Financial Transaction Tax

 

 


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

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

 

 

 

 

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

 

 

 

 

 

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

 

 

 

 

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

 

 

 

 

 

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

 

 

 

 

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

 

 

 

 

 

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

 

 

 

 

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

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

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

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

 

 

 

 

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

 

 

 

 

 

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

 

 

 

 

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

 

 

 

 

 

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

 

 

 

 

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

 

 

 

 

 

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

 

 

 

 

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

 

 

 

 

 

 

 

 

 

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

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

 

 

 

 

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

 

 

 


 

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

 

 

 

 

 

 

 

 

 

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

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

 

 

 

 

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

 

 

 

 

 

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

 

 

 

 

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

 

 

 

 

 

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  • "the revenue estimates for the tax - are57bn !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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

 

 

 

 

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

 

 

 

 

 

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

 

 

 

 

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

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

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

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

 

 

 

 

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

 

 

 

 

 

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

 

 

 

 

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

 

 

 

 

 

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

 

 

 

 

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

 

 

 

 

 

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

 


 

 

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

 

 

 

 

 

 

 

 

 

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

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

 

 

 

 

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

 

 

 

 

 

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

 

 

 

 

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

 

 

 

 

 

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

 

 

 

 

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

 

 

 

 

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

 

 

 

 

 

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

 

 

 




 

 

 

 

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

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

 

 

 

 

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

 

 

 

 

 

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

 

 

 

 

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

 

 

 

 

 

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

 

 

 

 

 

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

 

 

 

 

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

 

 

 

 

 

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

 

 

 

 

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

 

 

 

 

 

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

 

 

 

 

 

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

 

 

 

 

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

 

 

 

 

 

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

 

 

 

 

 

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

 

 


 

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

 

 

 

 

 

 

 

 

 

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Robin Hood Tax: LINK ¤ ROBIN HOOD TAX

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

 

 

 

 

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

 

 

 

 

 

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  • "and for fairer taxation - of the financial sector !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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  • "a small tax of less than ½ of 1 % - on financial transactions !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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

 

 

 

 

 

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  • "enough to protect education - housing - local governments - and hospitals !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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

 

 

 

 

 

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  • "it won't affect ordinary people - and their personal savings !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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  • "it is easy to enforce - and tough to evade !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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  • "this is a tax on Wall Street - which created the financial crisis !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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  • "it is fair - it is timely !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 


 

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  • "and it is - possible !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

 

 

 

 

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

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  • "the financial transaction taxes - proposed by campaigning groups of civil society NGOs !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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  • "a single part is similar to the Tobin tax - but it affects wide range of asset classes !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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  • "including the purchase and sale of stocks - bonds - commodities - unit trusts - mutual funds !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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  • "and derivatives - such as futures and options !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

 

 

 

 

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


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  • "Joseph Stiglitz, economist and Nobel laureate: - "the financial sector !""

 

 

 

 

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  • "polluted the global finance - with toxic assets !"

 

 

 

 

 

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  • "and now they ought - to clean it out !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

 

 

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  • "Paul Krugman, economist and Nobel laureate: - "taxing financial transactions !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!""

 

 

 

 

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  • "is a great - idea !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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  • "in fact, there’s considerable evidence suggesting - that there was too much financial trading !"

 

 

 

 

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  • "the economic value of most of this financial trading - is dubious at best !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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  • "especially high speed trading done mostly by computers - and software algorithms of high-frequency traders !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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  • "wouldn’t such a tax - hurt the growth of the real economy ?!"

 

 

 

 

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  • "the scientific evidence - suggests the opposite !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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  • "that it helps - the real economy !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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  • "and the evidence suggests that - taxing financial transactions !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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  • "reduces the volume of wheeling - and dealing !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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  • "that is a - good thing !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

 

 

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  • "Dani Rodrik, Harvard University: - "the beauty is !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!""

 

 

 

 

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  • "that the tax discourages - short-term speculation !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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

 

 

 

 

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  • "it is undeniable that this tax - raises a great deal of money !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

 

 

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  • "José Manuel Barroso, President European Commission: - "it is a question - of fairness !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!""

 

 

 

 

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  • "it is time for the - financial sector !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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  • "to make a contribution - back to society !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

 

 

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  • "Nancy Pelosi, US House of Representatives: - "the financial transaction tax !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!""

 

 

 

 

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  • "has a great deal - of merit !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

 

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  • "it has minimal impact - on the transaction !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!"

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

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

 

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