WHAT - WHY - HOW a European FINANCIAL TRANSACTION TAX

We need a Financial Transaction Tax to reduce the speculation on the financial markets, so that #money can actually flow to the real economy and finance the #climate & social transitions.

🎥 Watch the FOURTH video of this series on #TaxJustice with Paul MAGNETTE (President of the Belgian Parti Socialiste) and Liina CARR (ETUC’s Confederal Secretary) and discover more about the 50 billion euros a year we can raise with a #FTT.

This is a joint project by the Foundation for European Progressive Studies, the Friedrich-Ebert-Stiftung and TASC.

#Finance #Taxation #NextGenEU #EU #Europe #tax #inequalities #green #digital #recovery

[stevegodenich]

Adding an FTT to the exiisting tax regime may be a further burden on the everyday taxpaying ciitizen. Similarly, tax havens, e.g. [1, 2], make raising taxes on the rich a dubious prospect. Consider a decentralized form of Edgar Feige's 0.3% apt tax[3-5] on the $4 quadrillion annually churning and burning through the IMS[6-7], ... and get rid of income taxes, sales taxes, capital gains taxes, subsidies, excise taxes and tariffs. That would lower net prices, raise net wages and allow for lower-priced net exports. The tax revenues collected may be distributed to local governments and percolate upwards (not downwards) through legislation to the State and then the Federal level. This may provide one economic check and balance against excessive State & Federal Spending and diffuse the centralized K-Street Lobbying practice in Washington, DC. Consider also placing limits on extreme inheritance, monopoly and shell companies to reduce tax avoidance a help alleviate inequality.

Not having the headache, stigma, expense and compulsory respsonisbility of collecting taxes for government may be a relief to business (especially small business) and encourage would-be entrepreneurs to open and operate new enterprises. That may grow the real, productive economy, not just shadow figures projected on the big board at the exchanges for public consumption.

[1] The Spider's Web - Britain's Second Empire | Youtube
[2] The Treasure Islands | Nicholas Shaxson
[3] Alternative Proposals Reform, May 11 2005 | Video | C-SPAN (second 5-minute speaker)
[4] Taxation for the 21ST Century: The Automated Payment Transaction (APT) Tax | SSRN
[5] APT Tax | Youtube
[6] Intraday Liquidity Flows | FRBNY
[7] Worldwide Currency Usage & Trends | SWIFT

[davidhaylett]

Typical EU socialists. Tax everything that currently works well, with capital markets providing capital to businesses. Add a tax and the investment just moves to other countries outside Europe. Sweden tried this before and scrapped it in one year after a large fall in investment