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The OECD, UN Environment and the World Bank Group have joined forces under an initiative entitled Financing Climate Futures: Rethinking Infrastructure.

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. 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".

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 significant proportion of the tax could end up being passed on to consumers. The study concluded, therefore, "The tax is thus likely to fall most heavily on long-term, risk-averse investors. Although James Tobin had said his own Tobin tax idea was unfeasible in practice, a study on its feasibility commissioned by the German government concluded that the tax was feasible even at a limited scale within the European time zone without significant tax evasion.

Stiglitz said, the tax is "much more feasible today" than a few decades ago, when Tobin recanted. In January , feasibility of the tax was supported and clarified by researchers Rodney Schmidt, Stephan Schulmeister and Bruno Jetin who noted "it is technically easy to collect a financial tax from exchanges 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. When presented with the problem of speculators shifting operations to offshore tax havens , a representative of a "pro—Tobin tax" NGO argued as follows:. Agreement between nations could help avoid the relocation threat, particularly if the tax 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 Chase Manhattan Bank 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 havens like the Cayman Islands 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. There has been debate as to whether one single nation could unilaterally implement a financial transaction tax.

In the year , "eighty per cent of foreign-exchange trading [took] place in just seven cities. Agreement [to implement the tax] by [just three cities,] London, New York and Tokyo alone, would capture 58 per cent of speculative trading.

Over 1, economists including Nobel laureate Paul Krugman , [] Jeffrey Sachs [] and Nobel laureate Joseph Stiglitz [37] , more than 1, parliamentarians from over 30 countries, [] [] the world's major labor leaders, the Association for the Taxation of Financial Transactions and for Citizens' Action , Occupy Wall Street protesters, Oxfam , War on Want [] and other major development groups, the World Wildlife Fund , Greenpeace [] and other major environmental organizations support a FTT.

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. In their opinion FTT would constitute, among other things, a fair political initiative in the current financial crisis and it would represent an EU added value.

Most hedge funds managers fiercely oppose FTT. In , the IMF conducted considerable research that opposes a transaction tax. This is an interesting issue. We will look at it from various angles and consider all proposals. Challenging the IMF's belittling of the financial transaction tax, Stephan Schulmeister of the Austrian Institute of Economic Research 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.

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.

A survey published by YouGov suggests that more than four out of five people in the UK, France, Germany, Spain and Italy think the financial sector has a responsibility to help repair the damage caused by the economic crisis. It found that Europeans "strongly support the various measures that the European Union could adopt to reform the global financial markets A quarter of Europeans are against it, possibly because of the fear that they themselves might be subject to this tax.

From Wikipedia, the free encyclopedia. Taxation An aspect of fiscal policy Policies. Desai Dhammika Dharmapala James R. Automated payment transaction tax. Swedish financial transaction tax. Stamp duty in the United Kingdom. European Union financial transaction tax. Reaction to the Tobin Tax. This section needs to be updated. Please update this article to reflect recent events or newly available information. Archived from the original on 31 October Retrieved 24 June Stamp Out Poverty report.

Stamp Out Poverty Campaign. Page, "Foolish Revenge or Shrewd Regulation? Institute for Global Dialotue. Journal of Financial Services Research. Proposing a new tax system for the 21st century". The Automated Payment Transaction Tax". The Milken Institute Review: A Journal of Economic Policy. Feige Taxation for the 21st Century: Survey and Options" PDF. Jubilee Research, a successor to Jubilee UK. Archived from the original on 6 March Retrieved 11 February Diese Bewegung will die Einführung einer Steuer auf Devisengeschäfte.

Damit sollen die Kapitalmärkte gebändigt und mit den zusätzlichen Einnahmen die Entwicklungshilfe verstärkt werden. Klingt das nicht wie Ihr Vorschlag? 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 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. English Summaries [of quotes in Spiegel Online]. Retrieved 25 June Retrieved 17 March Open Societies, Sovereignty, and International Terrorism". Archived from the original on 14 April Retrieved 29 November A modern tax technology;the Brazilian experience with a bank transactions tax — ".

Research Papers in Economics. Retrieved 28 June Archived from the original PDF on 12 January The International Experience and the Lessons for Canada. Journal of Financial Economics. HM Revenue and Customs. Archived from the original on 6 December Retrieved 17 December They include reducing extreme poverty , reducing child mortality rates, fighting disease epidemics such as AIDS, and developing a global partnership for development. Fidel Castro Ruz, President of the Republic of Cuba at the World Conference against racism, racial discrimination, xenophobia and related intolerance".

Retrieved 29 January Retrieved 24 October Archived from the original on 14 December Retrieved 13 February A way to invest in our future Rep. Pete Stark " , H. To amend the Internal Revenue Code of to impose a tax on certain trading transactions , "Summary: Comprehensive Dental Reform Act of , "H.

Inclusive Prosperity Act" ; Senate bills: The Oregonian , OregonLive. Retrieved 26 February Retrieved 3 March Archived from the original on 12 May Retrieved 20 September Council agrees to enhanced cooperation" PDF. Council of the European Union. Institute of Development Studies. Retrieved 12 October Retrieved 10 October Department of Economics, East Carolina University. Retrieved 2 October Issues and Evidence" PDF. Retrieved 1 October Retrieved 22 November Controversy over IMF's likely dismissal of financial transaction taxes ".

Adopt a Financial Transactions Tax". Archived from the original on 23 January Krätke 11 November Retrieved 4 February The Wall Street Journal. Retrieved 27 November Estonia favours a tax policy that supports economic growth".

Institut Francais des Relationes Internationales. Archived from the original PDF on 20 September Kim; Seok-Hyeon Kim December The Role of International Institutions in Globalization: The Challenges of Reform edited by John-ren Chen. Archived from the original on 22 June The Globe and Mail.

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In that context, James Tobin , influenced by the work of Keynes, suggested his more specific currency transaction tax for stabilizing currencies on a larger global scale. The website cannot function properly without these cookies.

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