7749: 7718: 7714: 7704: 7702: 7689: 7688: 7684: 7674: 7672: 7657: 7653: 7644:Wayback Machine 7635: 7631: 7622:Wayback Machine 7613: 7609: 7599: 7597: 7582: 7578: 7568: 7566: 7562: 7551: 7547: 7546: 7542: 7532: 7530: 7517: 7516: 7512: 7502: 7500: 7491: 7490: 7486: 7476: 7474: 7459: 7455: 7445: 7443: 7430: 7429: 7425: 7415: 7413: 7402: 7398: 7388: 7386: 7371: 7367: 7361:Wayback Machine 7352: 7348: 7343: 7339: 7329: 7327: 7312: 7308: 7298: 7296: 7285: 7281: 7271: 7269: 7260: 7259: 7252: 7242: 7240: 7225: 7218: 7213:Wayback Machine 7198:Wayback Machine 7187:Wayback Machine 7176:Wayback Machine 7165:Wayback Machine 7154:Wayback Machine 7143:Wayback Machine 7132:Wayback Machine 7121:Wayback Machine 7094:Wayback Machine 7084: 7080: 7070: 7068: 7053: 7049: 7039: 7037: 7022: 7015: 7005: 7003: 6988: 6984: 6974: 6972: 6959: 6958: 6949: 6939: 6937: 6924: 6923: 6919: 6909: 6907: 6903: 6896: 6894:"Working paper" 6892: 6891: 6887: 6877: 6875: 6858: 6854: 6844: 6842: 6831: 6824: 6814: 6812: 6798: 6789: 6773: 6772: 6765: 6763: 6759: 6752: 6750:"Archived copy" 6748: 6747: 6740: 6734:Wayback Machine 6727:Background page 6725: 6721: 6715:child mortality 6711:extreme poverty 6701:goals that 192 6696: 6692: 6682: 6680: 6665: 6661: 6640: 6636: 6626: 6624: 6611: 6610: 6606: 6587: 6583: 6573: 6571: 6567: 6560: 6554: 6550: 6540: 6538: 6534: 6527: 6523: 6522: 6518: 6508: 6506: 6502: 6495: 6491: 6490: 6486: 6475: 6473: 6469: 6462: 6458: 6457: 6453: 6445: 6441: 6420: 6416: 6406: 6404: 6377: 6370: 6365:Wayback Machine 6355: 6351: 6336: 6329: 6319: 6317: 6310: 6304: 6300: 6290: 6288: 6280: 6279: 6275: 6265: 6263: 6255: 6254: 6250: 6240: 6238: 6229: 6228: 6224: 6214: 6212: 6201: 6197: 6187: 6185: 6181: 6174: 6170: 6169: 6165: 6157: 6153: 6152: 6148: 6138: 6136: 6125: 6121: 6111: 6109: 6098: 6094: 6084: 6082: 6067: 6063: 6053: 6051: 6042: 6041: 6037: 6027: 6025: 6021: 6014: 6008: 6004: 5994: 5992: 5977: 5973: 5963: 5961: 5952: 5951: 5944: 5934: 5932: 5921: 5917: 5907: 5905: 5890: 5886: 5880:Wayback Machine 5871: 5867: 5857: 5855: 5854:on 22 June 2011 5851: 5844: 5840: 5839: 5835: 5827: 5820: 5816: 5815: 5786: 5776: 5774: 5759: 5755: 5745: 5743: 5728: 5724: 5714: 5712: 5694: 5687: 5682:Wayback Machine 5669: 5665: 5652: 5648: 5635: 5631: 5621: 5619: 5604: 5595: 5571:10.1.1.195.4103 5564:(31): 474–511. 5558:Economic Policy 5554: 5550: 5537: 5530: 5520: 5518: 5504: 5497: 5487: 5485: 5467: 5456: 5446: 5444: 5431: 5430: 5426: 5417: 5413: 5403: 5401: 5388: 5387: 5380: 5370: 5368: 5355: 5354: 5347: 5338: 5329: 5327: 5312: 5305: 5295: 5293: 5292:on 6 March 2005 5275: 5268: 5258: 5256: 5243: 5242: 5238: 5228: 5226: 5222: 5211: 5202: 5193: 5183: 5181: 5168: 5167: 5163: 5158: 5154: 5144: 5142: 5133:Administrator. 5131: 5124: 5117: 5101: 5097: 5089:Edgar L. Feige 5088: 5084: 5079: 5075: 5070:Wayback Machine 5060: 5053: 5038: 5034: 5027:Economic Policy 5023: 5019: 5007: 5005: 4996: 4995: 4987: 4983: 4952: 4948: 4938: 4936: 4932: 4917: 4911: 4907: 4902: 4898: 4888: 4886: 4867: 4860: 4820: 4814: 4807: 4797: 4795: 4790:. 24 May 2020. 4786: 4785: 4781: 4774: 4767: 4760: 4744: 4740: 4730: 4728: 4724: 4717: 4711: 4707: 4697: 4695: 4684: 4675: 4665:Wayback Machine 4655: 4644: 4634: 4632: 4631:on 12 June 2019 4628: 4617: 4611: 4592: 4582: 4580: 4558: 4554: 4544:People's Summit 4537: 4533: 4520: 4516: 4511: 4506: 4497:Volatility risk 4437:Currency crisis 4396: 4374: 4368: 4365: 4362: 4353: 4349: 4342: 4329: 4308:Financial Times 4304: 4284:Financial Times 4276: 4253: 4220:supported the " 4214:Federal Reserve 4193: 4191: 4182: 4180: 4171: 4169: 4159:Bank of England 4139: 4137: 4128: 4126: 4093: 4091: 4088: 4002:Joseph Stiglitz 3982: 3965: 3963: 3954: 3952: 3943: 3941: 3928: 3926: 3917: 3915: 3902: 3900: 3887: 3885: 3872: 3870: 3861: 3859: 3850: 3848: 3828: 3826: 3801: 3799: 3786: 3784: 3771: 3769: 3748: 3746: 3737: 3735: 3722: 3720: 3711: 3709: 3700:Néstor Kirchner 3692: 3690: 3687: 3680: 3676: 3674: 3670: 3668: 3664: 3662: 3658: 3650: 3644: 3627: 3574:Chief Economist 3570:Joseph Stiglitz 3565: 3552: 3539: 3454: 3441: 3413:(US$ billion) 3412: 3410: 3397: 3393: 3376:price discovery 3372: 3363: 3339: 3334: 3294:Financial Times 3253: 3249: 3247: 3243: 3241: 3237: 3235: 3231: 3221: 3215: 3123: 3103:Nicolas Sarkozy 3005:(US$ billion) 3004: 3002: 2989: 2985: 2968: 2962: 2894: 2881: 2868: 2855: 2849:(US$ billion) 2848: 2846: 2833: 2824:In 2000 a "pro– 2822: 2817: 2793: 2773: 2746:introduced the 2740: 2720: 2715: 2709: 2696: 2684: 2668:futures trading 2652:equity security 2648: 2642: 2625: 2612: 2603: 2594: 2562: 2539:It applies to: 2533: 2520: 2511: 2493: 2467: 2415: 2406: 2398: 2385: 2379: 2357: 2351: 2239: 2233: 2210: 2201: 2173:Chief Economist 2169:Joseph Stiglitz 2098:Wayback Machine 2023: 1997:Hillary Clinton 1757: 1690: 1652: 1650: 1638: 1631: 1630: 1317: 1307: 1306: 1262:Fiscus Judaicus 1237: 1227: 1226: 1185:Advocacy groups 1138: 1130: 1129: 1120:Trade agreement 1115:Free-trade zone 1073: 1063: 1062: 1000: 980: 970: 969: 630: 620: 619: 591:Paradise Papers 432:Debtors' prison 391: 381: 380: 351:Tax preparation 311:Revenue service 306: 296: 295: 207: 197: 196: 177:Double taxation 172:Tax withholding 167:Tax competition 85:Non-tax revenue 65: 24: 17: 12: 11: 5: 10116: 10106: 10105: 10100: 10095: 10079: 10078: 10059: 10030: 10003: 9969: 9936: 9906: 9860: 9842: 9812: 9805: 9787:Confidence Men 9772: 9739: 9706: 9673: 9642: 9614: 9584: 9548: 9518: 9487: 9454: 9421: 9388: 9355: 9322: 9296: 9256: 9225: 9195: 9164: 9134: 9112: 9085:(4): 377–392. 9069: 9048: 9040:Kumarian Press 9026: 8990: 8954: 8924: 8894: 8862: 8831: 8805: 8794:on 7 June 2014 8775: 8745: 8711: 8680: 8653: 8617: 8583: 8564: 8528: 8503: 8477: 8462: 8436: 8406: 8373: 8329: 8271: 8238: 8205: 8175: 8142: 8115: 8089: 8066:"Revenue data" 8057: 8036:"The Big Idea" 8027: 7997: 7967: 7934: 7894: 7861: 7823: 7787: 7747: 7712: 7682: 7651: 7629: 7607: 7576: 7540: 7510: 7484: 7473:on 12 May 2013 7453: 7423: 7396: 7365: 7346: 7337: 7306: 7279: 7250: 7216: 7078: 7047: 7013: 6982: 6947: 6917: 6885: 6852: 6822: 6787: 6738: 6719: 6690: 6659: 6634: 6604: 6581: 6548: 6516: 6484: 6451: 6439: 6414: 6391:(2): 227–240. 6368: 6349: 6327: 6298: 6273: 6248: 6222: 6195: 6163: 6146: 6131:(in Italian). 6119: 6092: 6061: 6035: 6002: 5971: 5942: 5915: 5884: 5865: 5833: 5784: 5753: 5722: 5685: 5663: 5646: 5629: 5593: 5548: 5528: 5495: 5454: 5424: 5411: 5378: 5345: 5303: 5266: 5236: 5191: 5161: 5152: 5122: 5115: 5095: 5082: 5073: 5051: 5032: 5017: 5008:|journal= 4981: 4946: 4905: 4896: 4858: 4805: 4779: 4765: 4758: 4738: 4705: 4673: 4642: 4590: 4552: 4531: 4513: 4512: 4510: 4507: 4505: 4504: 4499: 4494: 4489: 4484: 4479: 4474: 4469: 4464: 4459: 4454: 4449: 4444: 4439: 4434: 4429: 4424: 4419: 4414: 4408: 4403: 4397: 4395: 4392: 4376: 4375: 4356: 4354: 4347: 4341: 4338: 4328: 4327:Public opinion 4325: 4303: 4302:IMF's position 4300: 4275: 4274:Other opposers 4272: 4271: 4270: 4260:Confidence Men 4189: 4178: 4167: 4135: 4124: 4087: 4084: 3981: 3978: 3977: 3976: 3961: 3950: 3939: 3936:Pravin Gordhan 3924: 3913: 3898: 3883: 3868: 3857: 3846: 3824: 3797: 3782: 3767: 3744: 3733: 3718: 3707: 3686: 3683: 3675: 3669: 3663: 3657: 3643: 3640: 3626: 3623: 3618:Cayman Islands 3564: 3561: 3551: 3548: 3538: 3535: 3534: 3533: 3530:European Union 3527: 3521: 3514: 3513: 3486: 3485: 3480: 3475: 3469: 3468: 3466: 3463: 3462: 3459: 3456: 3450: 3449: 3446: 3443: 3437: 3436: 3433: 3430: 3426: 3425: 3422: 3419: 3418:Global stocks 3415: 3414: 3407: 3404: 3392: 3389: 3371: 3368: 3362: 3359: 3338: 3335: 3333: 3330: 3311:Public opinion 3263:European Union 3248: 3242: 3236: 3230: 3217:Main article: 3214: 3211: 3171:Bernie Sanders 3122: 3119: 3093: 3092: 3087: 3085: 3079: 3078: 3076: 3073: 3072: 3069: 3066: 3062: 3061: 3058: 3055: 3051: 3050: 3047: 3044: 3040: 3039: 3036: 3033: 3032:US forex spot 3029: 3028: 3025: 3022: 3018: 3017: 3014: 3011: 3007: 3006: 2999: 2996: 2984: 2981: 2966:Robin Hood tax 2964:Main article: 2961: 2960:Robin Hood tax 2958: 2926: 2925: 2920: 2915: 2909: 2908: 2906: 2903: 2902: 2899: 2896: 2890: 2889: 2886: 2883: 2877: 2876: 2873: 2870: 2864: 2863: 2860: 2857: 2851: 2850: 2843: 2840: 2821: 2818: 2816: 2813: 2805:Bank of Canada 2797:New York State 2792: 2789: 2772: 2769: 2739: 2736: 2719: 2716: 2711:Main article: 2708: 2707:United Kingdom 2705: 2695: 2692: 2683: 2680: 2644:Main article: 2641: 2638: 2624: 2621: 2611: 2608: 2602: 2599: 2593: 2590: 2586: 2585: 2579: 2576: 2561: 2558: 2557: 2556: 2553: 2550: 2547: 2544: 2532: 2529: 2519: 2516: 2510: 2507: 2492: 2489: 2472:Jyrki Katainen 2466: 2463: 2453:, guarantees, 2414: 2411: 2405: 2402: 2397: 2394: 2381:Main article: 2378: 2375: 2353:Main article: 2350: 2347: 2331: 2330: 2307: 2306: 2265: 2264: 2244:Edgar L. Feige 2235:Main article: 2232: 2229: 2209: 2206: 2200: 2197: 2153: 2152: 2113: 2112: 2087: 2086: 2083: 2080: 2073: 2057: 2056: 2032: 2031: 2022: 2019: 1852:Edgar L. Feige 1756: 1753: 1692: 1691: 1689: 1688: 1681: 1674: 1666: 1663: 1662: 1661: 1660: 1648: 1633: 1632: 1627: 1626: 1625: 1624: 1619: 1614: 1612:United Kingdom 1609: 1604: 1599: 1594: 1589: 1584: 1579: 1574: 1569: 1564: 1559: 1554: 1549: 1544: 1539: 1534: 1529: 1524: 1519: 1514: 1509: 1504: 1499: 1494: 1489: 1484: 1479: 1474: 1469: 1464: 1459: 1454: 1449: 1444: 1439: 1434: 1429: 1424: 1419: 1414: 1409: 1404: 1399: 1394: 1389: 1384: 1379: 1374: 1369: 1364: 1359: 1351: 1350: 1346: 1345: 1344: 1343: 1338: 1333: 1325: 1324: 1318: 1313: 1312: 1309: 1308: 1305: 1304: 1299: 1294: 1289: 1284: 1279: 1274: 1269: 1264: 1259: 1254: 1249: 1244: 1238: 1233: 1232: 1229: 1228: 1223: 1222: 1221: 1220: 1214: 1208: 1205:Tax Foundation 1202: 1196: 1187: 1186: 1182: 1181: 1180: 1179: 1177:Gabriel Zucman 1174: 1169: 1164: 1159: 1154: 1152:Mihir A. Desai 1146: 1145: 1139: 1136: 1135: 1132: 1131: 1128: 1127: 1122: 1117: 1112: 1107: 1102: 1101: 1100: 1095: 1085: 1080: 1074: 1069: 1068: 1065: 1064: 1061: 1060: 1055: 1050: 1045: 1040: 1035: 1030: 1025: 1020: 1015: 1013:Robin Hood tax 1010: 1005: 997: 992: 987: 981: 976: 975: 972: 971: 968: 967: 962: 957: 952: 950:Excess profits 947: 942: 941: 940: 935: 930: 921: 916: 902: 897: 892: 887: 882: 877: 872: 867: 862: 857: 852: 847: 842: 837: 835:Gross receipts 832: 827: 822: 817: 816: 815: 810: 805: 800: 795: 790: 785: 775: 774: 773: 768: 763: 758: 753: 748: 743: 733: 728: 727: 726: 721: 716: 711: 706: 701: 696: 686: 685: 684: 674: 673: 672: 667: 662: 652: 647: 642: 637: 631: 626: 625: 622: 621: 616: 615: 614: 613: 608: 603: 598: 593: 588: 586:Offshore Leaks 583: 578: 573: 572: 571: 566: 551: 550: 549:Major examples 546: 545: 544: 543: 538: 533: 528: 523: 517: 512: 504: 503: 499: 498: 497: 496: 491: 486: 484:Dutch Sandwich 481: 476: 470: 465: 457: 456: 452: 451: 450: 449: 444: 439: 434: 429: 424: 422:Tax resistance 419: 414: 413: 412: 399: 398: 392: 387: 386: 383: 382: 379: 378: 373: 368: 363: 358: 353: 348: 343: 338: 333: 328: 326:Taxable income 323: 321:Tax assessment 318: 313: 307: 302: 301: 298: 297: 292: 291: 290: 289: 284: 279: 274: 269: 261: 260: 256: 255: 254: 253: 248: 243: 238: 233: 228: 223: 215: 214: 213:General Theory 208: 203: 202: 199: 198: 195: 194: 189: 184: 182:Representation 179: 174: 169: 164: 159: 154: 149: 144: 139: 134: 129: 124: 119: 114: 109: 104: 103: 102: 92: 87: 82: 77: 72: 66: 61: 60: 57: 56: 49: 48: 40: 39: 33: 32: 15: 9: 6: 4: 3: 2: 10115: 10104: 10101: 10099: 10096: 10094: 10091: 10090: 10088: 10075: 10071: 10068: 10063: 10047: 10043: 10037: 10035: 10018: 10014: 10007: 9991: 9987: 9983: 9979: 9973: 9957: 9953: 9952: 9947: 9940: 9924: 9920: 9916: 9910: 9902: 9896: 9877: 9870: 9864: 9856: 9852: 9846: 9830: 9826: 9822: 9816: 9808: 9802: 9798: 9794: 9793:HarperCollins 9789: 9788: 9782: 9776: 9760: 9756: 9755: 9750: 9743: 9727: 9723: 9722: 9717: 9710: 9694: 9690: 9689: 9684: 9677: 9661: 9657: 9653: 9646: 9631: 9630: 9625: 9618: 9602: 9598: 9597:FactCheck.org 9594: 9588: 9569: 9565: 9558: 9552: 9536: 9532: 9528: 9522: 9507:on 1 May 2014 9506: 9502: 9498: 9491: 9475: 9471: 9470: 9465: 9458: 9442: 9438: 9437: 9432: 9425: 9409: 9405: 9404: 9399: 9392: 9376: 9372: 9371: 9366: 9359: 9343: 9339: 9338: 9333: 9326: 9310: 9306: 9300: 9284: 9280: 9278: 9273: 9269: 9268:Linda McQuaig 9263: 9261: 9244: 9240: 9236: 9229: 9213: 9209: 9205: 9199: 9184: 9183: 9178: 9171: 9169: 9152: 9148: 9144: 9138: 9130: 9126: 9122: 9116: 9108: 9104: 9100: 9096: 9092: 9088: 9084: 9080: 9073: 9065: 9059: 9051: 9045: 9041: 9037: 9030: 9014: 9010: 9009: 9004: 9000: 8994: 8978: 8974: 8973: 8968: 8964: 8958: 8942: 8938: 8934: 8928: 8912: 8908: 8901: 8899: 8882: 8878: 8871: 8869: 8867: 8850: 8846: 8842: 8835: 8819: 8815: 8809: 8793: 8789: 8788:Business Week 8785: 8779: 8763: 8759: 8755: 8749: 8733: 8726: 8720: 8718: 8716: 8699: 8695: 8691: 8684: 8668: 8665:. Bloomberg. 8664: 8657: 8641: 8637: 8636: 8631: 8627: 8626:Doug Saunders 8621: 8605: 8601: 8597: 8593: 8587: 8579: 8575: 8568: 8560: 8547: 8539: 8532: 8521: 8514: 8507: 8491: 8487: 8481: 8473: 8466: 8450: 8446: 8440: 8424: 8420: 8413: 8411: 8394: 8390: 8389: 8384: 8377: 8361: 8357: 8353: 8349: 8342: 8340: 8338: 8336: 8334: 8325: 8319: 8300: 8296: 8289: 8285: 8278: 8276: 8259: 8255: 8254: 8249: 8242: 8226: 8222: 8218: 8212: 8210: 8193: 8189: 8185: 8179: 8163: 8159: 8158: 8153: 8146: 8130: 8126: 8119: 8103: 8099: 8093: 8074: 8067: 8061: 8045: 8041: 8037: 8031: 8015: 8011: 8007: 8001: 7985: 7981: 7977: 7971: 7952: 7945: 7938: 7919: 7912: 7905: 7903: 7901: 7899: 7879: 7872: 7865: 7846: 7839: 7832: 7830: 7828: 7808: 7801: 7794: 7792: 7772: 7765: 7758: 7756: 7754: 7752: 7743: 7739: 7735: 7731: 7727: 7723: 7716: 7700: 7696: 7692: 7686: 7670: 7666: 7662: 7655: 7648: 7645: 7641: 7638: 7633: 7626: 7623: 7619: 7616: 7611: 7595: 7591: 7587: 7580: 7561: 7557: 7550: 7544: 7528: 7524: 7520: 7514: 7498: 7494: 7488: 7472: 7468: 7464: 7457: 7441: 7437: 7433: 7427: 7411: 7407: 7400: 7384: 7380: 7376: 7369: 7362: 7358: 7355: 7350: 7341: 7325: 7321: 7317: 7310: 7294: 7291:. EU inside. 7290: 7283: 7267: 7263: 7257: 7255: 7238: 7234: 7233:The Oregonian 7230: 7223: 7221: 7214: 7210: 7207: 7203: 7199: 7195: 7192: 7188: 7184: 7181: 7177: 7173: 7170: 7166: 7162: 7159: 7155: 7151: 7148: 7144: 7140: 7137: 7133: 7129: 7126: 7122: 7118: 7115: 7111: 7107: 7103: 7099: 7095: 7091: 7088: 7082: 7066: 7062: 7058: 7051: 7035: 7031: 7027: 7020: 7018: 7001: 6997: 6993: 6986: 6970: 6966: 6962: 6956: 6954: 6952: 6935: 6931: 6927: 6921: 6902: 6895: 6889: 6873: 6869: 6868: 6863: 6856: 6840: 6836: 6829: 6827: 6810: 6806: 6802: 6796: 6794: 6792: 6783: 6777: 6758: 6751: 6745: 6743: 6735: 6731: 6728: 6723: 6716: 6712: 6708: 6704: 6700: 6694: 6678: 6674: 6670: 6663: 6655: 6651: 6650: 6645: 6638: 6622: 6618: 6614: 6608: 6600: 6596: 6592: 6585: 6570:on 4 May 2017 6566: 6559: 6552: 6533: 6526: 6520: 6501: 6494: 6488: 6468: 6461: 6455: 6448: 6443: 6435: 6434:Axel Springer 6431: 6430: 6425: 6418: 6402: 6398: 6394: 6390: 6386: 6382: 6375: 6373: 6366: 6362: 6359: 6353: 6347: 6346:archive.today 6343: 6340: 6334: 6332: 6316: 6309: 6302: 6287: 6283: 6277: 6262: 6258: 6252: 6236: 6232: 6226: 6210: 6206: 6199: 6180: 6173: 6167: 6156: 6150: 6134: 6130: 6123: 6107: 6103: 6096: 6080: 6076: 6072: 6065: 6049: 6045: 6039: 6020: 6013: 6006: 5990: 5986: 5982: 5975: 5959: 5955: 5949: 5947: 5930: 5926: 5919: 5903: 5899: 5895: 5888: 5881: 5877: 5874: 5869: 5850: 5843: 5837: 5826: 5819: 5813: 5811: 5809: 5807: 5805: 5803: 5801: 5799: 5797: 5795: 5793: 5791: 5789: 5772: 5768: 5764: 5757: 5741: 5737: 5733: 5726: 5710: 5706: 5702: 5698: 5692: 5690: 5683: 5679: 5676: 5672: 5667: 5660: 5656: 5650: 5643: 5639: 5633: 5617: 5613: 5609: 5602: 5600: 5598: 5589: 5585: 5581: 5577: 5572: 5567: 5563: 5559: 5552: 5545: 5541: 5535: 5533: 5516: 5512: 5508: 5502: 5500: 5483: 5479: 5475: 5471: 5465: 5463: 5461: 5459: 5442: 5438: 5434: 5428: 5421: 5415: 5399: 5395: 5391: 5385: 5383: 5366: 5362: 5358: 5352: 5350: 5341: 5325: 5321: 5317: 5310: 5308: 5291: 5287: 5283: 5279: 5273: 5271: 5254: 5250: 5246: 5240: 5221: 5217: 5210: 5206: 5200: 5198: 5196: 5179: 5175: 5171: 5165: 5156: 5140: 5136: 5129: 5127: 5118: 5112: 5108: 5107: 5099: 5092: 5086: 5077: 5071: 5067: 5064: 5058: 5056: 5047: 5043: 5036: 5028: 5021: 5013: 5000: 4992: 4985: 4977: 4973: 4969: 4965: 4961: 4957: 4950: 4931: 4927: 4923: 4916: 4909: 4900: 4884: 4880: 4876: 4872: 4865: 4863: 4854: 4850: 4846: 4842: 4838: 4834: 4831:(3471): 761. 4830: 4826: 4819: 4812: 4810: 4793: 4789: 4783: 4777: 4772: 4770: 4761: 4755: 4751: 4750: 4742: 4723: 4716: 4709: 4693: 4689: 4682: 4680: 4678: 4670: 4666: 4662: 4659: 4653: 4651: 4649: 4647: 4627: 4623: 4616: 4609: 4607: 4605: 4603: 4601: 4599: 4597: 4595: 4578: 4574: 4570: 4566: 4562: 4556: 4549: 4545: 4541: 4535: 4528: 4524: 4518: 4514: 4503: 4500: 4498: 4495: 4493: 4490: 4488: 4485: 4483: 4480: 4478: 4475: 4473: 4470: 4468: 4465: 4463: 4460: 4458: 4455: 4453: 4450: 4448: 4445: 4443: 4440: 4438: 4435: 4433: 4432:Credit crunch 4430: 4428: 4425: 4423: 4420: 4418: 4415: 4412: 4409: 4407: 4404: 4402: 4399: 4398: 4391: 4388: 4387:Eurobarometer 4383: 4372: 4369:December 2015 4360: 4355: 4346: 4345: 4333: 4324: 4321: 4316: 4314: 4309: 4299: 4297: 4293: 4289: 4285: 4281: 4268: 4267:Larry Summers 4265: 4261: 4257: 4254:According to 4251: 4247: 4243: 4239: 4235: 4231: 4227: 4223: 4219: 4215: 4211: 4206: 4202: 4201:Lloyd Bentsen 4190: 4179: 4168: 4164: 4160: 4156: 4152: 4148: 4136: 4125: 4122: 4118: 4114: 4110: 4106: 4102: 4090: 4089: 4083: 4080: 4078: 4074: 4069: 4067: 4063: 4059: 4055: 4051: 4047: 4046:David Harding 4043: 4042:Michael Moore 4039: 4035: 4031: 4027: 4023: 4019: 4015: 4011: 4008:leaders, the 4007: 4003: 3999: 3998:Jeffrey Sachs 3995: 3986: 3974: 3962: 3951: 3940: 3937: 3925: 3914: 3911: 3899: 3896: 3884: 3881: 3869: 3858: 3847: 3844: 3840: 3839:Angela Merkel 3837: 3825: 3822: 3818: 3814: 3813:French Senate 3810: 3798: 3795: 3792:Finland: The 3783: 3780: 3768: 3765: 3761: 3757: 3745: 3734: 3731: 3719: 3708: 3705: 3701: 3689: 3688: 3654: 3649: 3639: 3637: 3633: 3621: 3619: 3614: 3607: 3605: 3602: 3597: 3593: 3591: 3587: 3583: 3579: 3575: 3571: 3560: 3556: 3547: 3543: 3531: 3528: 3525: 3524:United States 3522: 3519: 3516: 3515: 3511: 3510: 3509: 3506: 3500: 3497: 3492: 3484: 3479: 3474: 3470: 3465: 3464: 3451: 3438: 3429:Global bonds 3427: 3416: 3408: 3405: 3402: 3401: 3388: 3384: 3381: 3377: 3367: 3358: 3355: 3352: 3346: 3344: 3329: 3327: 3323: 3319: 3314: 3312: 3308: 3302: 3297: 3295: 3290: 3286: 3284: 3280: 3276: 3272: 3268: 3264: 3260: 3229: 3225: 3220: 3210: 3207: 3203: 3199: 3195: 3191: 3187: 3182: 3180: 3176: 3175:Peter DeFazio 3172: 3168: 3164: 3160: 3154: 3152: 3148: 3147:Larry Summers 3145:, as well as 3144: 3140: 3136: 3132: 3128: 3118: 3116: 3112: 3108: 3104: 3100: 3091: 3084: 3080: 3075: 3074: 3063: 3052: 3041: 3030: 3019: 3008: 3000: 2997: 2994: 2993: 2980: 2977: 2973: 2967: 2957: 2953: 2948: 2946: 2942: 2937: 2933: 2924: 2919: 2914: 2910: 2905: 2904: 2891: 2878: 2865: 2852: 2844: 2841: 2838: 2837: 2829: 2827: 2812: 2810: 2806: 2802: 2801:New York City 2798: 2788: 2786: 2780: 2778: 2771:United States 2768: 2765: 2759: 2757: 2753: 2752:market makers 2749: 2745: 2735: 2733: 2729: 2725: 2714: 2704: 2700: 2691: 2689: 2679: 2676: 2674: 2669: 2663: 2659: 2655: 2653: 2647: 2637: 2633: 2629: 2620: 2619:instruments. 2618: 2607: 2598: 2589: 2583: 2580: 2577: 2574: 2571: 2570: 2569: 2566: 2554: 2551: 2548: 2545: 2542: 2541: 2540: 2537: 2528: 2526: 2515: 2506: 2503: 2499: 2488: 2485: 2484:Left Alliance 2481: 2477: 2473: 2462: 2460: 2456: 2452: 2448: 2444: 2440: 2436: 2432: 2428: 2424: 2420: 2410: 2401: 2393: 2389: 2384: 2374: 2373: 2369: 2366: 2362: 2356: 2346: 2344: 2340: 2336: 2328: 2327: 2326: 2325: 2321: 2319: 2315: 2311: 2304: 2303: 2302: 2301: 2297: 2295: 2291: 2287: 2283: 2278: 2274: 2270: 2262: 2261: 2260: 2257: 2253: 2249: 2245: 2238: 2228: 2226: 2222: 2218: 2214: 2205: 2196: 2194: 2190: 2186: 2182: 2178: 2174: 2170: 2166: 2162: 2158: 2150: 2149: 2148: 2146: 2142: 2136: 2134: 2131:nations, the 2130: 2126: 2122: 2118: 2110: 2109: 2108: 2105: 2103: 2099: 2095: 2092: 2084: 2081: 2078: 2074: 2071: 2070: 2069: 2067: 2063: 2054: 2053: 2052: 2050: 2046: 2042: 2038: 2029: 2028: 2027: 2018: 2016: 2010: 2007: 2002: 1998: 1994: 1991: 1988:Also in 2016 1986: 1984: 1980: 1978: 1974: 1970: 1965: 1962: 1958: 1954: 1950: 1945: 1943: 1939: 1935: 1929: 1925: 1922: 1918: 1913: 1908: 1906: 1901: 1895: 1892: 1888: 1883: 1881: 1877: 1872: 1869: 1865: 1861: 1857: 1853: 1849: 1845: 1841: 1836: 1834: 1830: 1826: 1821: 1819: 1815: 1811: 1807: 1802: 1800: 1795: 1790: 1788: 1783: 1781: 1777: 1773: 1765: 1761: 1752: 1748: 1746: 1742: 1738: 1734: 1730: 1726: 1721: 1719: 1715: 1711: 1707: 1703: 1699: 1687: 1682: 1680: 1675: 1673: 1668: 1667: 1665: 1664: 1659: 1649: 1647: 1642: 1637: 1636: 1635: 1634: 1623: 1620: 1618: 1617:United States 1615: 1613: 1610: 1608: 1605: 1603: 1600: 1598: 1595: 1593: 1590: 1588: 1585: 1583: 1580: 1578: 1575: 1573: 1570: 1568: 1565: 1563: 1560: 1558: 1555: 1553: 1550: 1548: 1545: 1543: 1540: 1538: 1535: 1533: 1530: 1528: 1525: 1523: 1520: 1518: 1515: 1513: 1510: 1508: 1505: 1503: 1500: 1498: 1495: 1493: 1490: 1488: 1485: 1483: 1480: 1478: 1475: 1473: 1470: 1468: 1465: 1463: 1460: 1458: 1455: 1453: 1450: 1448: 1445: 1443: 1440: 1438: 1435: 1433: 1430: 1428: 1425: 1423: 1420: 1418: 1415: 1413: 1410: 1408: 1405: 1403: 1400: 1398: 1395: 1393: 1390: 1388: 1385: 1383: 1380: 1378: 1375: 1373: 1370: 1368: 1365: 1363: 1360: 1358: 1355: 1354: 1353: 1352: 1348: 1347: 1342: 1339: 1337: 1334: 1332: 1329: 1328: 1327: 1326: 1323:All Countries 1322: 1321: 1316: 1311: 1310: 1303: 1300: 1298: 1295: 1293: 1290: 1288: 1285: 1283: 1280: 1278: 1277:Tolerance tax 1275: 1273: 1270: 1268: 1265: 1263: 1260: 1258: 1255: 1253: 1250: 1248: 1245: 1243: 1240: 1239: 1236: 1231: 1230: 1218: 1215: 1212: 1209: 1206: 1203: 1200: 1197: 1194: 1191: 1190: 1189: 1188: 1184: 1183: 1178: 1175: 1173: 1170: 1168: 1165: 1163: 1160: 1158: 1155: 1153: 1150: 1149: 1148: 1147: 1143: 1142: 1134: 1133: 1126: 1123: 1121: 1118: 1116: 1113: 1111: 1108: 1106: 1103: 1099: 1096: 1094: 1091: 1090: 1089: 1086: 1084: 1081: 1079: 1076: 1075: 1072: 1067: 1066: 1059: 1056: 1054: 1051: 1049: 1046: 1044: 1041: 1039: 1036: 1034: 1031: 1029: 1026: 1024: 1021: 1019: 1016: 1014: 1011: 1009: 1006: 1003: 998: 996: 993: 991: 988: 986: 983: 982: 979: 978:International 974: 973: 966: 963: 961: 958: 956: 953: 951: 948: 946: 943: 939: 936: 934: 931: 929: 925: 922: 920: 917: 915: 912: 911: 910: 906: 903: 901: 898: 896: 893: 891: 888: 886: 883: 881: 880:Resource rent 878: 876: 873: 871: 868: 866: 863: 861: 858: 856: 853: 851: 848: 846: 843: 841: 838: 836: 833: 831: 828: 826: 823: 821: 818: 814: 811: 809: 806: 804: 801: 799: 796: 794: 791: 789: 786: 784: 781: 780: 779: 776: 772: 769: 767: 764: 762: 759: 757: 754: 752: 749: 747: 744: 742: 739: 738: 737: 734: 732: 729: 725: 722: 720: 717: 715: 712: 710: 707: 705: 702: 700: 697: 695: 692: 691: 690: 687: 683: 680: 679: 678: 677:Capital gains 675: 671: 668: 666: 663: 661: 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burden 224: 222: 219: 218: 217: 216: 212: 211: 206: 201: 200: 193: 190: 188: 185: 183: 180: 178: 175: 173: 170: 168: 165: 163: 160: 158: 155: 153: 152:Tax incentive 150: 148: 147:Tax advantage 145: 143: 140: 138: 135: 133: 130: 128: 125: 123: 120: 118: 115: 113: 110: 108: 107:Tax threshold 105: 101: 98: 97: 96: 93: 91: 88: 86: 83: 81: 78: 76: 73: 71: 68: 67: 64: 59: 58: 55: 54:fiscal policy 52:An aspect of 51: 50: 46: 42: 41: 38: 35: 34: 30: 29: 26: 22: 10062: 10050:. 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