Deficit Busting Tobin Tax, Robin Hood Tax, CTT ~ Could It Save America? It's Ready and Waiting ~ (never let a huge RV go to waste, right?) ...

Snip ~ (Note, this article dated 2006 most others fairly recent) The concept of a CTT has become increasingly sophisticated and has reached a new qualitative level: It is now ready for implementation. New concepts such as the two-tier CTT have overcome some of the weaknesses of the original Tobin tax. Technical developments and centralisation in the financial market have made implementation easier.

Furthermore revenues from a CTT could be used to realise the UN Millennium Development Goals (MDGs) and to finance poverty eradication, and by doing so could provide new sources of legitimacy for the tax. The idea of a CTT was brought forward by James Tobin more than 30 years ago after the Bretton Woods system of fixed exchange rates had been abolished and substituted by floating currencies. The volatility of currencies and financial markets became one of the major causes of crises, especially in the developing world. James Tobin’s idea of a tax on currency transactions (“Tobin tax”) was aimed at curbing volatility and preventing financial crises. More generally, the CTT has been designed to restore national policy autonomy by governing the international foreign exchange market. Tobin Tax: "Ready for Implementation"

Snip ~ Will the Financial Transaction Tax be discussed again? ***UN ~ July 4 - July 30th- 2011 ~ ECONOMIC AND SOCIAL COUNCIL HIGH-LEVEL SEGMENT - Global Policy Dialogue ...

THE FEASIBILITY OF AN INTERNATIONAL "TOBIN TAX" Economic Affairs Series, ECON 107 EN (PE 168.215) - March 1999 Link http://www.europarl.europa.eu/workingpapers/econ/107_en.htm

Snip ~ One of their proposals is a tax on international currency transactions that could generate $35 billion a year. The proposal, popular at the United Nations for decades and long-advocated by Fidel Castro, is called the Tobin Tax and named after Yale University economist James Tobin. Steven Solomon, a former staff reporter at Forbes, said in his book, The Confidence Game, that such a proposal “might net some $13 trillion a year…” because it is based on taking a percentage of money from the trillions of dollars exchanged daily in global financial markets. Obama Endorses Global Taxes on Eve of U.N. Summit ...

Snip ~ The Currency Transaction Tax (CTT) is in the last years emerging as a leading new financial instrument for governments seeking to raise funds of independent and stable monies. These funds are needed for national and international development and projects addressing actual issues such as public health, research, education and training, crises emergency measures and climate change. Currency Transaction Levy (CTL)


Snip ~ The financial regulation bill before the Senate has the potential to do a lot of good. But it also has at least one major flaw: it would not do enough to prevent taxpayers from paying the bill for a future crisis.What would? A tax on banks. The International Monetary Fund has started pushing for a bank tax, and a tax has also become part of the debate in Britain’s election campaign. In this country, however, the subject has taken a back seat to issues like derivatives regulation and the Goldman Sachs case. Those other issues are important, but they are not as central to minimizing the damage from the next crisis. A Bank Tax as Insurance for Us All ...

Snip ~ The Tobin Tax Every day almost four trillion dollars changes hands in the international currency markets, as we explored in the previous post. With these kinds of numbers, even a tiny tax on these transactions would raise hundreds of billions of dollars a year at the international level. link ~ Will The UN Collect the "Tobin Tax"?

Snip ~ "(A tax on financial transactions) is not dead .. it is something we are going to push for in Pittsburgh," Tobin Tax ~ The financial transaction tax at the heart of the debate ...

Snip ~ Second, a modest speculation tax can raise very substantial revenues. A quarter-percent tax on stock trades, and a commensurate rate tax on other instruments, could raise more than $100 billion a year, according to estimates from the Washington-based Center for Economic and Policy Research.That’s still a lot of money, even in Washington. There are many good purposes to which it could be allocated. Jobs creation. Healthcare. Infrastructure. A Speculation Tax Could be allocated towards Jobs Creation, Healthcare, and Infrastructure ...

snip ~ Would local bankers ever support a 0.05 percent tax which would raise up to $700 billion for the poor? Could ‘Robin Hood tax’ work in the Gulf?

Snip~ Taxing Banks says that a tax on foreign currency exchanges - similar to a Tobin Tax - could easily be collected through the Continuous Linked Settlement Bank (CLSB) or the Real Time Gross Settlement (RTGS) mechanisms which are run for all major currencies by the main central banks. Setting the tax at 0.005 per cent would not cause any difficulties for the financial markets but would raise an estimated £21 billion ($33 billion) a year worldwide, according to the report. Introducing a financial transactions tax could raise £100 billion globally

Remember this one Jan. 2010 ~ Snip ~ President Barack Obama may propose a fee on financial-services companies as a way to fulfill a vow on cutting the budget deficit in half, administration officials said. President Obama ~ Meet Mr. Tobin ~ He's Been Expecting You ...

Dec. 2009 - Snip ~ The International Monetary Fund (IMF) is examining policy options, including a possible tax on the financial sector, for how governments can recover the billions of dollars of public support provided to prop up the banking sector, as well as meet potential future costs, John Lipsky of the IMF said in a statement on December 2. IMF Weighing Up Financial Sector Levy

Nov. 2009 - Snip ~ Have you wondered why there are so many commercials and advertisements for the FOREX?Well, it could be the governments way of making even more money by taxing each financial transaction that is made. It is just one more tax that will be added to the list. Also, we have the healthcare tax and carbon tax to look forward to. TAX - Have you wondered why there are so many commercials and advertisements for the FOREX?

Snip ~ They argue that if a tax were levied on transactions such as currency trading at just 0.05%, it could raise hundreds of billions of dollars to be ploughed into international development and climate change projects. Some of the proceeds could also be retained by governments in the countries where the transactions take place, including the UK, helping to repair the hole in governments' coffers. Tobin Tax ~ World Economists Urge G20 Ministers to Accept Robin Hood Tax

LINKS ~ TOBIN TAX - FINANCE TAX