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class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> Toggle Types subsection </button> <ul id="toc-Types-sublist" class="vector-toc-list"> <li id="toc-Securities_transaction_tax" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Securities_transaction_tax"> <div class="vector-toc-text"> 3.1 Securities transaction tax </div> </a> <ul id="toc-Securities_transaction_tax-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Currency_transaction_tax" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Currency_transaction_tax"> <div class="vector-toc-text"> 3.2 Currency transaction tax </div> </a> <ul id="toc-Currency_transaction_tax-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Bank_transaction_tax" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Bank_transaction_tax"> <div class="vector-toc-text"> 3.3 Bank transaction tax </div> </a> <ul id="toc-Bank_transaction_tax-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Automated_Payment_Transaction_Tax" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Automated_Payment_Transaction_Tax"> <div class="vector-toc-text"> 3.4 Automated Payment Transaction Tax </div> </a> <ul id="toc-Automated_Payment_Transaction_Tax-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Implemented_financial_transaction_taxes" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Implemented_financial_transaction_taxes"> <div class="vector-toc-text"> 4 Implemented financial transaction taxes </div> </a> <button aria-controls="toc-Implemented_financial_transaction_taxes-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> Toggle Implemented financial transaction taxes subsection </button> <ul id="toc-Implemented_financial_transaction_taxes-sublist" class="vector-toc-list"> <li id="toc-Belgium" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Belgium"> <div class="vector-toc-text"> 4.1 Belgium </div> </a> <ul id="toc-Belgium-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Colombia" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Colombia"> <div class="vector-toc-text"> 4.2 Colombia </div> </a> <ul id="toc-Colombia-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Finland" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Finland"> <div class="vector-toc-text"> 4.3 Finland </div> </a> <ul id="toc-Finland-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-France" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#France"> <div class="vector-toc-text"> 4.4 France </div> </a> <ul id="toc-France-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Greece" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Greece"> <div class="vector-toc-text"> 4.5 Greece </div> </a> <ul id="toc-Greece-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-India" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#India"> <div class="vector-toc-text"> 4.6 India </div> </a> <ul id="toc-India-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Italy" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Italy"> <div class="vector-toc-text"> 4.7 Italy </div> </a> <ul id="toc-Italy-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Japan" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Japan"> <div class="vector-toc-text"> 4.8 Japan </div> </a> <ul id="toc-Japan-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Peru" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Peru"> <div class="vector-toc-text"> 4.9 Peru </div> </a> <ul id="toc-Peru-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Poland" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Poland"> <div class="vector-toc-text"> 4.10 Poland </div> </a> <ul id="toc-Poland-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Singapore" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Singapore"> <div class="vector-toc-text"> 4.11 Singapore </div> </a> <ul id="toc-Singapore-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Spain" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Spain"> <div class="vector-toc-text"> 4.12 Spain </div> </a> <ul id="toc-Spain-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Sweden" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Sweden"> <div class="vector-toc-text"> 4.13 Sweden </div> </a> <ul id="toc-Sweden-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Switzerland" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Switzerland"> <div class="vector-toc-text"> 4.14 Switzerland </div> </a> <ul id="toc-Switzerland-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Taiwan" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Taiwan"> <div class="vector-toc-text"> 4.15 Taiwan </div> </a> <ul id="toc-Taiwan-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-United_Kingdom" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#United_Kingdom"> <div class="vector-toc-text"> 4.16 United Kingdom </div> </a> <ul id="toc-United_Kingdom-sublist" class="vector-toc-list"> <li id="toc-Stamp_Duty" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Stamp_Duty"> <div class="vector-toc-text"> 4.16.1 Stamp Duty </div> </a> <ul id="toc-Stamp_Duty-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Stamp_Duty_Reserve_Tax" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Stamp_Duty_Reserve_Tax"> <div class="vector-toc-text"> 4.16.2 Stamp Duty Reserve Tax </div> </a> <ul id="toc-Stamp_Duty_Reserve_Tax-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-United_States" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#United_States"> <div class="vector-toc-text"> 4.17 United States </div> </a> <ul id="toc-United_States-sublist" class="vector-toc-list"> <li id="toc-New_York" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#New_York"> <div class="vector-toc-text"> 4.17.1 New York </div> </a> <ul id="toc-New_York-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> </ul> </li> <li id="toc-Proposed_financial_transaction_taxes" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Proposed_financial_transaction_taxes"> <div class="vector-toc-text"> 5 Proposed financial transaction taxes </div> </a> <button aria-controls="toc-Proposed_financial_transaction_taxes-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> Toggle Proposed financial transaction taxes subsection </button> <ul id="toc-Proposed_financial_transaction_taxes-sublist" class="vector-toc-list"> <li id="toc-Global_Tobin_tax" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Global_Tobin_tax"> <div class="vector-toc-text"> 5.1 Global Tobin tax </div> </a> <ul id="toc-Global_Tobin_tax-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Robin_Hood_tax" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Robin_Hood_tax"> <div class="vector-toc-text"> 5.2 Robin Hood tax </div> </a> <ul id="toc-Robin_Hood_tax-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-G20_financial_transactions_tax" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#G20_financial_transactions_tax"> <div class="vector-toc-text"> 5.3 G20 financial transactions tax </div> </a> <ul id="toc-G20_financial_transactions_tax-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-United_States_financial_transaction_tax" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#United_States_financial_transaction_tax"> <div class="vector-toc-text"> 5.4 United States financial transaction tax </div> </a> <ul id="toc-United_States_financial_transaction_tax-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-European_Union_financial_transaction_tax" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#European_Union_financial_transaction_tax"> <div class="vector-toc-text"> 5.5 European Union financial transaction tax </div> </a> <ul id="toc-European_Union_financial_transaction_tax-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Evaluation" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Evaluation"> <div class="vector-toc-text"> 6 Evaluation </div> </a> <button aria-controls="toc-Evaluation-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> Toggle Evaluation subsection </button> <ul id="toc-Evaluation-sublist" class="vector-toc-list"> <li id="toc-Effect_on_volatility" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Effect_on_volatility"> <div class="vector-toc-text"> 6.1 Effect on volatility </div> </a> <ul id="toc-Effect_on_volatility-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Effect_on_liquidity" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Effect_on_liquidity"> <div class="vector-toc-text"> 6.2 Effect on liquidity </div> </a> <ul id="toc-Effect_on_liquidity-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Effect_on_price_discovery" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Effect_on_price_discovery"> <div class="vector-toc-text"> 6.3 Effect on price discovery </div> </a> <ul id="toc-Effect_on_price_discovery-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Revenues" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Revenues"> <div class="vector-toc-text"> 6.4 Revenues </div> </a> <ul id="toc-Revenues-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Effect_on_share_prices" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Effect_on_share_prices"> <div class="vector-toc-text"> 6.5 Effect on share prices </div> </a> <ul id="toc-Effect_on_share_prices-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Progressive_or_regressive_tax" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Progressive_or_regressive_tax"> <div class="vector-toc-text"> 6.6 Progressive or regressive tax </div> </a> <ul id="toc-Progressive_or_regressive_tax-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Technical_feasibility" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Technical_feasibility"> <div class="vector-toc-text"> 6.7 Technical feasibility </div> </a> <ul id="toc-Technical_feasibility-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Gradual_implementation_feasibility" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Gradual_implementation_feasibility"> <div class="vector-toc-text"> 6.8 Gradual implementation feasibility </div> </a> <ul id="toc-Gradual_implementation_feasibility-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Political_support" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Political_support"> <div class="vector-toc-text"> 7 Political support </div> </a> <button aria-controls="toc-Political_support-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> Toggle Political support subsection </button> <ul id="toc-Political_support-sublist" class="vector-toc-list"> <li id="toc-Supporting_countries" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Supporting_countries"> <div class="vector-toc-text"> 7.1 Supporting countries </div> </a> <ul id="toc-Supporting_countries-sublist" class="vector-toc-list"> <li id="toc-Other_supporters" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Other_supporters"> <div class="vector-toc-text"> 7.1.1 Other supporters </div> </a> <ul id="toc-Other_supporters-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Opposing_countries" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Opposing_countries"> <div class="vector-toc-text"> 7.2 Opposing countries </div> </a> <ul id="toc-Opposing_countries-sublist" class="vector-toc-list"> <li id="toc-Other_opposers" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Other_opposers"> <div class="vector-toc-text"> 7.2.1 Other opposers </div> </a> <ul id="toc-Other_opposers-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-IMF's_position" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#IMF's_position"> <div class="vector-toc-text"> 7.3 IMF's position </div> </a> <ul id="toc-IMF's_position-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Public_opinion" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#Public_opinion"> <div class="vector-toc-text"> 8 Public opinion </div> </a> <button aria-controls="toc-Public_opinion-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> Toggle Public opinion subsection </button> <ul id="toc-Public_opinion-sublist" class="vector-toc-list"> <li id="toc-Europe" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Europe"> <div class="vector-toc-text"> 8.1 Europe </div> </a> <ul id="toc-Europe-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> 9 See also </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> 10 References </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" title="Table of Contents" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" > Toggle the table of contents </label> <div class="vector-dropdown-content"> <div id="vector-page-titlebar-toc-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <h1 id="firstHeading" class="firstHeading mw-first-heading">Financial transaction tax</h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. Available in 13 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-13" aria-hidden="true" > 13 languages </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D8%B6%D8%B1%D9%8A%D8%A8%D8%A9_%D9%85%D8%B9%D8%A7%D9%85%D9%84%D8%A7%D8%AA_%D9%85%D8%A7%D9%84%D9%8A%D8%A9" title="ضريبة معاملات مالية – Arabic" lang="ar" hreflang="ar" data-title="ضريبة معاملات مالية" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target">العربية</a></li><li class="interlanguage-link interwiki-ast mw-list-item"><a href="https://ast.wikipedia.org/wiki/Tasa_sobre_les_transaiciones_financieres" title="Tasa sobre les transaiciones financieres – Asturian" lang="ast" hreflang="ast" data-title="Tasa sobre les transaiciones financieres" data-language-autonym="Asturianu" data-language-local-name="Asturian" class="interlanguage-link-target">Asturianu</a></li><li class="interlanguage-link interwiki-zh-min-nan mw-list-item"><a href="https://zh-min-nan.wikipedia.org/wiki/Kim-i%C3%B4ng_kau-e%CC%8Dk_s%C3%B2e" title="Kim-iông kau-e̍k sòe – Minnan" lang="nan" hreflang="nan" data-title="Kim-iông kau-e̍k sòe" data-language-autonym="閩南語 / Bân-lâm-gú" data-language-local-name="Minnan" class="interlanguage-link-target">閩南語 / Bân-lâm-gú</a></li><li class="interlanguage-link interwiki-ca mw-list-item"><a href="https://ca.wikipedia.org/wiki/Taxa_sobre_les_transaccions_financeres" title="Taxa sobre les transaccions financeres – Catalan" lang="ca" hreflang="ca" data-title="Taxa sobre les transaccions financeres" data-language-autonym="Català" data-language-local-name="Catalan" class="interlanguage-link-target">Català</a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/Da%C5%88_z_finan%C4%8Dn%C3%AD_transakce" title="Daň z finanční transakce – Czech" lang="cs" hreflang="cs" data-title="Daň z finanční transakce" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target">Čeština</a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Finanztransaktionssteuer" title="Finanztransaktionssteuer – German" lang="de" hreflang="de" data-title="Finanztransaktionssteuer" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target">Deutsch</a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Tasa_sobre_las_transacciones_financieras" title="Tasa sobre las transacciones financieras – Spanish" lang="es" hreflang="es" data-title="Tasa sobre las transacciones financieras" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target">Español</a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D9%85%D8%A7%D9%84%DB%8C%D8%A7%D8%AA_%D9%85%D8%B9%D8%A7%D9%85%D9%84%D8%A7%D8%AA_%D9%85%D8%A7%D9%84%DB%8C" title="مالیات معاملات مالی – Persian" lang="fa" hreflang="fa" data-title="مالیات معاملات مالی" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target">فارسی</a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Tassa_sulle_transazioni_finanziarie" title="Tassa sulle transazioni finanziarie – Italian" lang="it" hreflang="it" data-title="Tassa sulle transazioni finanziarie" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target">Italiano</a></li><li class="interlanguage-link interwiki-hu mw-list-item"><a href="https://hu.wikipedia.org/wiki/P%C3%A9nz%C3%BCgyi_tranzakci%C3%B3s_illet%C3%A9k" title="Pénzügyi tranzakciós illeték – Hungarian" lang="hu" hreflang="hu" data-title="Pénzügyi tranzakciós illeték" data-language-autonym="Magyar" data-language-local-name="Hungarian" class="interlanguage-link-target">Magyar</a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E9%87%91%E8%9E%8D%E5%8F%96%E5%BC%95%E7%A8%8E" title="金融取引税 – Japanese" lang="ja" hreflang="ja" data-title="金融取引税" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target">日本語</a></li><li class="interlanguage-link interwiki-no mw-list-item"><a href="https://no.wikipedia.org/wiki/Skatt_p%C3%A5_finanstransaksjoner" title="Skatt på finanstransaksjoner – Norwegian Bokmål" lang="nb" hreflang="nb" data-title="Skatt på finanstransaksjoner" data-language-autonym="Norsk bokmål" data-language-local-name="Norwegian Bokmål" class="interlanguage-link-target">Norsk bokmål</a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%9D%D0%B0%D0%BB%D0%BE%D0%B3_%D0%A0%D0%BE%D0%B1%D0%B8%D0%BD_%D0%93%D1%83%D0%B4%D0%B0" title="Налог Робин Гуда – Russian" lang="ru" hreflang="ru" data-title="Налог Робин Гуда" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target">Русский</a></li> </ul> <div class="after-portlet after-portlet-lang"><a href="https://www.wikidata.org/wiki/Special:EntityPage/Q1328471#sitelinks-wikipedia" title="Edit interlanguage links" class="wbc-editpage">Edit links</a></div> </div> </div> </div> </header> <div class="vector-page-toolbar"> <div class="vector-page-toolbar-container"> <div id="left-navigation"> <nav aria-label="Namespaces"> <div id="p-associated-pages" class="vector-menu vector-menu-tabs mw-portlet mw-portlet-associated-pages" > <div class="vector-menu-content"> <ul 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href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><table class="sidebar sidebar-collapse nomobile nowraplinks hlist"><tbody><tr><td class="sidebar-pretitle">Part of a series on</td></tr><tr><th class="sidebar-title-with-pretitle"><a href="/wiki/Tax" title="Tax">Taxation</a></th></tr><tr><td class="sidebar-image"><a href="/wiki/File:10_Percent_Legacy_and_Succession_Duty_Impressed_Duty_Stamp.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b1/10_Percent_Legacy_and_Succession_Duty_Impressed_Duty_Stamp.svg/100px-10_Percent_Legacy_and_Succession_Duty_Impressed_Duty_Stamp.svg.png" decoding="async" width="100" height="113" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b1/10_Percent_Legacy_and_Succession_Duty_Impressed_Duty_Stamp.svg/150px-10_Percent_Legacy_and_Succession_Duty_Impressed_Duty_Stamp.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b1/10_Percent_Legacy_and_Succession_Duty_Impressed_Duty_Stamp.svg/200px-10_Percent_Legacy_and_Succession_Duty_Impressed_Duty_Stamp.svg.png 2x" data-file-width="440" data-file-height="496" /></a></td></tr><tr><td class="sidebar-above"> An aspect of <a href="/wiki/Fiscal_policy" title="Fiscal policy">fiscal policy</a></td></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)"><a href="/wiki/Tax_policy" title="Tax policy">Policies</a></div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"> <ul><li><a href="/wiki/Government_revenue" title="Government revenue">Government revenue</a></li> <li><a href="/wiki/Property_tax_equalization" title="Property tax equalization">Property tax equalization</a></li> <li><a href="/wiki/Tax_revenue" title="Tax revenue">Tax revenue</a></li> <li><a href="/wiki/Non-tax_revenue" title="Non-tax revenue">Non-tax revenue</a></li> <li><a href="/wiki/Tax_law" title="Tax law">Tax law</a></li> <li><a href="/wiki/Tax_bracket" title="Tax bracket">Tax bracket</a> <ul><li><a href="/wiki/Flat_tax" title="Flat tax">Flat tax</a></li></ul></li> <li><a href="/wiki/Income_tax_threshold" title="Income tax threshold">Tax threshold</a></li> <li><a href="/wiki/Taxation_as_theft" title="Taxation as theft">Taxation as theft</a></li> <li><a href="/wiki/Tax_shift" title="Tax shift">Tax shift</a></li> <li><a href="/wiki/Tax_cut" title="Tax cut">Tax cut</a></li> <li><a href="/wiki/Tax_advantage" title="Tax advantage">Tax advantage</a></li> <li><a href="/wiki/Tax_incentive" title="Tax incentive">Tax incentive</a></li> <li><a href="/wiki/Tax_reform" title="Tax reform">Tax reform</a></li> <li><a href="/wiki/Tax_harmonization" title="Tax harmonization">Tax harmonization</a></li> <li><a href="/wiki/Tax_competition" title="Tax competition">Tax competition</a></li> <li><a href="/wiki/Double_taxation" title="Double taxation">Double taxation</a></li> <li><a href="/wiki/No_taxation_without_representation" title="No taxation without representation">Representation</a></li> <li><a href="/wiki/Medical_savings_account" title="Medical savings account">Medical savings account</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)"><a href="/wiki/Tax#Economic_effects" title="Tax">Economics</a></div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base, #202122 ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> General Theory</th></tr><tr><td class="sidebar-content hlist" style="padding-left:0.5em;padding-right:0.5em;"> <ul><li><a href="/wiki/Effect_of_taxes_and_subsidies_on_price" title="Effect of taxes and subsidies on price">Price effect</a></li> <li><a href="/wiki/Excess_burden_of_taxation" title="Excess burden of taxation">Excess burden</a></li> <li><a href="/wiki/Tax_incidence" title="Tax incidence">Tax incidence</a></li> <li><a href="/wiki/Laffer_curve" title="Laffer curve">Laffer curve</a></li> <li><a href="/wiki/Optimal_tax" title="Optimal tax">Optimal tax</a></li> <li><a href="/wiki/Fiscal_illusion" title="Fiscal illusion">Fiscal illusion</a></li> <li><a href="/wiki/Theories_of_taxation" title="Theories of taxation">Theories</a></li> <li><a href="/wiki/Optimal_capital_income_taxation" title="Optimal capital income taxation">Optimal capital income taxation</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> Distribution of Tax</th></tr><tr><td class="sidebar-content hlist" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Tax_rate" title="Tax rate">Tax rate</a></li> <li><a href="/wiki/Flat_tax" title="Flat tax">Flat</a></li> <li><a href="/wiki/Progressive_tax" title="Progressive tax">Progressive</a></li> <li><a href="/wiki/Regressive_tax" title="Regressive tax">Regressive</a></li> <li><a href="/wiki/Proportional_tax" title="Proportional tax">Proportional</a></li></ul></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)"><a href="/wiki/Tax_collection" class="mw-redirect" title="Tax collection">Collection</a></div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"> <ul><li><a href="/wiki/Revenue_service" title="Revenue service">Revenue service</a></li> <li><a href="/wiki/Revenue_stamp" title="Revenue stamp">Revenue stamp</a></li> <li><a href="/wiki/Tax_assessment" title="Tax assessment">Tax assessment</a></li> <li><a href="/wiki/Taxable_income" title="Taxable income">Taxable income</a></li> <li><a href="/wiki/Tax_lien" title="Tax lien">Tax lien</a></li> <li><a href="/wiki/Tax_refund" title="Tax refund">Tax refund</a></li> <li><a href="/wiki/Tax_shield" title="Tax shield">Tax shield</a></li> <li><a href="/wiki/Tax_residence" title="Tax residence">Tax residence</a></li> <li><a href="/wiki/Tax_preparation" class="mw-redirect" title="Tax preparation">Tax preparation</a></li> <li><a href="/wiki/Tax_protester" title="Tax protester">Tax protester</a></li> <li><a href="/wiki/Tax_investigation" title="Tax investigation">Tax investigation</a></li> <li><a href="/wiki/Tax_collector" title="Tax collector">Tax collector</a></li> <li><a href="/wiki/Tax_withholding" title="Tax withholding">Tax withholding</a></li> <li><a href="/wiki/Privatized_tax_collection" title="Privatized tax collection">Private tax collection</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)"><a href="/wiki/Tax_noncompliance" title="Tax noncompliance">Noncompliance</a></div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base, #202122 ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> Legal <a href="/wiki/Tax_avoidance" title="Tax avoidance">tax avoidance</a></th></tr><tr><td class="sidebar-content hlist" style="padding-left:0.5em;padding-right:0.5em;"> <ul><li><a href="/wiki/Base_erosion_and_profit_shifting" title="Base erosion and profit shifting">Base erosion and profit shifting</a> (BEPS) <ul><li><a href="/wiki/Double_Irish_arrangement" title="Double Irish arrangement">Double Irish</a> <ul><li><a href="/wiki/Double_Irish_arrangement#Replacement_by_single_malt" title="Double Irish arrangement">Single Malt</a></li> <li><a href="/wiki/Double_Irish_arrangement#Backstop_of_capital_allowances" title="Double Irish arrangement">CAIA</a></li></ul></li> <li><a href="/wiki/Dutch_Sandwich" title="Dutch Sandwich">Dutch Sandwich</a></li></ul></li> <li><a href="/wiki/Tax_credit" title="Tax credit">Tax credit</a></li> <li><a href="/wiki/Tax_deduction" title="Tax deduction">Tax deduction</a></li> <li><a href="/wiki/Tax_exemption" title="Tax exemption">Tax exemption</a></li> <li><a href="/wiki/Taxpayer_groups" title="Taxpayer groups">Taxpayer groups</a></li> <li><a href="/wiki/Tax_holiday" title="Tax holiday">Tax holiday</a></li> <li><a href="/wiki/Tax_inversion" title="Tax inversion">Tax inversion</a></li> <li><a href="/wiki/Farm_(revenue_leasing)" title="Farm (revenue leasing)">Tax farming</a></li> <li><a href="/wiki/Repatriation_tax_avoidance" title="Repatriation tax avoidance">Repatriation tax avoidance</a></li> <li><a href="/wiki/Tax_patent" title="Tax patent">Tax patent</a></li> <li><a href="/wiki/Tax_shelter" title="Tax shelter">Tax shelter</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> Illegal <a href="/wiki/Tax_evasion" title="Tax evasion">tax evasion</a></th></tr><tr><td class="sidebar-content hlist" style="padding-left:0.5em;padding-right:0.5em;"> <ul><li><a href="/wiki/Tax_amnesty" title="Tax amnesty">Tax amnesty</a></li> <li><a href="/wiki/Black_market" title="Black market">Black market</a></li> <li><a href="/wiki/Debtors%27_prison" title="Debtors' prison">Debtors' prison</a></li> <li><a href="/wiki/Tax_exile" title="Tax exile">Tax exile</a></li> <li><a href="/wiki/Smuggling" title="Smuggling">Smuggling</a></li> <li><a href="/wiki/Tax_resistance" title="Tax resistance">Tax resistance</a></li> <li><a href="/wiki/Transfer_mispricing" title="Transfer mispricing">Transfer mispricing</a></li> <li><a href="/wiki/Unreported_employment" title="Unreported employment">Unreported employment</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> Locations</th></tr><tr><td class="sidebar-content hlist" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Tax_haven" title="Tax haven">Tax havens</a></li> <li><a href="/wiki/Corporate_haven" title="Corporate haven">Corporate havens</a></li> <li><a href="/wiki/Offshore_financial_centre" title="Offshore financial centre">Offshore financial centres</a> (OFCs)</li> <li><a href="/wiki/Offshore_magic_circle" title="Offshore magic circle">Offshore magic circle</a></li> <li><a href="/wiki/Conduit_and_sink_OFCs" title="Conduit and sink OFCs">Conduit and sink OFCs</a></li> <li><a href="/wiki/Financial_centre" title="Financial centre">Financial centres</a></li> <li><a href="/wiki/Financial_Secrecy_Index" title="Financial Secrecy Index">Financial Secrecy Index</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> Major examples</th></tr><tr><td class="sidebar-content hlist" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Ireland_as_a_tax_haven" title="Ireland as a tax haven">Ireland as a tax haven</a> <ul><li><a href="/wiki/Apple%27s_EU_tax_dispute" title="Apple's EU tax dispute">Ireland v. Commission</a></li> <li><a href="/wiki/Leprechaun_economics" title="Leprechaun economics">Leprechaun economics</a></li></ul></li> <li><a href="/wiki/2008_Liechtenstein_tax_affair" title="2008 Liechtenstein tax affair">Liechtenstein tax affair</a></li> <li><a href="/wiki/LuxLeaks" title="LuxLeaks">Luxembourg Leaks</a></li> <li><a href="/wiki/Offshore_Leaks" title="Offshore Leaks">Offshore Leaks</a></li> <li><a href="/wiki/Paradise_Papers" title="Paradise Papers">Paradise Papers</a></li> <li><a href="/wiki/Panama_Papers" title="Panama Papers">Panama Papers</a></li> <li><a href="/wiki/Swiss_Leaks" title="Swiss Leaks">Swiss Leaks</a></li> <li><a href="/wiki/United_States_as_a_tax_haven" title="United States as a tax haven">United States as a tax haven</a></li> <li><a href="/wiki/Panama_as_a_tax_haven" title="Panama as a tax haven">Panama as a tax haven</a></li></ul></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)"><a href="/wiki/List_of_taxes" title="List of taxes">Types</a></div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"> <ul><li><a href="/wiki/Direct_tax" title="Direct tax">Direct</a></li> <li><a href="/wiki/Indirect_tax" title="Indirect tax">Indirect</a></li> <li><a href="/wiki/Per_unit_tax" title="Per unit tax">Per unit</a></li> <li><a href="/wiki/Ad_valorem_tax" title="Ad valorem tax">Ad valorem</a></li> <li><a href="/wiki/Aviation_taxation_and_subsidies" title="Aviation taxation and subsidies">Aviation</a> <ul><li><a href="/wiki/Airport_improvement_fee" title="Airport improvement fee">Airport improvement</a></li> <li><a href="/wiki/Landing_fee" title="Landing fee">Landing</a></li> <li><a href="/wiki/Solidarity_tax_on_airplane_tickets" title="Solidarity tax on airplane tickets">Solidarity</a></li></ul></li> <li><a href="/wiki/Capital_gains_tax" title="Capital gains tax">Capital gains</a> <ul><li><a href="/wiki/Expatriation_tax" title="Expatriation tax">Expatriation</a></li></ul></li> <li><a href="/wiki/Consumption_tax" title="Consumption tax">Consumption</a> <ul><li><a href="/wiki/Departure_tax" title="Departure tax">Departure</a></li> <li><a href="/wiki/Hotel_tax" class="mw-redirect" title="Hotel tax">Hotel</a></li> <li><a href="/wiki/Sales_tax" title="Sales tax">Sales</a></li> <li><a href="/wiki/Stamp_duty" title="Stamp duty">Stamp</a></li> <li><a href="/wiki/Television_licence" title="Television licence">Television</a></li> <li><a href="/wiki/Tourist_tax" title="Tourist tax">Tourist</a></li> <li><a href="/wiki/Value-added_tax" title="Value-added tax">Value-added</a></li></ul></li> <li><a href="/wiki/Dividend_tax" title="Dividend tax">Dividend</a></li> <li><a href="/wiki/Environmental_tax" title="Environmental tax">Environmental tax</a> <ul><li><a href="/wiki/Carbon_tax" title="Carbon tax">Carbon</a></li> <li><a href="/wiki/Eco-tariff" title="Eco-tariff">Eco-tariff</a></li> <li><a href="/wiki/Landfill_tax" title="Landfill tax">Landfill</a></li> <li><a href="/wiki/Natural_resources_consumption_tax" title="Natural resources consumption tax">Natural resources consumption</a></li> <li><a href="/wiki/Severance_tax" title="Severance tax">Severance</a></li> <li><a href="/wiki/Steering_tax" title="Steering tax">Steering</a></li> <li><a href="/wiki/Stumpage" title="Stumpage">Stumpage</a></li></ul></li> <li><a href="/wiki/Excise" title="Excise">Excise</a> <ul><li><a href="/wiki/Alcohol_law" title="Alcohol law">Alcohol</a></li> <li><a href="/wiki/Cigarette_taxes_in_the_United_States" title="Cigarette taxes in the United States">Cigarette</a></li> <li><a href="/wiki/Fat_tax" title="Fat tax">Fat</a></li> <li><a href="/wiki/Meat_tax" title="Meat tax">Meat</a></li> <li><a href="/wiki/Sin_tax" title="Sin tax">Sin</a></li> <li><a href="/wiki/Sugary_drink_tax" title="Sugary drink tax">Sugary drink</a></li> <li><a href="/wiki/Tobacco_smoking" title="Tobacco smoking">Tobacco</a></li></ul></li> <li><a href="/wiki/Consolidated_Fund" title="Consolidated Fund">General</a></li> <li><a href="/wiki/Georgism" title="Georgism">Georgist</a></li> <li><a href="/wiki/Gift_tax" title="Gift tax">Gift</a></li> <li><a href="/wiki/Gross_receipts_tax" title="Gross receipts tax">Gross receipts</a></li> <li><a href="/wiki/Hypothecated_tax" title="Hypothecated tax">Hypothecated</a></li> <li><a href="/wiki/Income_tax" title="Income tax">Income</a></li> <li><a href="/wiki/Inheritance_tax" title="Inheritance tax">Inheritance (estate)</a></li> <li><a href="/wiki/Land_value_tax" title="Land value tax">Land value</a></li> <li><a href="/wiki/Luxury_tax" title="Luxury tax">Luxury</a></li> <li><a href="/wiki/Payroll_tax" title="Payroll tax">Payroll</a></li> <li><a href="/wiki/Pigouvian_tax" title="Pigouvian tax">Pigouvian</a></li> <li><a href="/wiki/Property_tax" title="Property tax">Property</a></li> <li><a href="/wiki/Resource_rent_tax" title="Resource rent tax">Resource rent</a></li> <li><a href="/wiki/Single_tax" title="Single tax">Single</a></li> <li><a href="/wiki/Surtax" title="Surtax">Surtax</a></li> <li><a href="/wiki/Turnover_tax" title="Turnover tax">Turnover</a></li> <li><a href="/wiki/Use_tax" title="Use tax">Use</a></li> <li><a href="/wiki/User_charge" title="User charge">User charge</a>/<a href="/wiki/User_fee" title="User fee">fee</a> <ul><li><a href="/wiki/Congestion_pricing" title="Congestion pricing">Congestion</a></li> <li><a href="/wiki/Fuel_tax" title="Fuel tax">Fuel</a></li> <li><a href="/wiki/Road_pricing" title="Road pricing">Road</a>/<a href="/wiki/GNSS_road_pricing" title="GNSS road pricing">GNSS</a></li> <li><a href="/wiki/Toll_(fee)" title="Toll (fee)">Toll</a></li> <li><a href="/wiki/Vehicle_miles_traveled_tax" title="Vehicle miles traveled tax">Vehicle miles traveled</a></li></ul></li> <li><a href="/wiki/Corporate_tax" title="Corporate tax">Corporate profit</a></li> <li><a href="/wiki/Excess_profits_tax" title="Excess profits tax">Excess profits</a></li> <li><a href="/wiki/Windfall_tax" title="Windfall tax">Windfall</a></li> <li><a href="/wiki/Negative_income_tax" title="Negative income tax">Negative (income)</a></li> <li><a href="/wiki/Wealth_tax" title="Wealth tax">Wealth</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)"><a href="/wiki/International_taxation" title="International taxation">International</a></div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"> <ul><li><a class="mw-selflink selflink">Financial transaction tax</a></li> <li><a href="/wiki/Association_for_the_Taxation_of_Financial_Transactions_and_for_Citizens%27_Action" title="Association for the Taxation of Financial Transactions and for Citizens' Action">ATTAC</a></li> <li><a href="/wiki/Currency_transaction_tax" title="Currency transaction tax">Currency transaction tax</a></li> <li><a href="/wiki/Common_Consolidated_Corporate_Tax_Base" title="Common Consolidated Corporate Tax Base">European Union Common Consolidated Corporate Tax Base</a> (CCCTB)</li> <li><a href="/wiki/Global_minimum_corporate_tax_rate" title="Global minimum corporate tax rate">Global minimum corporate tax rate</a></li> <li><a href="/wiki/Robin_Hood_tax" title="Robin Hood tax">Robin Hood tax</a></li> <li><a href="/wiki/Tobin_tax" title="Tobin tax">Tobin tax</a></li> <li><a href="/wiki/Spahn_tax" title="Spahn tax">Spahn tax</a></li> <li><a href="/wiki/Tax_equalization" title="Tax equalization">Tax equalization</a></li> <li><a href="/wiki/Tax_treaty" title="Tax treaty">Tax treaty</a></li> <li><a href="/wiki/Exchange_of_Information" class="mw-redirect" title="Exchange of Information">Exchange of Information</a></li> <li><a href="/wiki/Permanent_establishment" title="Permanent establishment">Permanent establishment</a></li> <li><a href="/wiki/Transfer_pricing" title="Transfer pricing">Transfer pricing</a></li> <li><a href="/wiki/European_Union_financial_transaction_tax" title="European Union financial transaction tax">European Union FTT</a></li> <li><a href="/wiki/Rule_against_foreign_revenue_enforcement" title="Rule against foreign revenue enforcement">Foreign revenue rule</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)"><a href="/wiki/Trade" title="Trade">Trade</a></div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"> <ul><li><a href="/wiki/Customs" title="Customs">Custom</a></li> <li><a href="/wiki/Duty_(economics)" class="mw-redirect" title="Duty (economics)">Duty</a></li> <li><a href="/wiki/Tariff" title="Tariff">Tariff</a> <ul><li><a href="/wiki/Import" title="Import">Import</a></li> <li><a href="/wiki/Export" title="Export">Export</a></li></ul></li> <li><a href="/wiki/Trade_war" title="Trade war">Tariff war</a></li> <li><a href="/wiki/Free_trade" title="Free trade">Free trade</a></li> <li><a href="/wiki/Free-trade_zone" title="Free-trade zone">Free-trade zone</a></li> <li><a href="/wiki/Trade_agreement" title="Trade agreement">Trade agreement</a></li> <li><a href="/wiki/ATA_Carnet" title="ATA Carnet">ATA Carnet</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)">Research</div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base, #202122 ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> Academic</th></tr><tr><td class="sidebar-content hlist" style="padding-left:0.5em;padding-right:0.5em;"> <ul><li><a href="/wiki/Mihir_A._Desai" title="Mihir A. Desai">Mihir A. Desai</a></li> <li><a href="/wiki/Dhammika_Dharmapala" title="Dhammika Dharmapala">Dhammika Dharmapala</a></li> <li><a href="/wiki/James_R._Hines_Jr." title="James R. Hines Jr.">James R. Hines Jr.</a></li> <li><a href="/wiki/Ronen_Palan" title="Ronen Palan">Ronen Palan</a></li> <li><a href="/wiki/Joel_Slemrod" title="Joel Slemrod">Joel Slemrod</a></li> <li><a href="/wiki/Gabriel_Zucman" title="Gabriel Zucman">Gabriel Zucman</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> Advocacy groups</th></tr><tr><td class="sidebar-content hlist" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Institute_on_Taxation_and_Economic_Policy" title="Institute on Taxation and Economic Policy">Institute on Taxation and Economic Policy</a> (ITEP)</li> <li><a href="/wiki/Oxfam" title="Oxfam">Oxfam</a> (UK)</li> <li><a href="/wiki/Tax_Foundation" title="Tax Foundation">Tax Foundation</a> (US)</li> <li><a href="/wiki/Tax_Justice_Network" title="Tax Justice Network">Tax Justice Network</a> (TJN)</li> <li><a href="/wiki/Tax_Policy_Center" title="Tax Policy Center">Tax Policy Center</a> (US)</li></ul></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)"><a href="/wiki/Religion" title="Religion">Religious</a></div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"> <ul><li><a href="/wiki/Church_tax" title="Church tax">Church tax</a></li> <li><a href="/wiki/Eight_per_thousand" title="Eight per thousand">Eight per thousand</a></li> <li><a href="/wiki/Teind" title="Teind">Teind</a></li> <li><a href="/wiki/Tithe" title="Tithe">Tithe</a></li> <li><a href="/wiki/Fiscus_Judaicus" title="Fiscus Judaicus">Fiscus Judaicus</a></li> <li><a href="/wiki/Leibzoll" title="Leibzoll">Leibzoll</a></li> <li><a href="/wiki/Temple_tax" title="Temple tax">Temple tax</a></li> <li><a href="/wiki/Tolerance_tax" title="Tolerance tax">Tolerance tax</a></li> <li><a href="/wiki/Jizya" title="Jizya">Jizya</a></li> <li><a href="/wiki/Kharaj" title="Kharaj">Kharaj</a></li> <li><a href="/wiki/Khums" title="Khums">Khums</a></li> <li><a href="/wiki/Nisab" title="Nisab">Nisab</a></li> <li><a href="/wiki/Zakat" title="Zakat">Zakat</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="background-color: #efefef;;color: var(--color-base)"><a href="/wiki/Category:Taxation_by_country" title="Category:Taxation by country">By country</a></div><div class="sidebar-list-content mw-collapsible-content" style="background-color: #ffffff;"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base, #202122 ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> All Countries</th></tr><tr><td class="sidebar-content hlist" style="padding-left:0.5em;padding-right:0.5em;"> <ul><li><a href="/wiki/List_of_countries_by_tax_rates" title="List of countries by tax rates">List of countries by tax rates</a> <ul><li><a href="/wiki/List_of_countries_by_tax_revenue_to_GDP_ratio" class="mw-redirect" title="List of countries by tax revenue to GDP ratio">Tax revenue to GDP ratio</a></li></ul></li> <li><a href="/wiki/Tax_rates_in_Europe" title="Tax rates in Europe">Tax rates in Europe</a></li></ul></td> </tr><tr><th class="sidebar-heading" style="background:#e9e9ff;font-weight:normal;font-style:italic;"> Individual Countries</th></tr><tr><td class="sidebar-content hlist" style="padding-top:0.15em;"> <ul><li><a href="/wiki/Taxation_in_Albania" title="Taxation in Albania">Albania</a></li> <li><a href="/wiki/Taxation_in_Algeria" title="Taxation in Algeria">Algeria</a></li> <li><a href="/wiki/Taxation_in_Argentina" title="Taxation in Argentina">Argentina</a></li> <li><a href="/wiki/Taxation_in_Armenia" title="Taxation in Armenia">Armenia</a></li> <li><a href="/wiki/Taxation_in_Australia" title="Taxation in Australia">Australia</a></li> <li><a href="/wiki/Taxation_in_Azerbaijan" title="Taxation in Azerbaijan">Azerbaijan</a></li> <li><a href="/wiki/Taxation_in_Bangladesh" title="Taxation in Bangladesh">Bangladesh</a></li> <li><a href="/wiki/Taxation_in_Bhutan" title="Taxation in Bhutan">Bhutan</a></li> <li><a href="/wiki/Taxation_in_Brazil" title="Taxation in Brazil">Brazil</a></li> <li><a href="/wiki/Taxation_in_Bulgaria" title="Taxation in Bulgaria">Bulgaria</a></li> <li><a href="/wiki/Taxation_in_the_British_Virgin_Islands" title="Taxation in the British Virgin Islands">BVI</a></li> <li><a href="/wiki/Taxation_in_Canada" title="Taxation in Canada">Canada</a></li> <li><a href="/wiki/Taxation_in_China" title="Taxation in China">China</a></li> <li><a href="/wiki/Taxation_in_Colombia" title="Taxation in Colombia">Colombia</a></li> <li><a href="/wiki/Taxation_in_Croatia" title="Taxation in Croatia">Croatia</a></li> <li><a href="/wiki/Taxation_in_Denmark" title="Taxation in Denmark">Denmark</a></li> <li><a href="/wiki/Taxation_in_Finland" title="Taxation in Finland">Finland</a></li> <li><a href="/wiki/Taxation_in_France" title="Taxation in France">France</a></li> <li><a href="/wiki/Taxation_in_Germany" title="Taxation in Germany">Germany</a></li> <li><a href="/wiki/Taxation_in_Greece" title="Taxation in Greece">Greece</a></li> <li><a href="/wiki/Taxation_in_Hong_Kong" title="Taxation in Hong Kong">Hong Kong</a></li> <li><a href="/wiki/Taxation_in_Iceland" title="Taxation in Iceland">Iceland</a></li> <li><a href="/wiki/Taxation_in_India" title="Taxation in India">India</a></li> <li><a href="/wiki/Taxation_in_Indonesia" title="Taxation in Indonesia">Indonesia</a></li> <li><a href="/wiki/Taxation_in_Iran" title="Taxation in Iran">Iran</a></li> <li><a href="/wiki/Taxation_in_the_Republic_of_Ireland" title="Taxation in the Republic of Ireland">Ireland</a></li> <li><a href="/wiki/Taxation_in_Israel" title="Taxation in Israel">Israel</a></li> <li><a href="/wiki/Taxation_in_Italy" title="Taxation in Italy">Italy</a></li> <li><a href="/wiki/Taxation_in_Japan" title="Taxation in Japan">Japan</a></li> <li><a href="/wiki/Taxation_in_Kazakhstan" title="Taxation in Kazakhstan">Kazakhstan</a></li> <li><a href="/wiki/Taxation_in_Lithuania" title="Taxation in Lithuania">Lithuania</a></li> <li><a href="/wiki/Taxation_in_Malta" title="Taxation in Malta">Malta</a></li> <li><a href="/wiki/Taxation_in_Morocco" title="Taxation in Morocco">Morocco</a></li> <li><a href="/wiki/Taxation_in_Namibia" title="Taxation in Namibia">Namibia</a></li> <li><a href="/wiki/Taxation_in_the_Netherlands" title="Taxation in the Netherlands">Netherlands</a></li> <li><a href="/wiki/Taxation_in_New_Zealand" title="Taxation in New Zealand">New Zealand</a></li> <li><a href="/wiki/Taxation_in_Norway" title="Taxation in Norway">Norway</a></li> 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class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/24px-Emblem-money.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/32px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48" /></a> <a href="/wiki/Portal:Business" title="Portal:Business">Business portal</a></li> <li><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/16px-Bills_and_coins.svg.png" decoding="async" width="16" height="8" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/24px-Bills_and_coins.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/55/Bills_and_coins.svg/32px-Bills_and_coins.svg.png 2x" data-file-width="960" data-file-height="465" /> <a href="/wiki/Portal:Money" title="Portal:Money">Money portal</a></li></ul></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Taxation" class="mw-redirect" title="Template:Taxation"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Taxation" class="mw-redirect" title="Template talk:Taxation"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Taxation" title="Special:EditPage/Template:Taxation"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> A financial transaction tax (FTT) is a <a href="/wiki/Tax" title="Tax">levy</a> on a specific type of <a href="/wiki/Financial_transaction" title="Financial transaction">financial transaction</a> for a particular purpose. The tax has been most commonly associated with the <a href="/wiki/Financial_sector" class="mw-redirect" title="Financial sector">financial sector</a> for transactions involving intangible property rather than real property. It is not usually considered to include <a href="/wiki/Consumption_tax" title="Consumption tax">consumption taxes</a> paid by consumers.<a href="#cite_note-1">[1]</a> A transaction tax is levied on specific transactions designated as taxable rather than on any other attributes of <a href="/wiki/Financial_institution" title="Financial institution">financial institutions</a>. If an institution is never a party to a taxable transaction, then no transaction tax will be levied from it.<a href="#cite_note-2">[2]</a> 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 <a href="/wiki/Financial_activity_tax" class="mw-redirect" title="Financial activity tax">financial activities tax</a> (FAT), and is not directly an industry or sector tax like a Financial stability contribution (FSC), or "<a href="/wiki/Bank_tax" title="Bank tax">bank tax</a>",<a href="#cite_note-distraction-3">[3]</a> for example. These distinctions are important in discussions about the utility of <a href="/wiki/Financial_transaction" title="Financial transaction">financial transaction</a> tax as a tool to selectively discourage excessive <a href="/wiki/Speculation" title="Speculation">speculation</a> without discouraging any other activity (as <a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">John Maynard Keynes</a> originally envisioned it in 1936).<a href="#cite_note-Spratt-4">[4]</a> 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 multinational.<a href="#cite_note-Page-5">[5]</a> In 2011 there were 40 countries that made use of FTT, together raising $38 billion (€29bn).<a href="#cite_note-European_voice-6">[6]</a><a href="#cite_note-7">[7]</a> <style data-mw-deduplicate="TemplateStyles:r886046785">.mw-parser-output .toclimit-2 .toclevel-1 ul,.mw-parser-output .toclimit-3 .toclevel-2 ul,.mw-parser-output .toclimit-4 .toclevel-3 ul,.mw-parser-output .toclimit-5 .toclevel-4 ul,.mw-parser-output .toclimit-6 .toclevel-5 ul,.mw-parser-output .toclimit-7 .toclevel-6 ul{display:none}</style><div class="toclimit-3"><meta property="mw:PageProp/toc" /></div> <div class="mw-heading mw-heading2"><h2 id="History">History</h2>[<a href="/w/index.php?title=Financial_transaction_tax&action=edit&section=1" title="Edit section: History">edit</a>]</div> <figure class="mw-default-size mw-halign-left" typeof="mw:File/Thumb"><a href="/wiki/File:Keynes_1933.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/0/04/Keynes_1933.jpg/220px-Keynes_1933.jpg" decoding="async" width="220" height="228" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/0/04/Keynes_1933.jpg 1.5x" data-file-width="289" data-file-height="300" /></a><figcaption><a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">John Maynard Keynes</a> (1933) envisaged the financial transaction tax in 1936.</figcaption></figure> The year 1694 saw an early implementation of a financial transaction tax in the form of a <a href="/wiki/Stamp_duty_in_the_United_Kingdom" title="Stamp duty in the United Kingdom">stamp duty</a> at the <a href="/wiki/London_Stock_Exchange" title="London Stock Exchange">London Stock Exchange</a>. The tax was payable by the buyer of <a href="/wiki/Share_(finance)" title="Share (finance)">shares</a> for the official stamp on the legal document needed to formalize the purchase. As of 2011<a class="external text" href="https://en.wikipedia.org/w/index.php?title=Financial_transaction_tax&action=edit">[update]</a>, it is the oldest tax still in existence in Great Britain.<a href="#cite_note-8">[8]</a> In 1893, the Japanese government introduced the <a href="https://ja.wikipedia.org/wiki/%E5%8F%96%E5%BC%95%E6%89%80%E7%A8%8E" class="extiw" title="ja:取引所税">exchange tax</a>, which continued until 1999. In 1893, the tax rates were 0.06% for securities and commodities and 0.03% for bonds.<a href="#cite_note-F0000000000000015392-9">[9]</a> The United States instituted a <a href="/wiki/Transfer_tax" title="Transfer tax">transfer tax</a> 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 of the Great Depression,<a href="#cite_note-depression-10">[10]</a> then eliminated in 1966. By 2020, all major economies have moved to the <a href="/wiki/Goods_and_services_tax_(Canada)" title="Goods and services tax (Canada)">GST (Goods and Services Tax)</a> based tax system. In 1936, in the wake of the <a href="/wiki/Great_Depression" title="Great Depression">Great Depression</a>, <a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">John Maynard Keynes</a> advocated the wider use of financial transaction taxes.<a href="#cite_note-Spratt-4">[4]</a><a href="#cite_note-Keynes-11">[11]</a>: 105  He proposed the levying of a small transaction tax on dealings on <a href="/wiki/Wall_Street" title="Wall Street">Wall Street</a>, in the United States, where he argued excessive speculation by uninformed financial traders increased <a href="/wiki/Volatility_(finance)" title="Volatility (finance)">volatility</a> (see Keynes financial transaction tax below). In 1972 the <a href="/wiki/Bretton_Woods_system" title="Bretton Woods system">Bretton Woods system</a> for stabilizing currencies effectively came to an end. In that context, <a href="/wiki/James_Tobin" title="James Tobin">James Tobin</a>, influenced by the work of Keynes, suggested his more specific <a href="/wiki/Currency_transaction_tax" title="Currency transaction tax">currency transaction tax</a> for stabilizing currencies on a larger global scale.<a href="#cite_note-Tobin-12">[12]</a> In 1989, at the <a href="/wiki/Buenos_Aires" title="Buenos Aires">Buenos Aires</a> meetings of the <a href="/wiki/International_Institute_of_Public_Finance" title="International Institute of Public Finance">International Institute of Public Finance</a>, <a href="/wiki/University_of_Wisconsin-Madison" class="mw-redirect" title="University of Wisconsin-Madison">University of Wisconsin-Madison</a> Professor of Economics <a href="/wiki/Edgar_L._Feige" title="Edgar L. Feige">Edgar L. Feige</a> proposed extending the tax reform ideas of <a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">John Maynard Keynes</a>,<a href="#cite_note-13">[13]</a> <a href="/wiki/James_Tobin" title="James Tobin">James Tobin</a><a href="#cite_note-14">[14]</a> and <a href="/wiki/Lawrence_Summers" title="Lawrence Summers">Lawrence Summers</a>,<a href="#cite_note-15">[15]</a> to their logical conclusion, namely to tax all transactions.<a href="#cite_note-16">[16]</a> Feige's <a href="/wiki/Automated_Payment_Transaction_tax" title="Automated Payment Transaction tax">Automated Payment Transaction tax</a> (APT tax) proposed taxing the broadest possible tax base at the lowest possible tax rate.<a href="#cite_note-17">[17]</a><a href="#cite_note-18">[18]</a> 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 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).<a href="#cite_note-Akst-19">[19]</a><a href="#cite_note-20">[20]</a> The <a href="/wiki/Automated_Payment_Transaction_tax" title="Automated Payment Transaction tax">Automated Payment Transaction tax</a> proposal was presented to the <a href="/wiki/President%27s_Advisory_Panel_on_Federal_Tax_Reform" title="President's Advisory Panel on Federal Tax Reform">President's Advisory Panel on Federal Tax Reform</a> in 2005.<a href="#cite_note-21">[21]</a> As the <a href="/wiki/EU" class="mw-redirect" title="EU">EU</a>, European free trade, and <a href="/wiki/Euro" title="Euro">Euro</a> 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.<a href="#cite_note-22">[22]</a> During the 1980s the Chicago 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. 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 <a href="/wiki/Automated_Payment_Transaction_tax" title="Automated Payment Transaction tax">Automated Payment Transaction tax</a> 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 standardization of risk reporting under the <a href="/wiki/Basel_I" title="Basel I">Basel I</a> framework, which was itself a response to the 1980s financial speculation crises. However, disclosure had not kept pace with practices. Regulators and policy-makers and theorists by the 1990s had to deal with increasingly complex <a href="/wiki/Financial_engineering" title="Financial engineering">financial engineering</a> 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 <a href="/wiki/Financial_derivative" class="mw-redirect" title="Financial derivative">financial derivatives</a>. "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. [as] suggested by Pollin et al. (1999)." – Palley, 2000<a href="#cite_note-globalpolicy.org-23">[23]</a> The global adoption of a small flat rate <a href="/wiki/Automated_Payment_Transaction_tax" title="Automated Payment Transaction tax">Automated Payment Transaction tax</a> 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)<a href="#cite_note-24">[24]</a> emphasized that transaction taxes "have clearly not prevented the efficient functioning of" financial markets in the 20th century. 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 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."<a href="#cite_note-25">[25]</a> 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 proposals often emerge in response to specific crises. For example, the December 1994 <a href="/wiki/Mexican_peso_crisis" title="Mexican peso crisis">Mexican peso crisis</a> reduced confidence in its currency. In that context, <a href="/wiki/Paul_Bernd_Spahn" title="Paul Bernd Spahn">Paul Bernd Spahn</a> re-examined the <a href="/wiki/Tobin_tax" title="Tobin tax">Tobin tax</a>, opposed its original form, and instead proposed his own version in 1995.<a href="#cite_note-Paul_Bernd_Spahn-26">[26]</a> In the context of the <a href="/wiki/Financial_crisis_of_2007%E2%80%932008" class="mw-redirect" title="Financial crisis of 2007–2008">financial crisis of 2007–2008</a>, 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 <a href="/wiki/European_Union_financial_transaction_tax" title="European Union financial transaction tax">EU financial transaction tax</a>. The outcry after this crisis had major political, legal, and economic fallout. By the 2010s the <a href="/wiki/Basel_II" title="Basel II">Basel II</a> and <a href="/wiki/Basel_III" title="Basel III">Basel III</a> 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 of risk to enable a clear differentiation of hedging vs. speculation.[<a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed">citation needed</a>] As another example of an FTT proposal as a warning to speculators, or a response to the crisis, in March 2016 <a href="/wiki/China" title="China">China</a> drafted rules to impose a genuine <a href="/wiki/Currency_transaction_tax" title="Currency transaction tax">currency transaction tax</a> and this was referred to in the financial press as a Tobin tax <a rel="nofollow" class="external autonumber" href="https://www.bloomberg.com/news/articles/2016-03-15/china-said-to-draft-rules-for-tobin-tax-on-currency-transactions">[1]</a>. This was widely viewed as a warning to curb shorting of its currency the <a href="/wiki/Renminbi" title="Renminbi">yuan</a>. 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. Also in 2016 <a href="/wiki/US_Democratic_Party" class="mw-redirect" title="US Democratic Party">US Democratic Party</a> <a href="/wiki/POTUS" class="mw-redirect" title="POTUS">presidential</a> nominee <a href="/wiki/Hillary_Clinton" title="Hillary Clinton">Hillary Clinton</a> asserted that speculation had "placed stress on our markets, created instability, and enabled unfair and abusive trading strategies" and that as <a href="/wiki/POTUS" class="mw-redirect" title="POTUS">President</a> 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.".<a href="#cite_note-27">[27]</a> However, the term "high-frequency" implied that only a few large volume transaction players engaged in <a href="/wiki/Arbitrage" title="Arbitrage">arbitrage</a> 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. 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 topic of speculation in the financial community, which expected them to follow <a href="/wiki/Basel_III" title="Basel III">Basel III</a> definitions with further refinements. <div class="mw-heading mw-heading2"><h2 id="Purpose">Purpose</h2>[<a href="/w/index.php?title=Financial_transaction_tax&action=edit&section=2" title="Edit section: Purpose">edit</a>]</div> 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. <dl><dt>Curbing volatility of financial markets</dt></dl> 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."<a href="#cite_note-Keynes-11">[11]</a>: 104–105  Rescuing enterprise from becoming "the bubble on a whirlpool of speculation" was also <a href="/wiki/Tobin_tax#Tobin's_concept" title="Tobin tax">an intended purpose of</a> the 1972 <a href="/wiki/Tobin_tax" title="Tobin tax">Tobin tax</a><a href="#cite_note-Jubilee-trans-28">[28]</a><a href="#cite_note-Reiermann-29">[29]</a><a href="#cite_note-Summaries-30">[30]</a><a href="#cite_note-EMN1-31">[31]</a><a href="#cite_note-32">[32]</a> and is a common theme in several other types of financial transaction taxes. For the specific type of <a href="/wiki/Volatility_(finance)" title="Volatility (finance)">volatility</a> in specific areas, see <a href="/wiki/Financial_transaction_taxes#Types_of_financial_transaction_taxes" class="mw-redirect" title="Financial transaction taxes">each specific type of financial transaction taxes</a> below. An exception to the purpose of "curbing of volatility" is likely the "bank transaction tax". <dl><dt>Curbing speculation without discouraging hedging</dt></dl> 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 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 <a href="/wiki/Gambling" title="Gambling">gambling</a> – while trying not to interfere with hedging (a form of <a href="/wiki/Insurance" title="Insurance">insurance</a>). The differences summarize that:[<a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed">citation needed</a>] <ul><li>hedging protects an existing investment against unforeseen price changes, while speculation takes on the additional risk the investor could have avoided</li> <li>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 <a href="/wiki/Gambling" title="Gambling">gambling</a>)</li> <li>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</li> <li>hedging is a form of insurance for risk-averse investors, speculation is for those seeking more rapid returns through higher risk</li></ul> 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, 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" – <a rel="nofollow" class="external autonumber" href="http://validusrm.com/news/hedging-and-speculation-two-sides-of-the-same-coin/">[2]</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20160917102649/http://validusrm.com/news/hedging-and-speculation-two-sides-of-the-same-coin/">Archived</a> 17 September 2016 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>. In general the advocates of financial transaction tax point to <a href="/wiki/Basel_III" title="Basel III">Basel III</a> 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.<a href="#cite_note-globalpolicy.org-23">[23]</a> The sheer duration of a holding is the most cogent clue: Day traders all engage in speculation by definition. <dl><dt>More fair and equitable tax collection</dt></dl> Another common theme is the proposed intention to create a system of more fair and equitable tax collection. The <a href="/wiki/Automated_Payment_Transaction_tax" title="Automated Payment Transaction tax">Automated Payment Transaction tax</a> (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 <a href="/wiki/APT_tax" class="mw-redirect" title="APT tax">APT tax</a> introduces progressiveness through the tax base since the highest income and wealth groups undertake a disproportionate share of financial transactions.<a href="#cite_note-33">[33]</a> In the context of the <a href="/wiki/Financial_crisis_of_2007%E2%80%932008" class="mw-redirect" title="Financial crisis of 2007–2008">financial crisis of 2007–2008</a>, 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 <a href="/wiki/G20" title="G20">G20</a> nations, the <a href="/wiki/International_Monetary_Fund" title="International Monetary Fund">International Monetary Fund</a> (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.<a href="#cite_note-interim-34">[34]</a><a href="#cite_note-BBC1-35">[35]</a> 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 <a href="/wiki/Halifax_Initiative" title="Halifax Initiative">Halifax Initiative</a> is one such economist.<a href="#cite_note-Fraser-36">[36]</a> He proposes that an FTT would not have addressed the root <a href="/wiki/Causes_of_the_United_States_housing_bubble" class="mw-redirect" title="Causes of the United States housing bubble">causes of the United States housing bubble</a> 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.<a href="#cite_note-Fraser-36">[36]</a> <dl><dt>Less susceptible to tax evasion than alternatives</dt></dl> According to some economists, a financial transaction tax is less susceptible to <a href="/wiki/Tax_avoidance_and_tax_evasion" class="mw-redirect" title="Tax avoidance and tax evasion">tax avoidance and tax evasion</a> than other types of taxes proposed for the financial sector. The <a href="/wiki/Automated_Payment_Transaction_tax" title="Automated Payment Transaction tax">Automated Payment Transaction tax</a> (<a href="/wiki/APT_tax" class="mw-redirect" title="APT tax">APT tax</a>)<a href="#cite_note-37">[37]</a> employs 21st century technology for automatically assessing and collecting taxes when transactions are settled through the electronic technology of the banking payments system. <a href="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Joseph Stiglitz</a>, former Senior Vice President and <a href="/wiki/World_Bank_Chief_Economist" class="mw-redirect" title="World Bank Chief Economist">Chief Economist</a> of the <a href="/wiki/World_Bank" title="World Bank">World Bank</a> affirmed <a href="#Technical_feasibility">the "technical feasibility" of the tax</a>. 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.<a href="#cite_note-Edmund_Conway-38">[38]</a> 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 <a href="/wiki/Tax_evasion" title="Tax evasion">tax evasion</a> in the financial sector.<a href="#cite_note-39">[39]</a> Economist Rodney Schmidt, principal researcher of <a href="/wiki/The_North-South_Institute" class="mw-redirect" title="The North-South Institute">The North-South Institute</a>, also concurred that a financial transaction tax is more technically feasible than the <a href="/wiki/Bank_tax#1._Financial_stability_contribution_(FSC),_or_"Bank_tax"" title="Bank tax">"bank tax" proposed by the IMF in 2010</a>.<a href="#cite_note-40">[40]</a> <div class="mw-heading mw-heading2"><h2 id="Types">Types</h2>[<a href="/w/index.php?title=Financial_transaction_tax&action=edit&section=3" title="Edit section: Types">edit</a>]</div> 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.<a href="#cite_note-Spratt-4">[4]</a> <div class="mw-heading mw-heading3"><h3 id="Securities_transaction_tax">Securities transaction tax</h3>[<a href="/w/index.php?title=Financial_transaction_tax&action=edit&section=4" title="Edit section: Securities transaction tax">edit</a>]</div> <a href="/wiki/John_Maynard_Keynes" title="John Maynard Keynes">John Maynard Keynes</a> was among the first proponents of a <a href="/wiki/Securities" class="mw-redirect" title="Securities">securities</a> transaction tax.<a href="#cite_note-Spratt-4">[4]</a> In 1936 he proposed that a small tax should be levied on dealings on <a href="/wiki/Wall_Street" title="Wall Street">Wall Street</a>, 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.<a href="#cite_note-Spratt-4">[4]</a> Keynes writes: "The introduction of a substantial Government <a href="/wiki/Transfer_tax" title="Transfer tax">transfer tax</a> 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)"<a href="#cite_note-Spratt-4">[4]</a> <div class="mw-heading mw-heading3"><h3 id="Currency_transaction_tax">Currency transaction tax</h3>[<a href="/w/index.php?title=Financial_transaction_tax&action=edit&section=5" title="Edit section: Currency transaction tax">edit</a>]</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Currency_transaction_tax" title="Currency transaction tax">Currency transaction tax</a></div> 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 are the Tobin tax, <a href="/wiki/Edgar_L._Feige" title="Edgar L. Feige">Edgar L. Feige</a>'s <a href="/wiki/Automated_Payment_Transaction_tax" title="Automated Payment Transaction tax">Automated Payment Transaction tax</a> and <a href="/wiki/Spahn_tax" title="Spahn tax">Spahn tax</a>. The <a href="/wiki/Automated_Payment_Transaction_tax" title="Automated Payment Transaction tax">Automated Payment Transaction tax</a> 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 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. <dl><dt>Tobin tax</dt></dl> In 1972 the economist <a href="/wiki/James_Tobin" title="James Tobin">James Tobin</a> proposed a tax on all <a href="/wiki/Spot_market" title="Spot market">spot conversions</a> of one currency into another. The so-called <a href="/wiki/Tobin_tax" title="Tobin tax">Tobin tax</a> 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 <a href="/wiki/Bretton_Woods_system" title="Bretton Woods system">Bretton Woods system</a> effectively ended.<a href="#cite_note-Tobin-12">[12]</a> In 2001, James Tobin looked back at the 1994 <a href="/wiki/Mexican_peso_crisis" title="Mexican peso crisis">Mexican peso crisis</a>, the <a href="/wiki/1997_Asian_financial_crisis" title="1997 Asian financial crisis">1997 Asian financial crisis</a>, and the <a href="/wiki/1998_Russian_financial_crisis" title="1998 Russian financial crisis">1998 Russian financial crisis</a>, and said: "[My proposed] tax [idea] 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...."<a href="#cite_note-Jubilee-trans-28">[28]</a><a href="#cite_note-Reiermann-29">[29]</a><a href="#cite_note-Summaries-30">[30]</a><a href="#cite_note-EMN1-31">[31]</a> It is intended to put a penalty on short-term financial round-trip excursions into another currency <dl><dt>Spahn tax</dt></dl> <a href="/wiki/Paul_Bernd_Spahn" title="Paul Bernd Spahn">Paul Bernd Spahn</a> opposed the original form of a Tobin Tax in a Working Paper International Financial Flows and Transactions Taxes: Survey and Options, 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."<a href="#cite_note-Paul_Bernd_Spahn-26">[26]</a> 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."<a href="#cite_note-Paul_Bernd_Spahn-26">[26]</a> This new form of tax, the <a href="/wiki/Spahn_tax" title="Spahn tax">Spahn tax</a>, was later approved by the Belgian Federal Parliament in 2004.<a href="#cite_note-ecb.int-41">[41]</a> It has a two-tier rate structure consisting of a low rate financial transactions tax and an exchange surcharge at prohibitive rates. <dl><dt>Special Drawing Rights</dt></dl> On 19 September 2001, retired speculator <a href="/wiki/George_Soros" title="George Soros">George Soros</a> put forward a proposal, issuing <a href="/wiki/Special_drawing_rights" title="Special drawing rights">special drawing rights</a> (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 <a href="/wiki/United_States_Congress" title="United States Congress">United States Congress</a>. 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".<a href="#cite_note-soros-42">[42]</a> <div class="mw-heading mw-heading3"><h3 id="Bank_transaction_tax">Bank transaction tax</h3>[<a href="/w/index.php?title=Financial_transaction_tax&action=edit&section=6" title="Edit section: Bank transaction tax">edit</a>]</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Bank_transaction_tax" title="Bank transaction tax">Bank transaction tax</a></div> Between 1982 and 2002 Australia charged a <a href="/wiki/Bank_account_debits_tax" title="Bank account debits tax">bank account debits tax</a> on customer withdrawals from bank accounts with a <a href="/wiki/Cheque" title="Cheque">cheque</a> 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 (and/or credit) entries on bank accounts proved to be evasion-proof, more efficient, and less costly than orthodox tax models.<a href="#cite_note-43">[43]</a> It often applies to deposits and withdrawals from bank accounts, often including checking accounts. <div class="mw-heading mw-heading3"><h3 id="Automated_Payment_Transaction_Tax">Automated Payment Transaction Tax</h3>[<a href="/w/index.php?title=Financial_transaction_tax&action=edit&section=7" title="Edit section: Automated Payment Transaction Tax">edit</a>]</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Automated_Payment_Transaction_tax" title="Automated Payment Transaction tax">Automated Payment Transaction tax</a></div> 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.<a href="#cite_note-Akst-19">[19]</a> 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 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,<a href="#cite_note-44">[44]</a> 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. 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. <div class="mw-heading mw-heading2"><h2 id="Implemented_financial_transaction_taxes">Implemented financial transaction taxes</h2>[<a href="/w/index.php?title=Financial_transaction_tax&action=edit&section=8" title="Edit section: Implemented financial transaction taxes">edit</a>]</div> In 2011 there were 40 countries that had FTT in operation, raising $38 billion (€29bn).<a href="#cite_note-European_voice-6">[6]</a> <div class="mw-heading mw-heading3"><h3 id="Belgium">Belgium</h3>[<a href="/w/index.php?title=Financial_transaction_tax&action=edit&section=9" title="Edit section: Belgium">edit</a>]</div> 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 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.<a href="#cite_note-FTT-impact-45">[45]</a> <div class="mw-heading mw-heading3"><h3 id="Colombia">Colombia</h3>[<a href="/w/index.php?title=Financial_transaction_tax&action=edit&section=10" title="Edit section: Colombia">edit</a>]</div> In 1998 Colombia introduced a <a href="/wiki/Taxation_in_Colombia#Financial_transactions_tax" title="Taxation in Colombia">financial transaction tax of 0.2%</a>,<a href="#cite_note-46">[46]</a> covering all financial transactions including <a href="/wiki/Banknotes" class="mw-redirect" title="Banknotes">banknotes</a>, <a href="/wiki/Promissory_notes" class="mw-redirect" title="Promissory notes">promissory notes</a>, processing of payments by way of telegraphic transfer, <a href="/wiki/EFTPOS" title="EFTPOS">EFTPOS</a>, internet banking or other means, <a href="/wiki/Cheque" title="Cheque">bank drafts</a> and <a href="/wiki/Cheque" title="Cheque">bank cheques</a>, money on <a href="/wiki/Term_deposit" class="mw-redirect" title="Term deposit">term deposit</a>, <a href="/wiki/Overdraft" title="Overdraft">overdrafts</a>, installment loans, documentary and standby <a href="/wiki/Letters_of_credit" class="mw-redirect" title="Letters of credit">letters of credit</a>, guarantees, <a href="/wiki/Performance_bond" title="Performance bond">performance bonds</a>, securities underwriting commitments and other forms of off balance sheet exposures, safekeeping of documents and other items in <a href="/wiki/Safe_deposit_box" title="Safe deposit box">safe deposit boxes</a>, currency exchange, sale, distribution or brokerage, with or without advice, unit trusts and similar financial products. Currently the rate is 0.4% <div class="mw-heading mw-heading3"><h3 id="Finland">Finland</h3>[<a href="/w/index.php?title=Financial_transaction_tax&action=edit&section=11" title="Edit section: Finland">edit</a>]</div> 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 exceptions. For E.g. no transfer tax is payable if the equities in question are subject to trading on a qualifying market.<a href="#cite_note-FTT-impact-45">[45]</a> Prime Minister <a href="/wiki/Jyrki_Katainen" title="Jyrki Katainen">Jyrki Katainen</a> (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 <a href="/wiki/Green_League" title="Green League">Green League</a>, the <a href="/wiki/Social_Democratic_Party_of_Finland" title="Social Democratic Party of Finland">Social Democratic Party of Finland</a> and the <a href="/wiki/Left_Alliance_(Finland)" title="Left Alliance (Finland)">Left Alliance</a> had supporters of the tax.<a href="#cite_note-47">[47]</a> 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 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."<a href="#cite_note-48">[48]</a> <div class="mw-heading mw-heading3"><h3 id="France">France</h3>[<a href="/w/index.php?title=Financial_transaction_tax&action=edit&section=12" title="Edit section: France">edit</a>]</div> 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 <a href="/wiki/High-frequency_trading" title="High-frequency trading">high-frequency trading</a>, (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.<a href="#cite_note-49">[49]</a> According to French president <a href="/wiki/Francois_Hollande" class="mw-redirect" title="Francois Hollande">Francois Hollande</a> the tax will generate €170 million in additional revenue for 2012 and another €500 million in 2013.<a href="#cite_note-French-FTT-50">[50]</a> France is the first European country to impose a transaction tax on share purchases.<a href="#cite_note-51">[51]</a> From 2 January 2017 settlement date the rate increased to 0.3%.<a href="#cite_note-THE_FINANCIAL_TRANSACTION_TAX:_A_REALLY_GOOD_IDEA-52">[52]</a> <div class="mw-heading mw-heading3"><h3 id="Greece">Greece</h3>[<a href="/w/index.php?title=Financial_transaction_tax&action=edit&section=13" title="Edit section: Greece">edit</a>]</div> 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. <div class="mw-heading mw-heading3"><h3 id="India">India</h3>[<a href="/w/index.php?title=Financial_transaction_tax&action=edit&section=14" title="Edit section: India">edit</a>]</div> 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 <a href="/wiki/Option_(finance)" title="Option (finance)">options</a> on securities, the rate is 0.017% of the option premium.<a href="#cite_note-53">[53]</a> The tax has been criticized by the Indian financial sector and is currently under review.<a href="#cite_note-54">[54]</a>[<a href="/wiki/Wikipedia:Verifiability" title="Wikipedia:Verifiability">failed verification</a>] <div class="mw-heading mw-heading3"><h3 id="Italy">Italy</h3>[<a href="/w/index.php?title=Financial_transaction_tax&action=edit&section=15" title="Edit section: Italy">edit</a>]</div> 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.<a href="#cite_note-55">[55]</a><a href="#cite_note-56">[56]</a> Financial transaction tax on derivatives of qualified equity transactions went into effect on 1 September 2013. The regulation is to apply the tax on the net balance of purchase and sale transactions executed same day on the same financial instrument by the same person/entity. It applies to: <ul><li>Shares issued by Italian resident companies with a capitalization equal to or higher than 500 million euros;</li> <li>Cash equity contracts;</li> <li>Equity Derivatives contracts;</li> <li>Instruments incorporating or representing the shares (ADR, GDR)<a href="#cite_note-57">[57]</a> regardless the residency of the issuer;</li> <li>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.</li></ul> <div class="mw-heading mw-heading3"><h3 id="Japan">Japan</h3>[<a href="/w/index.php?title=Financial_transaction_tax&action=edit&section=16" title="Edit section: Japan">edit</a>]</div> 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 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.<a href="#cite_note-58">[58]</a> There were these taxes. <ul><li><a href="https://ja.wikipedia.org/wiki/%E5%8F%96%E5%BC%95%E6%89%80%E7%A8%8E" class="extiw" title="ja:取引所税">exchange tax</a> (1893-1999)</li> <li>securities transfer tax (1937-1950)</li> <li><a href="https://ja.wikipedia.org/wiki/%E6%9C%89%E4%BE%A1%E8%A8%BC%E5%88%B8%E5%8F%96%E5%BC%95%E7%A8%8E" class="extiw" title="ja:有価証券取引税">securities transaction tax</a> (1953-1999)</li></ul> In 1893, the tax rates were 0.06% for securities and commodities and 0.03% for bonds.<a href="#cite_note-F0000000000000015392-9">[9]</a> <div class="mw-heading mw-heading3"><h3 id="Peru">Peru</h3>[<a href="/w/index.php?title=Financial_transaction_tax&action=edit&section=17" title="Edit section: Peru">edit</a>]</div> 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.<a href="#cite_note-Spratt-4">[4]</a> <div class="mw-heading mw-heading3"><h3 id="Poland">Poland</h3>[<a href="/w/index.php?title=Financial_transaction_tax&action=edit&section=18" title="Edit section: Poland">edit</a>]</div> 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 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.<a href="#cite_note-FTT-impact-45">[45]</a> <div class="mw-heading mw-heading3"><h3 id="Singapore">Singapore</h3>[<a href="/w/index.php?title=Financial_transaction_tax&action=edit&section=19" title="Edit section: Singapore">edit</a>]</div> Singapore charges a 0.2% stamp duty on all instruments that give effect to transactions in stocks and shares.<a href="#cite_note-SingaporeIRAS-59">[59]</a> 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 <a href="/wiki/Derivative_(finance)" title="Derivative (finance)">derivative</a> instruments. <div class="mw-heading mw-heading3"><h3 id="Spain">Spain</h3>[<a href="/w/index.php?title=Financial_transaction_tax&action=edit&section=20" title="Edit section: Spain">edit</a>]</div> 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 market capitalization exceeding EUR 1 billion on December 1 of the previous year.<a href="#cite_note-60">[60]</a> This policy is in line with the trend initiated previously by other countries and EU partners such as France or Italy. 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 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.<a href="#cite_note-61">[61]</a> 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.<a href="#cite_note-62">[62]</a> The taxpayer will generally be the purchaser 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.<a href="#cite_note-63">[63]</a> Finally, the tax period is monthly, and the tax system is self-assessed, not permitting any deferral or installment payment. <div class="mw-heading mw-heading3"><h3 id="Sweden">Sweden</h3>[<a href="/w/index.php?title=Financial_transaction_tax&action=edit&section=21" title="Edit section: Sweden">edit</a>]</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Swedish_financial_transaction_tax" title="Swedish financial transaction tax">Swedish financial transaction tax</a></div> In January 1984, Sweden introduced a 0.5% tax on the purchase or sale of an <a href="/wiki/Security_(finance)#Equity" title="Security (finance)">equity security</a>. 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.<a href="#cite_note-FTT-64">[64]</a> 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.<a href="#cite_note-65">[65]</a> In 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.<a href="#cite_note-SRU1-66">[66]</a> 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 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. 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 <a href="/wiki/Futures_trading" class="mw-redirect" title="Futures trading">futures trading</a> 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 returned and grew substantially in the 1990s.<a href="#cite_note-FTT-64">[64]</a> According to <a href="/wiki/Anders_Borg" title="Anders Borg">Anders Borg</a> 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."<a href="#cite_note-67">[67]</a> The Swedish FTT is widely considered a failure by design since traders could easily avoid the tax by using foreign broker services.<a href="#cite_note-FTT-impact-45">[45]</a> <div class="mw-heading mw-heading3"><h3 id="Switzerland">Switzerland</h3>[<a href="/w/index.php?title=Financial_transaction_tax&action=edit&section=22" title="Edit section: Switzerland">edit</a>]</div> In Switzerland, a <a href="/wiki/Transfer_tax" title="Transfer tax">transfer tax</a> (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.<a href="#cite_note-FTT-impact-45">[45]</a> <div class="mw-heading mw-heading3"><h3 id="Taiwan">Taiwan</h3>[<a href="/w/index.php?title=Financial_transaction_tax&action=edit&section=23" title="Edit section: Taiwan">edit</a>]</div> 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.<a href="#cite_note-FTT-impact-45">[45]</a> 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."<a href="#cite_note-68">[68]</a> 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 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.<a href="#cite_note-FTT-impact-45">[45]</a> <div class="mw-heading mw-heading3"><h3 id="United_Kingdom">United Kingdom</h3>[<a href="/w/index.php?title=Financial_transaction_tax&action=edit&section=24" title="Edit section: United Kingdom">edit</a>]</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Stamp_duty_in_the_United_Kingdom" title="Stamp duty in the United Kingdom">Stamp duty in the United Kingdom</a></div> <div class="mw-heading mw-heading4"><h4 id="Stamp_Duty">Stamp Duty</h4>[<a href="/w/index.php?title=Financial_transaction_tax&action=edit&section=25" title="Edit section: Stamp Duty">edit</a>]</div> A stamp duty was introduced in the United Kingdom as an <a href="/wiki/Ad_valorem" class="mw-redirect" title="Ad valorem">ad valorem</a> tax on share purchases in 1808.<a href="#cite_note-69">[69]</a> Stamp duties are collected on documents used to effect the sale and transfer of <a href="/wiki/Stock_certificate" title="Stock certificate">certificated stock</a> and other securities of UK based companies.<a href="#cite_note-FTT-impact-45">[45]</a> It can be avoided using <a href="/wiki/Contract_for_difference" title="Contract for difference">CFDs</a>. <div class="mw-heading mw-heading4"><h4 id="Stamp_Duty_Reserve_Tax">Stamp Duty Reserve Tax</h4>[<a href="/w/index.php?title=Financial_transaction_tax&action=edit&section=26" title="Edit section: Stamp Duty Reserve Tax">edit</a>]</div> To address the development of trades in uncertificated stock, the UK <a href="/wiki/Finance_Act_1986" class="mw-redirect" title="Finance Act 1986">Finance Act 1986</a> introduced the <a href="/wiki/Stamp_duty_in_the_United_Kingdom" title="Stamp duty in the United Kingdom">Stamp Duty Reserve Tax</a> (SDRT) at a rate of 0.5% on share purchases,<a href="#cite_note-HMRC_Stamp_Taxes_Manual-70">[70]</a> raising around €3.8bn per year, of which 40% is paid by foreign residents.<a href="#cite_note-European_voice-6">[6]</a> 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,<a href="#cite_note-FTT-impact-45">[45]</a> albeit there is a relief for intermediaries (such as <a href="/wiki/Market_maker#London" title="Market maker">market makers</a> and large banks that are members of a qualifying exchange) as a condition of their obligation to provide <a href="/wiki/Market_liquidity" title="Market liquidity">liquidity</a>.<a href="#cite_note-GOVUK1-71">[71]</a> 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.<a href="#cite_note-72">[72]</a> SDRT accounts for the majority of revenue collected on share transactions effected through the UK's Exchanges. On average almost 90% of revenues stem from the SDRT. Only a minor part comes from Stamp Duty.<a href="#cite_note-FTT-impact-45">[45]</a> Revenue is pro-cyclical with economic activity. In terms of GDP and total tax revenue, the highest values were reached during the <a href="/wiki/Dot.com_boom" class="mw-redirect" title="Dot.com boom">dot.com boom</a> 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), due to reduced share prices and trading volumes as a result of the financial crisis.<a href="#cite_note-FTT-impact-45">[45]</a> <div class="mw-heading mw-heading3"><h3 id="United_States">United States</h3>[<a href="/w/index.php?title=Financial_transaction_tax&action=edit&section=27" title="Edit section: United States">edit</a>]</div> The US imposed a financial transaction tax from 1914 to 1966 that was originally 0.2% and was doubled during the <a href="/wiki/Great_Depression" title="Great Depression">Great Depression</a>.<a href="#cite_note-73">[73]</a> Currently, the US imposes a $0.0042 round-trip transaction tax on security futures transactions and $21.80 per million dollars for securities transactions.<a href="#cite_note-74">[74]</a> The tax, known as Section 31 fee, is used to support the operation costs of the <a href="/wiki/Securities_and_Exchange_Commission" class="mw-redirect" title="Securities and Exchange Commission">Securities and Exchange Commission</a> (SEC). <div class="mw-heading mw-heading4"><h4 id="New_York">New York</h4>[<a href="/w/index.php?title=Financial_transaction_tax&action=edit&section=28" title="Edit section: New York">edit</a>]</div> Both <a href="/wiki/New_York_State" class="mw-redirect" title="New York State">New York State</a> and <a href="/wiki/New_York_City" title="New York City">New York City</a> had a financial transaction tax, which lasted from 1905 to 1981. A study conducted by Anna Pomeranets, an economist at the <a href="/wiki/Bank_of_Canada" title="Bank of Canada">Bank of Canada</a>, and Daniel Weaver, a professor of economics at <a href="/wiki/Rutgers_University" title="Rutgers University">Rutgers University</a>, found that it increased capital costs for enterprises, lowered stock prices, caused stocks to increase in volatility, and increased bid-ask spreads.<a href="#cite_note-75">[75]</a> <div class="mw-heading mw-heading2"><h2 id="Proposed_financial_transaction_taxes">Proposed financial transaction taxes</h2>[<a href="/w/index.php?title=Financial_transaction_tax&action=edit&section=29" title="Edit section: Proposed financial transaction taxes">edit</a>]</div> <div class="mw-heading mw-heading3"><h3 id="Global_Tobin_tax">Global Tobin tax</h3>[<a href="/w/index.php?title=Financial_transaction_tax&action=edit&section=30" title="Edit section: Global Tobin tax">edit</a>]</div> In 2000 a "pro–<a href="/wiki/Tobin_tax" title="Tobin tax">Tobin tax</a>" 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 $150–300 billion annually."<a href="#cite_note-newint-76">[76]</a> According to Dr. Stephen Spratt, "the revenues raised could be used for ... international development objectives ... such as meeting the Millennium Development Goals."<a href="#cite_note-Spratt-4">[4]</a><a href="#cite_note-77">[77]</a><a href="#cite_note-78">[78]</a> <table class="wikitable" style="float: right; margin:0 0 1em 1em; font-size: 90%;"> <caption>Revenue estimate for global currency transaction tax<a href="#cite_note-ReferenceB-79">[79]</a> </caption> <tbody><tr> <th>Tax base </th> <th>Tax rate </th> <th>Revenue estimate (US$ billion) </th></tr> <tr> <td align="left">USD spot, forward and swap </td> <td align="center">.005% </td> <td align="center">28.4 </td></tr> <tr> <td align="left">GBP spot, forward and swap </td> <td align="center">.005% </td> <td align="center">12.3 </td></tr> <tr> <td align="left">EUR spot, forward and swap </td> <td align="center">.005% </td> <td align="center">5.6 </td></tr> <tr> <td align="left">JPY spot, forward and swap </td> <td align="center">.005% </td> <td align="center">5 </td></tr> <tr> <th> </th> <td colspan="2" style="text-align: right;"> </td></tr> <tr> <td align="left">Global total </td> <td align="center">.005% </td> <td align="center">33.4 </td></tr></tbody></table> At the UN <a href="/wiki/World_Conference_against_Racism_2001" title="World Conference against Racism 2001">World Conference against Racism 2001</a>, when the issue of compensation for colonialism and slavery arose in the agenda, President <a href="/wiki/Fidel_Castro" title="Fidel Castro">Fidel Castro</a> 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 recipients of revenue. Castro cited <a href="/wiki/Holocaust_reparations" class="mw-redirect" title="Holocaust reparations">holocaust reparations</a> as a previously established precedent for the concept of <a href="/wiki/Reparation_(legal)" title="Reparation (legal)">reparations</a>.<a href="#cite_note-key-80">[80]</a><a href="#cite_note-Kincaid-81">[81]</a> Castro also suggested that the United Nations be the administrator of this tax, stating the following:<blockquote>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 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.<a href="#cite_note-key-80">[80]</a></blockquote> Member countries have not given the UN a mandate to seek a global financial tax. <div class="mw-heading mw-heading3"><h3 id="Robin_Hood_tax">Robin Hood tax</h3>[<a href="/w/index.php?title=Financial_transaction_tax&action=edit&section=31" title="Edit section: Robin Hood tax">edit</a>]</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/Robin_Hood_tax" title="Robin Hood tax">Robin Hood tax</a></div> On 15 February 2010 a <a href="/wiki/Coalition" title="Coalition">coalition</a> of 50 charities and <a href="/wiki/Civil_society_organisation" class="mw-redirect" title="Civil society organisation">civil society organisations</a> 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.<a href="#cite_note-Kylie-82">[82]</a> <div class="mw-heading mw-heading3"><h3 id="G20_financial_transactions_tax">G20 financial transactions tax</h3>[<a href="/w/index.php?title=Financial_transaction_tax&action=edit&section=32" title="Edit section: G20 financial transactions tax">edit</a>]</div> <table class="wikitable" style="float: right; margin:0 0 1em 1em; font-size: 90%;"> <caption>Revenue estimate for US financial transaction tax<a href="#cite_note-83">[83]</a> </caption> <tbody><tr> <th>Tax base </th> <th>Tax rate </th> <th>Revenue estimate (US$ billion) </th></tr> <tr> <td align="left">US stocks/equities </td> <td align="center">.5% </td> <td align="center">108–217 </td></tr> <tr> <td align="left">US bonds </td> <td align="center">.02% </td> <td align="center">26–52 </td></tr> <tr> <td align="left">US forex spot </td> <td align="center">.01% </td> <td align="center">8–16 </td></tr> <tr> <td align="left">US futures </td> <td align="center">.02% </td> <td align="center">7–14 </td></tr> <tr> <td align="left">US options </td> <td align="center">.5% </td> <td align="center">4–8 </td></tr> <tr> <td align="left">US swaps </td> <td align="center">.015% </td> <td align="center">23–46 </td></tr> <tr> <th> </th> <td colspan="2" style="text-align: right;"> </td></tr> <tr> <td align="left">US total </td> <td align="center"> </td> <td align="center">177–354 </td></tr></tbody></table> A G20 financial transaction tax (G20 FTT) was first proposed in 2008.<a href="#cite_note-Reuters-84">[84]</a> A G20 proposal for a FTT to raise revenue to reduce global poverty and spur global economic growth failed to gain support at the <a href="/wiki/2011_G-20_Cannes_summit" class="mw-redirect" title="2011 G-20 Cannes summit">2011 G-20 Cannes summit</a>.<a href="#cite_note-g20-failed-85">[85]</a> Nevertheless, French President <a href="/wiki/Nicolas_Sarkozy" title="Nicolas Sarkozy">Nicolas Sarkozy</a> said he planned to still pursue the idea.<a href="#cite_note-g20-failed-85">[85]</a> According to <a href="/wiki/Bill_Gates" title="Bill Gates">Bill Gates</a>, co-founder of <a href="/wiki/Microsoft" title="Microsoft">Microsoft</a> and a supporter of a G20 FTT, even a small tax of 10 <a href="/wiki/Basis_point_value" title="Basis point value">basis points</a> 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.<a href="#cite_note-86">[86]</a> <div class="mw-heading mw-heading3"><h3 id="United_States_financial_transaction_tax">United States financial transaction tax</h3>[<a href="/w/index.php?title=Financial_transaction_tax&action=edit&section=33" title="Edit section: United States financial transaction tax">edit</a>]</div> Different US financial transaction tax (US FTT) bills have been proposed in <a href="/wiki/United_States_Congress" title="United States Congress">Congress</a> since 2009. In that year, <a href="/wiki/Nancy_Pelosi" title="Nancy Pelosi">Nancy Pelosi</a>, the <a href="/wiki/Speaker_of_the_United_States_House_of_Representatives" title="Speaker of the United States House of Representatives">speaker of the United States House of Representatives</a>, 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.<a href="#cite_note-pelosi-87">[87]</a> This proposal failed to win the support of the Obama administration, with Treasury Secretaries <a href="/wiki/Timothy_Geithner" title="Timothy Geithner">Timothy Geithner</a> and <a href="/wiki/Jacob_Lew" class="mw-redirect" title="Jacob Lew">Jacob Lew</a>, as well as <a href="/wiki/Larry_Summers" class="mw-redirect" title="Larry Summers">Larry Summers</a>, opposing the idea.<a href="#cite_note-88">[88]</a> The Obama administration instead proposed a <a href="/wiki/Financial_Crisis_Responsibility_Fee" title="Financial Crisis Responsibility Fee">Financial Crisis Responsibility Fee</a>.<a href="#cite_note-g20-failed-85">[85]</a> 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 health, public services, debt reduction, infrastructure and job creation. The <a href="/wiki/United_States_House_of_Representatives" title="United States House of Representatives">House of Representatives</a> has introduced since 2009 ten different US FTT related bills and the <a href="/wiki/United_States_Senate" title="United States Senate">Senate</a> has introduced four. The bills in the Senate have been variously sponsored by <a href="/wiki/Tom_Harkin" title="Tom Harkin">Tom Harkin</a> (D-Iowa) or <a href="/wiki/Bernie_Sanders" title="Bernie Sanders">Bernie Sanders</a> (I-Vermont). The bills in the House have been variously sponsored by <a href="/wiki/Peter_DeFazio" title="Peter DeFazio">Peter DeFazio</a> (D-Oregon), <a href="/wiki/John_Conyers" title="John Conyers">John Conyers</a> (D-Michigan) or a number of other Representatives.<a href="#cite_note-89">[89]</a> 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 <a href="/wiki/Let_Wall_Street_Pay_for_the_Restoration_of_Main_Street_Bill" title="Let Wall Street Pay for the Restoration of Main Street Bill">Let Wall Street Pay for the Restoration of Main Street Bill</a> is an early version of their cosponsored US FTT bill which includes a tax on US <a href="/wiki/Financial_market" title="Financial market">financial market</a> securities transactions.<a href="#cite_note-Page-5">[5]</a> The bill suggests to tax <a href="/wiki/Stock" title="Stock">stock</a> transactions at a rate of 0.25%. The tax on <a href="/wiki/Futures_contract" title="Futures contract">futures contracts</a> 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%. <a href="/wiki/Swap_(finance)" title="Swap (finance)">Swaps</a> between two firms and <a href="/wiki/Credit_default_swaps" class="mw-redirect" title="Credit default swaps">credit default swaps</a> would be taxed 0.02%.<a href="#cite_note-Charles_Pope-90">[90]</a> The tax would only target speculators, since the tax would be refunded to average investors, pension funds and health savings accounts.<a href="#cite_note-introduces-91">[91]</a> Projected annual revenue is $150 billion per year, half of which would go towards deficit reduction and half of which would go towards job promotion activities.<a href="#cite_note-Page-5">[5]</a><a href="#cite_note-Charles_Pope-90">[90]</a> The day the bill was introduced, it had the support of 25 of DeFazio's House colleagues.<a href="#cite_note-Page-5">[5]</a> <div class="mw-heading mw-heading3"><h3 id="European_Union_financial_transaction_tax">European Union financial transaction tax</h3>[<a href="/w/index.php?title=Financial_transaction_tax&action=edit&section=34" title="Edit section: European Union financial transaction tax">edit</a>]</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Main article: <a href="/wiki/European_Union_financial_transaction_tax" title="European Union financial transaction tax">European Union financial transaction tax</a></div> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:EU_financial_transaction_tax.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b5/EU_financial_transaction_tax.svg/220px-EU_financial_transaction_tax.svg.png" decoding="async" width="220" height="168" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b5/EU_financial_transaction_tax.svg/330px-EU_financial_transaction_tax.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b5/EU_financial_transaction_tax.svg/440px-EU_financial_transaction_tax.svg.png 2x" data-file-width="512" data-file-height="392" /></a><figcaption>EU Financial transaction tax <style data-mw-deduplicate="TemplateStyles:r981673959">.mw-parser-output .legend{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .legend-color{display:inline-block;min-width:1.25em;height:1.25em;line-height:1.25;margin:1px 0;text-align:center;border:1px solid black;background-color:transparent;color:black}.mw-parser-output .legend-text{}</style><div class="legend">  Supporting EU countries</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend">  Opposing EU countries</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend">  Undecided Euro countries</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend">  Undecided non-Euro countries</div></figcaption></figure> The EU financial transaction tax (EU FTT) is a proposal made by the <a href="/wiki/European_Commission" title="European Commission">European Commission</a> in September 2011 to introduce a financial transaction tax within the 27 member states of the <a href="/wiki/European_Union" title="European Union">European Union</a> by 2014. The tax would only impact <a href="/wiki/Financial_transactions" class="mw-redirect" title="Financial transactions">financial transactions</a> between <a href="/wiki/Financial_institutions" class="mw-redirect" title="Financial institutions">financial institutions</a> charging 0.1% against the exchange of <a href="/wiki/Share_(finance)" title="Share (finance)">shares</a> and <a href="/wiki/Bond_(finance)" title="Bond (finance)">bonds</a> and 0.01% across <a href="/wiki/Derivative_contract" class="mw-redirect" title="Derivative contract">derivative contracts</a>. According to the European Commission it could raise €57 billion every year,<a href="#cite_note-impact-summary-92">[92]</a> of which around €10bn (£8.4bn) would go to Great Britain, which hosts Europe's biggest financial center.<a href="#cite_note-Semeta-93">[93]</a> It is unclear whether a financial transaction tax is compatible with European law.<a href="#cite_note-94">[94]</a> 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 elsewhere in the world.<a href="#cite_note-95">[95]</a> The scheme makes it impossible for say French or German banks to avoid the tax by moving their transactions offshore,<a href="#cite_note-96">[96]</a> unless they give up all their European customers.<a href="#cite_note-SZ-2012-05-12-97">[97]</a> According to John Dizard of the <a href="/wiki/Financial_Times" title="Financial Times">Financial Times</a>, the unilateral extension of extraterritorial power can only cause problems:-<a href="#cite_note-98">[98]</a><blockquote> 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 usually a larger one than the sovereign territory where they are attempting to impose the tax.</blockquote> 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 <a href="/wiki/Enhanced_co-operation" class="mw-redirect" title="Enhanced co-operation">enhanced co-operation</a> to implement the tax in states which wish to participate.<a href="#cite_note-99">[99]</a><a href="#cite_note-100">[100]</a> Opinion polls indicate that two-thirds of British people are in favour of some forms of FTT (see section: <a href="#Public_opinion">Public opinion</a>). The proposal supported by the eleven <a href="/wiki/EU_member_states" class="mw-redirect" title="EU member states">EU member states</a>, was approved in the <a href="/wiki/European_Parliament" title="European Parliament">European Parliament</a> in December 2012,<a href="#cite_note-ECPARL-101">[101]</a> and by the <a href="/wiki/Council_of_the_European_Union" title="Council of the European Union">Council of the European Union</a> in January 2013.<a href="#cite_note-ECENHANCED-102">[102]</a><a href="#cite_note-guardia-2013-01-22-103">[103]</a><a href="#cite_note-104">[104]</a><a href="#cite_note-105">[105]</a> The formal agreement on the details of the EU FTT still need to be decided upon and approved by the European Parliament.<a href="#cite_note-106">[106]</a><a href="#cite_note-ECPROG-107">[107]</a> <div class="mw-heading mw-heading2"><h2 id="Evaluation">Evaluation</h2>[<a href="/w/index.php?title=Financial_transaction_tax&action=edit&section=35" title="Edit section: Evaluation">edit</a>]</div> <div class="mw-heading mw-heading3"><h3 id="Effect_on_volatility">Effect on volatility</h3>[<a href="/w/index.php?title=Financial_transaction_tax&action=edit&section=36" title="Edit section: Effect on volatility">edit</a>]</div> Proponents of the tax assert that it will reduce price <a href="/wiki/Volatility_(finance)" title="Volatility (finance)">volatility</a>. 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."<a href="#cite_note-Summers-108">[108]</a> It is further believed that FTTs "should reduce volatility by reducing the number of noise traders".<a href="#cite_note-IDS-109">[109]</a> 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".<a href="#cite_note-IDS-109">[109]</a> A 2003 IMF Staff Paper by Karl Habermeier and Andrei Kirilenko found that FTTs are "positively related to increased volatility and lower volume".<a href="#cite_note-Habermeier-110">[110]</a> A study of the Shanghai and Shenzhen stock exchanges says the FTT created significant increases in volatility because it "would influence not only noise traders, but also those informed traders who play the role of decreasing volatility in the stock market."<a href="#cite_note-Zhang-111">[111]</a> 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 <a href="/wiki/Paris_Bourse" class="mw-redirect" title="Paris Bourse">Paris Bourse</a> 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 stabilizing liquidity supply".<a href="#cite_note-Hau-112">[112]</a> 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.<a href="#cite_note-IDS-109">[109]</a> <div class="mw-heading mw-heading3"><h3 id="Effect_on_liquidity">Effect on liquidity</h3>[<a href="/w/index.php?title=Financial_transaction_tax&action=edit&section=37" title="Edit section: Effect on liquidity">edit</a>]</div> 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 href="#cite_note-Matheson-113">[113]</a> A study by the think tank Oxera found that the 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 href="#cite_note-Oxera-114">[114]</a> A study of the FTT in Chinese stock markets found liquidity reductions due to decreased transactions.<a href="#cite_note-Zhang-111">[111]</a>: 6  <div class="mw-heading mw-heading3"><h3 id="Effect_on_price_discovery">Effect on price discovery</h3>[<a href="/w/index.php?title=Financial_transaction_tax&action=edit&section=38" title="Edit section: Effect on price discovery">edit</a>]</div> An IMF Working Paper found a FTT impacts <a href="/wiki/Price_discovery" title="Price discovery">price discovery</a>. 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 <a href="/wiki/Financial_market" title="Financial market">financial markets</a> 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 "slow the upswing of the asset cycle", but it could also "slow a correction of prices toward their fundamental values".<a href="#cite_note-Matheson-113">[113]</a> : 16, 18, 21  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 href="#cite_note-Habermeier-110">[110]</a>: 174  A 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."<a href="#cite_note-Zhang-111">[111]</a>: 6  <div class="mw-heading mw-heading3"><h3 id="Revenues">Revenues</h3>[<a href="/w/index.php?title=Financial_transaction_tax&action=edit&section=39" title="Edit section: Revenues">edit</a>]</div> <table class="wikitable" style="float:right; margin:0 0 1em 1em; font-size:90%;"> <caption>Revenue Estimate for Global Financial Transaction Tax<a href="#cite_note-ReferenceB-79">[79]</a> </caption> <tbody><tr> <th>Tax base </th> <th>Tax rate </th> <th>Revenue estimate (US$ billion) </th></tr> <tr> <td align="left">Global stocks </td> <td align="center">.01% </td> <td align="center">6.6–7 </td></tr> <tr> <td align="left">Global bonds </td> <td align="center">.01% </td> <td align="center">1.4 </td></tr> <tr> <td align="left">Global derivatives (exchange) </td> <td align="center">.01% </td> <td align="center">110–147 </td></tr> <tr> <td align="left">Global derivatives (OTC) </td> <td align="center">.01% </td> <td align="center">83–111 </td></tr> <tr> <th> </th> <td colspan="2" style="text-align: right;"> </td></tr> <tr> <td align="left">Global total </td> <td align="center">.01% </td> <td align="center">202–266 </td></tr></tbody></table> 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 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.<a href="#cite_note-SRU1-66">[66]</a> An examination of the scale and nature of the various payments and derivatives transactions and the likely elasticity of response led <a rel="nofollow" class="external text" href="https://ideas.repec.org/p/wbk/wbrwps/5230.html">Honohan and Yoder (2010)</a> 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 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. 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 and €7.4 billion in <a href="/wiki/Stamp_duty_in_the_United_Kingdom#Revenues_from_stamp_duties" title="Stamp duty in the United Kingdom">revenues from stamp duties</a> per year throughout the last decade.<a href="#cite_note-FTT-impact-45">[45]</a> 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 difficult for traders to avoid the tax by moving to other locations.<a href="#cite_note-115">[115]</a> <dl><dt>Projections of FTT proposals</dt></dl> <ul><li>Worldwide: 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<a href="#cite_note-116">[116]</a> or £20 billion in the UK alone.<a href="#cite_note-117">[117]</a></li> <li>United States: The Center for Economic and Policy Research estimates a US FTT to raise $177 billion per year.<a href="#cite_note-118">[118]</a></li> <li>European Union: 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.<a href="#cite_note-fxstreet-119">[119]</a><a href="#cite_note-wallstreetpit-120">[120]</a></li></ul> <div class="mw-heading mw-heading3"><h3 id="Effect_on_share_prices">Effect on share prices</h3>[<a href="/w/index.php?title=Financial_transaction_tax&action=edit&section=40" title="Edit section: Effect on share prices">edit</a>]</div> 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 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.<a href="#cite_note-FTT-impact-45">[45]</a> 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 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."<a href="#cite_note-reuters-121">[121]</a> <div class="mw-heading mw-heading3"><h3 id="Progressive_or_regressive_tax">Progressive or regressive tax</h3>[<a href="/w/index.php?title=Financial_transaction_tax&action=edit&section=41" title="Edit section: Progressive or regressive tax">edit</a>]</div> 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". "[E]ven an apparently low-rate [FTT] might 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.<a href="#cite_note-Matheson-113">[113]</a>: 25, 37  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."<a href="#cite_note-IDS-109">[109]</a>: 3  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."<a href="#cite_note-Matheson-113">[113]</a>: 36  <div class="mw-heading mw-heading3"><h3 id="Technical_feasibility">Technical feasibility</h3>[<a href="/w/index.php?title=Financial_transaction_tax&action=edit&section=42" title="Edit section: Technical feasibility">edit</a>]</div> 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.<a href="#cite_note-122">[122]</a> <a href="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Joseph Stiglitz</a>, former Senior Vice President and <a href="/wiki/World_Bank_Chief_Economist" class="mw-redirect" title="World Bank Chief Economist">Chief Economist</a> of the <a href="/wiki/World_Bank" title="World Bank">World Bank</a>, 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.<a href="#cite_note-Edmund_Conway-38">[38]</a> However, on 7 November 2009, at the <a href="/wiki/G20" title="G20">G20</a> finance ministers summit in Scotland, the head of the <a href="/wiki/International_Monetary_Fund" title="International Monetary Fund">International Monetary Fund</a>, Dominique Strauss-Khan, said, "transactions are very difficult to measure and so it's very easy to avoid a transaction tax."<a href="#cite_note-Lukewarm-123">[123]</a> Nevertheless, in early December 2009, economist <a href="/wiki/Stephany_Griffith-Jones" title="Stephany Griffith-Jones">Stephany Griffith-Jones</a> 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."<a href="#cite_note-124">[124]</a> 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 or settlement process."<a href="#cite_note-Schmidt_Feasibility-125">[125]</a> (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.)<a href="#cite_note-Schmidt_Feasibility-125">[125]</a> When presented with the problem of speculators shifting operations to <a href="/wiki/Offshore_financial_center" class="mw-redirect" title="Offshore financial center">offshore</a> <a href="/wiki/Tax_havens" class="mw-redirect" title="Tax havens">tax havens</a>, a representative of a "pro–Tobin tax" NGO argued as follows: <style data-mw-deduplicate="TemplateStyles:r1244412712">.mw-parser-output .templatequote{overflow:hidden;margin:1em 0;padding:0 32px}.mw-parser-output .templatequotecite{line-height:1.5em;text-align:left;margin-top:0}@media(min-width:500px){.mw-parser-output .templatequotecite{padding-left:1.6em}}</style><blockquote class="templatequote">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 <a href="/wiki/Chase_Manhattan_Bank" class="mw-redirect" title="Chase Manhattan Bank">Chase Manhattan Bank</a> 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 <a href="/wiki/Cayman_Islands" title="Cayman Islands">Cayman Islands</a> 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.<a href="#cite_note-Round-126">[126]</a></blockquote> <div class="mw-heading mw-heading3"><h3 id="Gradual_implementation_feasibility">Gradual implementation feasibility</h3>[<a href="/w/index.php?title=Financial_transaction_tax&action=edit&section=43" title="Edit section: Gradual implementation feasibility">edit</a>]</div> 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 [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."<a href="#cite_note-Round-126">[126]</a> However, on 27 June 2010 at the <a href="/wiki/2010_G-20_Toronto_summit" class="mw-redirect" title="2010 G-20 Toronto summit">2010 G-20 Toronto summit</a>, 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 <a href="/wiki/Bank_tax#1._Financial_stability_contribution_(FSC),_or_"Bank_tax"" title="Bank tax">levy against financial institutions</a> to recoup billions of dollars in taxpayer-funded bailouts.<a href="#cite_note-Madhavi_Acharya-Tom_Yew-127">[127]</a> <div class="mw-heading mw-heading2"><h2 id="Political_support">Political support</h2>[<a href="/w/index.php?title=Financial_transaction_tax&action=edit&section=44" title="Edit section: Political support">edit</a>]</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Reaction_to_the_Tobin_Tax" class="mw-redirect" title="Reaction to the Tobin Tax">Reaction to the Tobin Tax</a></div> <figure typeof="mw:File/Thumb"><a href="/wiki/File:EU_financial_transaction_tax.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/b/b5/EU_financial_transaction_tax.svg/200px-EU_financial_transaction_tax.svg.png" decoding="async" width="200" height="153" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/b5/EU_financial_transaction_tax.svg/300px-EU_financial_transaction_tax.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/b5/EU_financial_transaction_tax.svg/400px-EU_financial_transaction_tax.svg.png 2x" data-file-width="512" data-file-height="392" /></a><figcaption>Supporter (green) and opponents (red) of the EU financial transaction tax; undecided countries are in grey (date: March 2012). <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend">  EU countries pro</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend">  EU countries contra</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend">  Undecided EU countries</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r981673959"><div class="legend">  Udecided Non-Euro countries</div></figcaption></figure> <div class="mw-heading mw-heading3"><h3 id="Supporting_countries">Supporting countries</h3>[<a href="/w/index.php?title=Financial_transaction_tax&action=edit&section=45" title="Edit section: Supporting countries">edit</a>]</div> <ul><li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/1/1a/Flag_of_Argentina.svg/23px-Flag_of_Argentina.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/1/1a/Flag_of_Argentina.svg/35px-Flag_of_Argentina.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/1/1a/Flag_of_Argentina.svg/46px-Flag_of_Argentina.svg.png 2x" data-file-width="800" data-file-height="500" /> Argentina: In early November 2007, then Argentinian president <a href="/wiki/N%C3%A9stor_Kirchner" title="Néstor Kirchner">Néstor Kirchner</a> initiates and supports a regional Tobin tax. The proposal is supported by the <a href="/wiki/Bank_of_the_South" title="Bank of the South">Bank of the South</a>.<a href="#cite_note-SPI1-128">[128]</a></li> <li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/4/41/Flag_of_Austria.svg/23px-Flag_of_Austria.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/41/Flag_of_Austria.svg/35px-Flag_of_Austria.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/41/Flag_of_Austria.svg/45px-Flag_of_Austria.svg.png 2x" data-file-width="900" data-file-height="600" /> 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.<a href="#cite_note-129">[129]</a></li> <li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/9/92/Flag_of_Belgium_%28civil%29.svg/23px-Flag_of_Belgium_%28civil%29.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/9/92/Flag_of_Belgium_%28civil%29.svg/35px-Flag_of_Belgium_%28civil%29.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/9/92/Flag_of_Belgium_%28civil%29.svg/45px-Flag_of_Belgium_%28civil%29.svg.png 2x" data-file-width="900" data-file-height="600" /> Belgium: On 15 June 2004, the Commission of Finance and Budget in the Belgian Federal Parliament approved a bill implementing a <a href="/wiki/Spahn_tax" title="Spahn tax">Spahn tax</a>.</li> <li><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/0/05/Flag_of_Brazil.svg/22px-Flag_of_Brazil.svg.png" decoding="async" width="22" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/0/05/Flag_of_Brazil.svg/33px-Flag_of_Brazil.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/0/05/Flag_of_Brazil.svg/43px-Flag_of_Brazil.svg.png 2x" data-file-width="1000" data-file-height="700" /> Brazil: On 20 October 2009 the Government of Brazil officially supports a FTT.<a href="#cite_note-130">[130]</a></li> <li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/b/bd/Flag_of_Cuba.svg/23px-Flag_of_Cuba.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/bd/Flag_of_Cuba.svg/35px-Flag_of_Cuba.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/bd/Flag_of_Cuba.svg/46px-Flag_of_Cuba.svg.png 2x" data-file-width="1200" data-file-height="600" /> Cuba: President of Cuba, <a href="/wiki/Fidel_Castro" title="Fidel Castro">Fidel Castro</a> advocated a global FTT at the UN <a href="/wiki/World_Conference_against_Racism_2001" title="World Conference against Racism 2001">September 2001 World Conference against Racism</a> to be used as a <a href="/wiki/World_Conference_against_Racism_2001#Compensation_for_Colonialism_and_Slavery" title="World Conference against Racism 2001">compensation for colonialism and slavery</a>.<a href="#cite_note-key-80">[80]</a><a href="#cite_note-Kincaid-81">[81]</a></li> <li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Flag_of_Estonia.svg/23px-Flag_of_Estonia.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Flag_of_Estonia.svg/35px-Flag_of_Estonia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/8f/Flag_of_Estonia.svg/46px-Flag_of_Estonia.svg.png 2x" data-file-width="990" data-file-height="630" /> Estonia: In December 2011, Estonian prime minister <a href="/wiki/Andrus_Ansip" title="Andrus Ansip">Andrus Ansip</a> said his country was prepared to support a FTT "if it increases the stability of the financial system and prevents competition distortions."<a href="#cite_note-131">[131]</a></li> <li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/b/bc/Flag_of_Finland.svg/23px-Flag_of_Finland.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/b/bc/Flag_of_Finland.svg/35px-Flag_of_Finland.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/b/bc/Flag_of_Finland.svg/46px-Flag_of_Finland.svg.png 2x" data-file-width="1800" data-file-height="1100" /> Finland: The <a href="/wiki/Government_of_Finland" class="mw-redirect" title="Government of Finland">Finnish Government</a> supports a FTT since 2000.<a href="#cite_note-Round-126">[126]</a></li> <li><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/c/c3/Flag_of_France.svg/23px-Flag_of_France.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/c/c3/Flag_of_France.svg/35px-Flag_of_France.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/c/c3/Flag_of_France.svg/45px-Flag_of_France.svg.png 2x" data-file-width="900" data-file-height="600" /> France: In late 2001, the <a href="/wiki/French_National_Assembly" class="mw-redirect" title="French National Assembly">French National Assembly</a> passed a Tobin tax amendment, which was overturned by the <a href="/wiki/French_Senate" class="mw-redirect" title="French Senate">French Senate</a> in March 2002.<a href="#cite_note-Fougier-132">[132]</a><a href="#cite_note-Kim-133">[133]</a><a href="#cite_note-Ben-Ami-134">[134]</a> On 19 September 2009 the Government of France supports a FTT.<a href="#cite_note-135">[135]</a> On 5 February 2010 <a href="/wiki/Christine_Lagarde" title="Christine Lagarde">Christine Lagarde</a>, then <a href="/wiki/Minister_of_Finance_(France)" class="mw-redirect" title="Minister of Finance (France)">Minister of Economic Affairs, Industry and Employment</a> of France supported a FTT.<a href="#cite_note-outre-136">[136]</a> On 1 August 2012, French president Hollande introduced a unilateral 0.2 percent FTT.<a href="#cite_note-French-FTT-50">[50]</a></li> <li><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/b/ba/Flag_of_Germany.svg/23px-Flag_of_Germany.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/b/ba/Flag_of_Germany.svg/35px-Flag_of_Germany.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/b/ba/Flag_of_Germany.svg/46px-Flag_of_Germany.svg.png 2x" data-file-width="1000" data-file-height="600" /> Germany: On 10 December 2009 the <a href="/wiki/Chancellor_of_Germany_(Federal_Republic)" class="mw-redirect" title="Chancellor of Germany (Federal Republic)">Chancellor of Germany</a> <a href="/wiki/Angela_Merkel" title="Angela Merkel">Angela Merkel</a> revises her position and now supports a FTT.<a href="#cite_note-137">[137]</a> On 20 May 2010, German officials were understood to favor a Financial Transaction Tax over a <a href="/wiki/Financial_activity_tax" class="mw-redirect" title="Financial activity tax">financial activities tax</a>.<a href="#cite_note-David_Charter-138">[138]</a></li> <li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/5c/Flag_of_Greece.svg/23px-Flag_of_Greece.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/5c/Flag_of_Greece.svg/35px-Flag_of_Greece.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/5c/Flag_of_Greece.svg/45px-Flag_of_Greece.svg.png 2x" data-file-width="600" data-file-height="400" /> Greece: Greece supports a FTT.<a href="#cite_note-PwC-139">[139]</a></li> <li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/4/45/Flag_of_Ireland.svg/23px-Flag_of_Ireland.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/45/Flag_of_Ireland.svg/35px-Flag_of_Ireland.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/45/Flag_of_Ireland.svg/46px-Flag_of_Ireland.svg.png 2x" data-file-width="1200" data-file-height="600" /> Ireland: Ireland is in favor of EU-wide FTT, but not supporter of a Eurozone FTT.<a href="#cite_note-PwC-139">[139]</a></li> <li><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/0/03/Flag_of_Italy.svg/23px-Flag_of_Italy.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/0/03/Flag_of_Italy.svg/35px-Flag_of_Italy.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/0/03/Flag_of_Italy.svg/45px-Flag_of_Italy.svg.png 2x" data-file-width="1500" data-file-height="1000" /> Italy: In January 2012, new Italian prime minister <a href="/wiki/Mario_Monti" title="Mario Monti">Mario Monti</a> said Rome had changed tack and now backed the push for a financial transaction tax, but he also warned against countries going it alone.<a href="#cite_note-140">[140]</a></li> <li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/d/da/Flag_of_Luxembourg.svg/23px-Flag_of_Luxembourg.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/da/Flag_of_Luxembourg.svg/35px-Flag_of_Luxembourg.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/da/Flag_of_Luxembourg.svg/46px-Flag_of_Luxembourg.svg.png 2x" data-file-width="512" data-file-height="307" /> Luxembourg: In December 2011, prime minister of Luxembourg, <a href="/wiki/Jean-Claude_Juncker" title="Jean-Claude Juncker">Jean-Claude Juncker</a> 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.<a href="#cite_note-141">[141]</a></li> <li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/2/20/Flag_of_the_Netherlands.svg/23px-Flag_of_the_Netherlands.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/2/20/Flag_of_the_Netherlands.svg/35px-Flag_of_the_Netherlands.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/2/20/Flag_of_the_Netherlands.svg/45px-Flag_of_the_Netherlands.svg.png 2x" data-file-width="900" data-file-height="600" /> Netherlands: In October 2011, Dutch prime minister <a href="/wiki/Mark_Rutte" title="Mark Rutte">Mark Rutte</a> said his cabinet supports a FTT but opposes an introduction in only a few countries.<a href="#cite_note-142">[142]</a></li> <li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/5c/Flag_of_Portugal.svg/23px-Flag_of_Portugal.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/5c/Flag_of_Portugal.svg/35px-Flag_of_Portugal.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/5c/Flag_of_Portugal.svg/45px-Flag_of_Portugal.svg.png 2x" data-file-width="600" data-file-height="400" /> Portugal: Portugal supports a FTT.<a href="#cite_note-143">[143]</a></li> <li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/a/af/Flag_of_South_Africa.svg/23px-Flag_of_South_Africa.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/a/af/Flag_of_South_Africa.svg/35px-Flag_of_South_Africa.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/a/af/Flag_of_South_Africa.svg/45px-Flag_of_South_Africa.svg.png 2x" data-file-width="900" data-file-height="600" /> South Africa: In October 2011, Finance Minister <a href="/wiki/Pravin_Gordhan" title="Pravin Gordhan">Pravin Gordhan</a> strongly supports a FTT.<a href="#cite_note-economonitor-144">[144]</a></li> <li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f0/Flag_of_Slovenia.svg/23px-Flag_of_Slovenia.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f0/Flag_of_Slovenia.svg/35px-Flag_of_Slovenia.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f0/Flag_of_Slovenia.svg/46px-Flag_of_Slovenia.svg.png 2x" data-file-width="1200" data-file-height="600" /> Slovenia: Slovenia supports a FTT.<a href="#cite_note-PwC-139">[139]</a></li> <li><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/9a/Flag_of_Spain.svg/23px-Flag_of_Spain.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/9a/Flag_of_Spain.svg/35px-Flag_of_Spain.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/9a/Flag_of_Spain.svg/45px-Flag_of_Spain.svg.png 2x" data-file-width="750" data-file-height="500" /> Spain: Spain supports a FTT.<a href="#cite_note-ee-join-coalition-145">[145]</a></li> <li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/0/06/Flag_of_Venezuela.svg/23px-Flag_of_Venezuela.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/0/06/Flag_of_Venezuela.svg/35px-Flag_of_Venezuela.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/0/06/Flag_of_Venezuela.svg/45px-Flag_of_Venezuela.svg.png 2x" data-file-width="900" data-file-height="600" /> Venezuela: The president of Venezuela, <a href="/wiki/Hugo_Ch%C3%A1vez" title="Hugo Chávez">Hugo Chávez</a> supports a FTT in 2001.<a href="#cite_note-bbc-FTT-146">[146]</a> In 2007 Chávez proposed a regional FTT for Latin America together with former Argentinian president Nestor Kirchner.<a href="#cite_note-SPI1-128">[128]</a></li></ul> <div class="mw-heading mw-heading4"><h4 id="Other_supporters">Other supporters</h4>[<a href="/w/index.php?title=Financial_transaction_tax&action=edit&section=46" title="Edit section: Other supporters">edit</a>]</div> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:13a.RobinHoodTax.March.WDC.20April2013_(8667812714).jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/c/cb/13a.RobinHoodTax.March.WDC.20April2013_%288667812714%29.jpg/220px-13a.RobinHoodTax.March.WDC.20April2013_%288667812714%29.jpg" decoding="async" width="220" height="130" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/c/cb/13a.RobinHoodTax.March.WDC.20April2013_%288667812714%29.jpg/330px-13a.RobinHoodTax.March.WDC.20April2013_%288667812714%29.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/c/cb/13a.RobinHoodTax.March.WDC.20April2013_%288667812714%29.jpg/440px-13a.RobinHoodTax.March.WDC.20April2013_%288667812714%29.jpg 2x" data-file-width="4272" data-file-height="2515" /></a><figcaption>A Robin Hood Tax march in Washington, D.C. in 2013</figcaption></figure> Over 1,000 economists (including Nobel laureate <a href="/wiki/Paul_Krugman" title="Paul Krugman">Paul Krugman</a>,<a href="#cite_note-147">[147]</a> <a href="/wiki/Jeffrey_Sachs" title="Jeffrey Sachs">Jeffrey Sachs</a><a href="#cite_note-Singer-148">[148]</a> and Nobel laureate <a href="/wiki/Joseph_Stiglitz" title="Joseph Stiglitz">Joseph Stiglitz</a><a href="#cite_note-Edmund_Conway-38">[38]</a>), more than 1,000 parliamentarians from over 30 countries,<a href="#cite_note-FTT-support-2004-149">[149]</a><a href="#cite_note-150">[150]</a> the world's major <a href="/wiki/Labour_movement" title="Labour movement">labor</a> leaders, the <a href="/wiki/Association_for_the_Taxation_of_Financial_Transactions_and_for_Citizens%27_Action" title="Association for the Taxation of Financial Transactions and for Citizens' Action">Association for the Taxation of Financial Transactions and for Citizens' Action</a>, <a href="/wiki/Occupy_Wall_Street" title="Occupy Wall Street">Occupy Wall Street</a> protesters, <a href="/wiki/Oxfam" title="Oxfam">Oxfam</a>, <a href="/wiki/War_on_Want" title="War on Want">War on Want</a><a href="#cite_note-151">[151]</a> and other major development groups, the <a href="/wiki/World_Wildlife_Fund" class="mw-redirect" title="World Wildlife Fund">World Wildlife Fund</a>, <a href="/wiki/Greenpeace" title="Greenpeace">Greenpeace</a><a href="#cite_note-152">[152]</a> and other major environmental organizations support a FTT. Other notable supporters include the <a href="/wiki/Archbishop_of_Canterbury" title="Archbishop of Canterbury">Archbishop of Canterbury</a>, <a href="/wiki/Bill_Gates" title="Bill Gates">Bill Gates</a> and <a href="/wiki/Michael_Moore" title="Michael Moore">Michael Moore</a>.<a href="#cite_note-ee-join-coalition-145">[145]</a> <a href="/wiki/David_Harding_(finance)" class="mw-redirect" title="David Harding (finance)">David Harding</a>, founder and CEO of one of London's biggest <a href="/wiki/Hedge_funds" class="mw-redirect" title="Hedge funds">hedge funds</a> has given qualified support for a <a href="/wiki/European_Union_financial_transaction_tax" title="European Union financial transaction tax">European tax on financial transactions</a>, breaking ranks with many of his peers fiercely opposed to such a measure.<a href="#cite_note-harding-153">[153]</a> <a href="/wiki/George_Soros" title="George Soros">George Soros</a>, put forward a different proposal, calling rich countries to donate their <a href="/wiki/Special_drawing_rights" title="Special drawing rights">special drawing rights</a> for the purpose of providing international assistance, without necessarily dismissing the Tobin tax idea.<a href="#cite_note-soros-42">[42]</a> It has been widely reported that <a href="/wiki/The_Pope" class="mw-redirect" title="The Pope">the Pope</a> 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.<a href="#cite_note-154">[154]</a> Another group of EU FTT supporters it is integrated by <a rel="nofollow" class="external text" href="http://www.federalists.eu">European federalists</a>. In their opinion FTT would constitute, among other things, a <a rel="nofollow" class="external text" href="http://www.taurillon.org/Pour-une-revolution-fiscale-europeenne-par-Pierre-Larrouturou,04563">fair political initiative in the current financial crisis and it would represent an EU added value</a>. The European Commission has proposed a regional FTT to be implemented within the European Union (or the Eurozone) by 2014.<a href="#cite_note-EC-proposal-155">[155]</a> <div class="mw-heading mw-heading3"><h3 id="Opposing_countries">Opposing countries</h3>[<a href="/w/index.php?title=Financial_transaction_tax&action=edit&section=47" title="Edit section: Opposing countries">edit</a>]</div> <ul><li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/d/d9/Flag_of_Canada_%28Pantone%29.svg/23px-Flag_of_Canada_%28Pantone%29.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/d/d9/Flag_of_Canada_%28Pantone%29.svg/35px-Flag_of_Canada_%28Pantone%29.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/d/d9/Flag_of_Canada_%28Pantone%29.svg/46px-Flag_of_Canada_%28Pantone%29.svg.png 2x" data-file-width="1200" data-file-height="600" /> Canada: <a href="/wiki/Paul_Martin" title="Paul Martin">Paul Martin</a>, <a href="/wiki/Finance_Minister_(Canada)" class="mw-redirect" title="Finance Minister (Canada)">Canadian Finance Minister</a> opposes a FTT in 1994.<a href="#cite_note-cult-156">[156]</a> On 23 March 1999 the <a href="/wiki/House_of_Commons_of_Canada" title="House of Commons of Canada">House of Commons of Canada</a> passed a resolution directing the government to "enact a tax on financial transactions in concert with the international community".<a href="#cite_note-Round-126">[126]</a><a href="#cite_note-157">[157]</a> However, in November 2009, at the <a href="/wiki/G20" title="G20">G20</a> finance ministers summit, the representatives of the <a href="/wiki/Minority_governments_in_Canada" title="Minority governments in Canada">minority government</a> of Canada spoke publicly on the world stage in opposition to the resolution.<a href="#cite_note-Lukewarm-123">[123]</a><a href="#cite_note-Round-126">[126]</a> Canada's finance minister, <a href="/wiki/Jim_Flaherty" title="Jim Flaherty">Jim Flaherty</a>, 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."<a href="#cite_note-Canada-158">[158]</a></li> <li><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Flag_of_the_People%27s_Republic_of_China.svg/23px-Flag_of_the_People%27s_Republic_of_China.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Flag_of_the_People%27s_Republic_of_China.svg/35px-Flag_of_the_People%27s_Republic_of_China.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/fa/Flag_of_the_People%27s_Republic_of_China.svg/45px-Flag_of_the_People%27s_Republic_of_China.svg.png 2x" data-file-width="900" data-file-height="600" /> People's Republic of China: China opposes the tax because it may add more burdens on domestic banks.<a href="#cite_note-economonitor-144">[144]</a></li> <li><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/a/ae/Flag_of_the_United_Kingdom.svg/23px-Flag_of_the_United_Kingdom.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/ae/Flag_of_the_United_Kingdom.svg/35px-Flag_of_the_United_Kingdom.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/ae/Flag_of_the_United_Kingdom.svg/46px-Flag_of_the_United_Kingdom.svg.png 2x" data-file-width="1200" data-file-height="600" /> Great Britain: The British government supports FTT only if implemented worldwide. In 2009, <a href="/wiki/Adair_Turner" class="mw-redirect" title="Adair Turner">Adair Turner</a> (chair) and <a href="/wiki/Hector_Sants" title="Hector Sants">Hector Sants</a> (CEO) of the UK <a href="/wiki/Financial_Services_Authority" title="Financial Services Authority">Financial Services Authority</a> both supported the idea of new global taxes on financial transactions.<a href="#cite_note-Stephany-159">[159]</a><a href="#cite_note-160">[160]</a><a href="#cite_note-161">[161]</a> On the other hand, the <a href="/wiki/Bank_of_England" title="Bank of England">Bank of England</a> strongly opposes a FTT. Its governor <a href="/wiki/Mervyn_King_(economist)" class="mw-redirect" title="Mervyn King (economist)">Mervyn King</a> 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 levy."<a href="#cite_note-162">[162]</a></li> <li><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/4/41/Flag_of_India.svg/23px-Flag_of_India.svg.png" decoding="async" width="23" height="15" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/4/41/Flag_of_India.svg/35px-Flag_of_India.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/4/41/Flag_of_India.svg/45px-Flag_of_India.svg.png 2x" data-file-width="900" data-file-height="600" /> 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.<a href="#cite_note-economonitor-144">[144]</a></li> <li><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/4/4c/Flag_of_Sweden.svg/23px-Flag_of_Sweden.svg.png" decoding="async" width="23" height="14" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/4/4c/Flag_of_Sweden.svg/35px-Flag_of_Sweden.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/4/4c/Flag_of_Sweden.svg/46px-Flag_of_Sweden.svg.png 2x" data-file-width="1600" data-file-height="1000" /> Sweden: Sweden opposes a FTT if it is applied only in the European Union.<a href="#cite_note-bw-FTT-163">[163]</a></li> <li><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/23px-Flag_of_the_United_States.svg.png" decoding="async" width="23" height="12" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/35px-Flag_of_the_United_States.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/a/a4/Flag_of_the_United_States.svg/46px-Flag_of_the_United_States.svg.png 2x" data-file-width="1235" data-file-height="650" /> United States: The US Secretary of the Treasury <a href="/wiki/Lloyd_Bentsen" title="Lloyd Bentsen">Lloyd Bentsen</a> initially supported a FTT in 1994.<a href="#cite_note-cult-156">[156]</a> In 2004, Representative <a href="/wiki/Chaka_Fattah" title="Chaka Fattah">Chaka Fattah</a> of Pennsylvania introduced a bill in the US House of Representatives (H.R. 3759)<a href="#cite_note-164">[164]</a> 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),<a href="#cite_note-165">[165]</a> that goes further and proposes to enact a 1% FFT and eliminate federal income tax. Both bills never made it out of committee.<a href="#cite_note-166">[166]</a> On 24 September 2009, <a href="/wiki/Paul_Volcker" title="Paul Volcker">Paul Volcker</a> (former US <a href="/wiki/Federal_Reserve" title="Federal Reserve">Federal Reserve</a> chairman) "said he was 'very interested' by ideas for a tax on transactions between banks".<a href="#cite_note-167">[167]</a> On 3 December 2009, 22 representatives in the <a href="/wiki/United_States_House_of_Representatives" title="United States House of Representatives">United States House of Representatives</a> supported the "<a href="/wiki/Let_Wall_Street_Pay_for_the_Restoration_of_Main_Street_Bill" title="Let Wall Street Pay for the Restoration of Main Street Bill">Let Wall Street Pay for the Restoration of Main Street Bill</a>", which contained a domestic financial transaction tax.<a href="#cite_note-introduces-91">[91]</a> On 7 December 2009, <a href="/wiki/Nancy_Pelosi" title="Nancy Pelosi">Nancy Pelosi</a>, <a href="/wiki/Speaker_of_the_United_States_House_of_Representatives" title="Speaker of the United States House of Representatives">Speaker of the United States House of Representatives</a> stated her support for a "G-20 global tax".<a href="#cite_note-pelosi-87">[87]</a> However, already on 6 November 2009, US Treasury Secretary <a href="/wiki/Timothy_Geithner" title="Timothy Geithner">Timothy Geithner</a>, 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".<a href="#cite_note-168">[168]</a> Instead Geither favors an <a href="/wiki/Bank_tax" title="Bank tax">ongoing levy charged against large banks</a>.<a href="#cite_note-bank_levvy-169">[169]</a> On 13 December 2009, <a href="/wiki/Paul_Volcker" title="Paul Volcker">Paul Volcker</a>, chairman of the US <a href="/wiki/Economic_Recovery_Advisory_Board" class="mw-redirect" title="Economic Recovery Advisory Board">Economic Recovery Advisory Board</a> under President <a href="/wiki/Barack_Obama" title="Barack Obama">Barack Obama</a>, 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."<a href="#cite_note-170">[170]</a> By 2011, Volcker was more open to the idea of a transaction tax as a means to slow down trading.<a href="#cite_note-171">[171]</a> According to <a href="/wiki/Ron_Suskind" title="Ron Suskind">Ron Suskind</a>, the author of "<a href="/wiki/Confidence_Men" title="Confidence Men">Confidence Men</a>", 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 <a href="/wiki/United_States_National_Economic_Council" class="mw-redirect" title="United States National Economic Council">National Economic Council</a> <a href="/wiki/Larry_Summers" class="mw-redirect" title="Larry Summers">Larry Summers</a>.<a href="#cite_note-172">[172]</a></li></ul> <div class="mw-heading mw-heading4"><h4 id="Other_opposers">Other opposers</h4>[<a href="/w/index.php?title=Financial_transaction_tax&action=edit&section=48" title="Edit section: Other opposers">edit</a>]</div> Most hedge funds managers fiercely oppose FTT.<a href="#cite_note-harding-153">[153]</a> So does the economist and former member of Bank of England <a href="/wiki/Charles_Goodhart" title="Charles Goodhart">Charles Goodhart</a>.<a href="#cite_note-173">[173]</a> The <a href="/wiki/Financial_Times" title="Financial Times">Financial Times</a>,<a href="#cite_note-174">[174]</a> the <a href="/wiki/Asia-Pacific_Economic_Cooperation" title="Asia-Pacific Economic Cooperation">Asia-Pacific Economic Cooperation</a> Business Advisory Council, the <a href="/wiki/Confederation_of_British_Industry" title="Confederation of British Industry">Confederation of British Industry</a>, and the <a href="/wiki/Adam_Smith_Institute" title="Adam Smith Institute">Adam Smith Institute</a> have also spoken out against a global financial transaction tax.<a href="#cite_note-imf.org-175">[175]</a> <div class="mw-heading mw-heading3"><h3 id="IMF's_position">IMF's position</h3>[<a href="/w/index.php?title=Financial_transaction_tax&action=edit&section=49" title="Edit section: IMF's position">edit</a>]</div> In 2001, the IMF conducted considerable research that opposes a transaction tax.<a href="#cite_note-176">[176]</a> On 11 December 2009, the <a href="/wiki/Financial_Times" title="Financial Times">Financial Times</a> reported "Since the 7 Nov [2009] 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. ... We will look at it from various angles and consider all proposals.'"<a href="#cite_note-Tobin_tax_remains_Treasury_ambition-177">[177]</a> When the IMF presented its interim report<a href="#cite_note-interim-34">[34]</a><a href="#cite_note-BBC1-35">[35]</a> for the G20 on 16 April 2010, it laid out three options: a <a href="/wiki/Bank_tax" title="Bank tax">bank tax</a>, 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".<a href="#cite_note-interim-34">[34]</a> However, it concedes that "The FTT should not be dismissed on grounds of administrative practicality".<a href="#cite_note-interim-34">[34]</a> Challenging the IMF's belittling of the financial transaction tax, Stephan Schulmeister of the <a href="/wiki/Austrian_Institute_of_Economic_Research" title="Austrian Institute of Economic Research">Austrian Institute of Economic Research</a> 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."<a href="#cite_note-proposals-178">[178]</a> Additionally, the IMF's watchdog group, the Independent Evaluation Office (IEO), released a 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."<a href="#cite_note-relevence-179">[179]</a> <div class="mw-heading mw-heading2"><h2 id="Public_opinion">Public opinion</h2>[<a href="/w/index.php?title=Financial_transaction_tax&action=edit&section=50" title="Edit section: Public opinion">edit</a>]</div> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Europeans_for_Financial_Reform_support_a_Financial_Transaction_Tax_(cropped).jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/7/72/Europeans_for_Financial_Reform_support_a_Financial_Transaction_Tax_%28cropped%29.jpg/220px-Europeans_for_Financial_Reform_support_a_Financial_Transaction_Tax_%28cropped%29.jpg" decoding="async" width="220" height="231" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/7/72/Europeans_for_Financial_Reform_support_a_Financial_Transaction_Tax_%28cropped%29.jpg/330px-Europeans_for_Financial_Reform_support_a_Financial_Transaction_Tax_%28cropped%29.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/7/72/Europeans_for_Financial_Reform_support_a_Financial_Transaction_Tax_%28cropped%29.jpg 2x" data-file-width="433" data-file-height="455" /></a><figcaption>Europeans for Financial Reform</figcaption></figure> <div class="mw-heading mw-heading3"><h3 id="Europe">Europe</h3>[<a href="/w/index.php?title=Financial_transaction_tax&action=edit&section=51" title="Edit section: Europe">edit</a>]</div> <style data-mw-deduplicate="TemplateStyles:r1251242444">.mw-parser-output .ambox{border:1px solid #a2a9b1;border-left:10px solid #36c;background-color:#fbfbfb;box-sizing:border-box}.mw-parser-output .ambox+link+.ambox,.mw-parser-output .ambox+link+style+.ambox,.mw-parser-output .ambox+link+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+style+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+link+.ambox{margin-top:-1px}html body.mediawiki .mw-parser-output .ambox.mbox-small-left{margin:4px 1em 4px 0;overflow:hidden;width:238px;border-collapse:collapse;font-size:88%;line-height:1.25em}.mw-parser-output .ambox-speedy{border-left:10px solid #b32424;background-color:#fee7e6}.mw-parser-output .ambox-delete{border-left:10px solid #b32424}.mw-parser-output .ambox-content{border-left:10px solid #f28500}.mw-parser-output .ambox-style{border-left:10px solid #fc3}.mw-parser-output .ambox-move{border-left:10px solid #9932cc}.mw-parser-output .ambox-protection{border-left:10px solid #a2a9b1}.mw-parser-output .ambox .mbox-text{border:none;padding:0.25em 0.5em;width:100%}.mw-parser-output .ambox .mbox-image{border:none;padding:2px 0 2px 0.5em;text-align:center}.mw-parser-output .ambox .mbox-imageright{border:none;padding:2px 0.5em 2px 0;text-align:center}.mw-parser-output .ambox .mbox-empty-cell{border:none;padding:0;width:1px}.mw-parser-output .ambox .mbox-image-div{width:52px}@media(min-width:720px){.mw-parser-output .ambox{margin:0 10%}}@media print{body.ns-0 .mw-parser-output .ambox{display:none!important}}</style><table class="box-Update plainlinks metadata ambox ambox-content ambox-Update" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><img alt="" src="//upload.wikimedia.org/wikipedia/commons/thumb/5/53/Ambox_current_red_Americas.svg/42px-Ambox_current_red_Americas.svg.png" decoding="async" width="42" height="34" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/53/Ambox_current_red_Americas.svg/63px-Ambox_current_red_Americas.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/53/Ambox_current_red_Americas.svg/84px-Ambox_current_red_Americas.svg.png 2x" data-file-width="360" data-file-height="290" /></div></td><td class="mbox-text"><div class="mbox-text-span">This section needs to be updated. Please help update this article to reflect recent events or newly available information. (December 2015)</div></td></tr></tbody></table> A 2011 survey published by <a href="/wiki/YouGov" title="YouGov">YouGov</a> 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 href="#cite_note-ps-europe-180">[180]</a> A 2011 <a href="/wiki/Eurobarometer" title="Eurobarometer">Eurobarometer</a> 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 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."<a href="#cite_note-ps-europe-180">[180]</a><a href="#cite_note-181">[181]</a> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2>[<a href="/w/index.php?title=Financial_transaction_tax&action=edit&section=52" title="Edit section: See also">edit</a>]</div> <style data-mw-deduplicate="TemplateStyles:r1184024115">.mw-parser-output .div-col{margin-top:0.3em;column-width:30em}.mw-parser-output .div-col-small{font-size:90%}.mw-parser-output .div-col-rules{column-rule:1px solid #aaa}.mw-parser-output .div-col dl,.mw-parser-output .div-col ol,.mw-parser-output .div-col ul{margin-top:0}.mw-parser-output .div-col li,.mw-parser-output .div-col dd{page-break-inside:avoid;break-inside:avoid-column}</style><div class="div-col" style="column-width: 40em;"> <ul><li><a href="/wiki/1998%E2%80%932002_Argentine_great_depression" title="1998–2002 Argentine great depression">1998–2002 Argentine great depression</a></li> <li><a href="/wiki/2008%E2%80%932009_Keynesian_resurgence" title="2008–2009 Keynesian resurgence">2008–2009 Keynesian resurgence</a></li> <li><a href="/wiki/ATTAC" class="mw-redirect" title="ATTAC">ATTAC</a> – Association for the Taxation of Financial Transactions for the Aid of Citizens</li> <li><a href="/wiki/Bank_for_International_Settlements" title="Bank for International Settlements">Bank for International Settlements</a></li> <li><a href="/wiki/Bank_tax" title="Bank tax">Bank tax</a></li> <li><a href="/wiki/Central_bank#Currency_issuance" title="Central bank">Central banks – which issue currency</a></li> <li><a href="/wiki/Credit_crunch" title="Credit crunch">Credit crunch</a></li> <li><a href="/wiki/Currency_crisis" title="Currency crisis">Currency crisis</a></li> <li><a href="/wiki/Exorbitant_privilege" title="Exorbitant privilege">Exorbitant privilege</a></li> <li><a href="/wiki/Exchange_rate#Fluctuations_in_exchange_rates" title="Exchange rate">Fluctuation in exchange rates</a></li> <li><a href="/wiki/Foreign_exchange_controls" title="Foreign exchange controls">Foreign exchange controls</a></li> <li><a href="/wiki/Foreign_exchange_market" title="Foreign exchange market">Foreign exchange market</a></li> <li><a href="/wiki/Liquidity_crisis" title="Liquidity crisis">Liquidity crisis</a></li> <li><a href="/wiki/Money_market" title="Money market">Money market</a></li> <li><a href="/wiki/Noise_(economic)" title="Noise (economic)">Noise (economic)</a></li> <li><a href="/wiki/Speculative_attack" title="Speculative attack">Speculative attack</a></li> <li><a href="/wiki/Stabilizing_speculation" class="mw-redirect" title="Stabilizing speculation">Speculation in foreign exchange markets</a></li> <li><a href="/wiki/Spot_market" title="Spot market">Spot market</a></li> <li><a href="/wiki/Sudden_stop_(economics)" title="Sudden stop (economics)">Sudden stop (economics)</a></li> <li><a href="/wiki/Volatility_risk" title="Volatility risk">Volatility risk</a></li> <li><a href="/wiki/Volatility_risk#Consequences_of_currency_volatility" title="Volatility risk">Consequences of currency volatility</a></li></ul></div> <div class="mw-heading mw-heading2"><h2 id="References">References</h2>[<a href="/w/index.php?title=Financial_transaction_tax&action=edit&section=53" title="Edit section: References">edit</a>]</div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-1"><a href="#cite_ref-1">^</a> With the exception, perhaps, of the <a href="#Bank_transaction_tax">bank transaction tax</a> which taxes transactions on bank accounts and the <a href="/wiki/Automated_Payment_Transaction_tax" title="Automated Payment Transaction tax">Automated Payment Transaction tax</a> which taxes all transactions. </li> <li id="cite_note-2"><a href="#cite_ref-2">^</a> This illustration is attributed to the public lecture of economist Rodney Schmidt, Principal Researcher, <a href="/wiki/The_North-South_Institute" class="mw-redirect" title="The North-South Institute">The North-South Institute</a>, 20 June 2010, at the "<a href="/wiki/People%27s_Summit" title="People's Summit">People's Summit</a>", held at <a href="/wiki/Ryerson_University" class="mw-redirect" title="Ryerson University">Ryerson University</a> in Toronto, Ontario, Canada. </li> <li id="cite_note-distraction-3"><a href="#cite_ref-distraction_3-0">^</a> <style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration 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"The Automated Payment transaction tax: Proposing a new tax system for the 21st century". Economic Policy. October: 475–511.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Economic+Policy&rft.atitle=The+Automated+Payment+transaction+tax%3A+Proposing+a+new+tax+system+for+the+21st+century&rft.volume=October&rft.pages=%3Cspan+class%3D%22nowrap%22%3E475-%3C%2Fspan%3E511&rft.date=2000&rft.aulast=Feige&rft.aufirst=Edgar+L&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+transaction+tax" class="Z3988"> </li> <li id="cite_note-18"><a href="#cite_ref-18">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFFeige2001" class="citation journal cs1">Feige, Edgar L. (2001). "Starting Over: The Automated Payment Transaction Tax". The Milken Institute Review: A Journal of Economic Policy. 1: 42–53.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Milken+Institute+Review%3A+A+Journal+of+Economic+Policy&rft.atitle=Starting+Over%3A+The+Automated+Payment+Transaction+Tax&rft.volume=1&rft.pages=%3Cspan+class%3D%22nowrap%22%3E42-%3C%2Fspan%3E53&rft.date=2001&rft.aulast=Feige&rft.aufirst=Edgar+L.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+transaction+tax" class="Z3988"> </li> <li id="cite_note-Akst-19">^ <a href="#cite_ref-Akst_19-0">a</a> <a href="#cite_ref-Akst_19-1">b</a> Daniel Akst for the New York Times. 2 February 2003. <a rel="nofollow" class="external text" href="https://www.nytimes.com/2003/02/02/business/on-the-contrary-dreaming-out-loud-one-tiny-little-tax.html">Dreaming Out Loud: One Tiny Little Tax</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20190327085807/https://www.nytimes.com/2003/02/02/business/on-the-contrary-dreaming-out-loud-one-tiny-little-tax.html">Archived</a> 27 March 2019 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a> </li> <li id="cite_note-20"><a href="#cite_ref-20">^</a> Peter J Reilly for Forbes. 28 October 2012 [Balanced Budget And Comprehensive Tax Reform Made Simple ? The Automated Payment Transaction Tax </li> <li id="cite_note-21"><a href="#cite_ref-21">^</a> Edgar L. Feige <a rel="nofollow" class="external text" href="https://web.archive.org/web/20120321195121/http://129.3.20.41/eps/pe/papers/0506/0506011.pdf">Taxation for the 21st Century: The Automated Payment Transaction (APT) Tax</a>, Presented to the President’s Advisory Panel on Federal Tax Reform 28 April 2005 </li> <li id="cite_note-22"><a href="#cite_ref-22">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCollignon1994" class="citation book cs1">Collignon, Stefan (1 January 1994). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=EsaCMRHILb8C&pg=PA196">Europe's Monetary Future</a>. Fairleigh Dickinson Univ Press. p. 196. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-0-8386-3606-0" title="Special:BookSources/978-0-8386-3606-0"><bdi>978-0-8386-3606-0</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Europe%27s+Monetary+Future&rft.pages=196&rft.pub=Fairleigh+Dickinson+Univ+Press&rft.date=1994-01-01&rft.isbn=978-0-8386-3606-0&rft.aulast=Collignon&rft.aufirst=Stefan&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DEsaCMRHILb8C%26pg%3DPA196&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+transaction+tax" class="Z3988"> </li> <li id="cite_note-globalpolicy.org-23">^ <a href="#cite_ref-globalpolicy.org_23-0">a</a> <a href="#cite_ref-globalpolicy.org_23-1">b</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFAdministrator" class="citation web cs1">Administrator. <a rel="nofollow" class="external text" href="https://www.globalpolicy.org/social-and-economic-policy/global-taxes-1-79/currency-transaction-taxes/45990-destabilizing-speculation-and-the-case-for-an-international-currency-transactions-tax.html">"Destabilizing Speculation and the Case for an International Currency Transactions Tax"</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20160827235012/https://www.globalpolicy.org/social-and-economic-policy/global-taxes-1-79/currency-transaction-taxes/45990-destabilizing-speculation-and-the-case-for-an-international-currency-transactions-tax.html">Archived</a> from the original on 27 August 2016. Retrieved 13 August 2016.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Destabilizing+Speculation+and+the+Case+for+an+International+Currency+Transactions+Tax&rft.au=Administrator&rft_id=https%3A%2F%2Fwww.globalpolicy.org%2Fsocial-and-economic-policy%2Fglobal-taxes-1-79%2Fcurrency-transaction-taxes%2F45990-destabilizing-speculation-and-the-case-for-an-international-currency-transactions-tax.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+transaction+tax" class="Z3988"> </li> <li id="cite_note-24"><a href="#cite_ref-24">^</a> 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. </li> <li id="cite_note-25"><a href="#cite_ref-25">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://validusrm.com/hedging-and-speculation-two-sides-of-the-same-coin/">"Hedging and Speculation: Two sides of the same coin?"</a>. Validus. 19 July 2012. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20200509213841/https://validusrm.com/hedging-and-speculation-two-sides-of-the-same-coin/">Archived</a> from the original on 9 May 2020. Retrieved 30 May 2020.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Validus&rft.atitle=Hedging+and+Speculation%3A+Two+sides+of+the+same+coin%3F&rft.date=2012-07-19&rft_id=https%3A%2F%2Fvalidusrm.com%2Fhedging-and-speculation-two-sides-of-the-same-coin%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+transaction+tax" class="Z3988"> </li> <li id="cite_note-Paul_Bernd_Spahn-26">^ <a href="#cite_ref-Paul_Bernd_Spahn_26-0">a</a> <a href="#cite_ref-Paul_Bernd_Spahn_26-1">b</a> <a href="#cite_ref-Paul_Bernd_Spahn_26-2">c</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFPaul_Bernd_Spahn1995" class="citation web cs1"><a href="/wiki/Paul_Bernd_Spahn" title="Paul Bernd Spahn">Paul Bernd Spahn</a> (16 June 1995). <a rel="nofollow" class="external text" href="http://www.wiwi.uni-frankfurt.de/profs/spahn/pdf/publ/7-041.pdf">"International Financial Flows and Transactions Taxes: Survey and Options"</a> (PDF). University of Frankfurt/Main; Paper originally published with the <a href="/wiki/International_Monetary_Fund" title="International Monetary Fund">International Monetary Fund</a> as Working Paper WP/95/60. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20101011143915/http://www.wiwi.uni-frankfurt.de/profs/spahn/pdf/publ/7-041.pdf">Archived</a> (PDF) from the original on 11 October 2010. Retrieved 13 January 2010.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=International+Financial+Flows+and+Transactions+Taxes%3A+Survey+and+Options&rft.pub=University+of+Frankfurt%2FMain%3B+Paper+originally+published+with+the+International+Monetary+Fund+as+Working+Paper+WP%2F95%2F60.&rft.date=1995-06-16&rft.au=Paul+Bernd+Spahn&rft_id=http%3A%2F%2Fwww.wiwi.uni-frankfurt.de%2Fprofs%2Fspahn%2Fpdf%2Fpubl%2F7-041.pdf&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+transaction+tax" class="Z3988"> </li> <li id="cite_note-27"><a href="#cite_ref-27">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.hillaryclinton.com/issues/wall-street/">"Wall Street reform"</a>. The Office of Hillary Rodham Clinton. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20160517082659/https://www.hillaryclinton.com/issues/wall-street/">Archived</a> from the original on 17 May 2016. Retrieved 13 August 2016.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=The+Office+of+Hillary+Rodham+Clinton&rft.atitle=Wall+Street+reform&rft_id=https%3A%2F%2Fwww.hillaryclinton.com%2Fissues%2Fwall-street%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+transaction+tax" class="Z3988"> </li> <li id="cite_note-Jubilee-trans-28">^ <a href="#cite_ref-Jubilee-trans_28-0">a</a> <a href="#cite_ref-Jubilee-trans_28-1">b</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDer_Spiegel_–_German_interview_translated_into_English2001" class="citation news cs1"><a href="/wiki/Der_Spiegel" title="Der Spiegel">Der Spiegel</a> – German interview translated into English (3 September 2001). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20050306201839/http://www.jubilee2000uk.org/worldnews/lamerica/james_tobin_030901_english.htm">"James Tobin: "The antiglobalisation movement has highjacked my name""</a>. Jubilee Research, a successor to <a href="/wiki/Jubilee_2000" title="Jubilee 2000">Jubilee 2000</a> UK. Archived from <a rel="nofollow" class="external text" href="http://www.jubilee2000uk.org/worldnews/lamerica/james_tobin_030901_english.htm">the original</a> on 6 March 2005. Retrieved 11 February 2010.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=James+Tobin%3A+%22The+antiglobalisation+movement+has+highjacked+my+name%22&rft.date=2001-09-03&rft.au=Der+Spiegel+%E2%80%93+German+interview+translated+into+English&rft_id=http%3A%2F%2Fwww.jubilee2000uk.org%2Fworldnews%2Flamerica%2Fjames_tobin_030901_english.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+transaction+tax" class="Z3988"> </li> <li id="cite_note-Reiermann-29">^ <a href="#cite_ref-Reiermann_29-0">a</a> <a href="#cite_ref-Reiermann_29-1">b</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFChristian_Von_ReiermannMichaela_Schießl2001" class="citation news cs1">Christian Von Reiermann; Michaela Schießl (3 September 2001). <a rel="nofollow" class="external text" href="http://www.spiegel.de/spiegel/print/d-20017795.html">"Die missbrauchen Meinen Namen"</a> [They Are Misusing My Name]. Der Spiegel. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20100606234912/http://www.spiegel.de/spiegel/print/d-20017795.html">Archived</a> from the original on 6 June 2010. Retrieved 1 January 2010. <q>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 Vorschlag? 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 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."</q></cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Der+Spiegel&rft.atitle=Die+missbrauchen+Meinen+Namen&rft.date=2001-09-03&rft.au=Christian+Von+Reiermann&rft.au=Michaela+Schie%C3%9Fl&rft_id=http%3A%2F%2Fwww.spiegel.de%2Fspiegel%2Fprint%2Fd-20017795.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+transaction+tax" class="Z3988"> (Interview with James Tobin) </li> <li id="cite_note-Summaries-30">^ <a href="#cite_ref-Summaries_30-0">a</a> <a href="#cite_ref-Summaries_30-1">b</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="http://www.spiegel.de/international/spiegel/0,1518,154539,00.html">"They are misusing my name"</a>. English Summaries [of quotes in Spiegel Online]. Spiegel Online International. 3 September 2001. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20101007025956/http://www.spiegel.de/international/spiegel/0,1518,154539,00.html">Archived</a> from the original on 7 October 2010. Retrieved 1 January 2010.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=English+Summaries+%5Bof+quotes+in+Spiegel+Online%5D&rft.atitle=They+are+misusing+my+name&rft.date=2001-09-03&rft_id=http%3A%2F%2Fwww.spiegel.de%2Finternational%2Fspiegel%2F0%2C1518%2C154539%2C00.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+transaction+tax" class="Z3988"> </li> <li id="cite_note-EMN1-31">^ <a href="#cite_ref-EMN1_31-0">a</a> <a href="#cite_ref-EMN1_31-1">b</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.eumed.net/cursecon/textos/tobin-antiglob.htm">"James Tobin-El movimiento antiglobalización abusa de mi nombre"</a>. eumed.net. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20100612044229/http://eumed.net/cursecon/textos/tobin-antiglob.htm">Archived</a> from the original on 12 June 2010. Retrieved 11 July 2010.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=eumed.net&rft.atitle=James+Tobin-El+movimiento+antiglobalizaci%C3%B3n+abusa+de+mi+nombre&rft_id=http%3A%2F%2Fwww.eumed.net%2Fcursecon%2Ftextos%2Ftobin-antiglob.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+transaction+tax" class="Z3988"> </li> <li id="cite_note-32"><a href="#cite_ref-32">^</a> Translated quote from <a href="/wiki/James_Tobin" title="James Tobin">James Tobin</a>: "The tax on foreign exchange transactions was devised to cushion exchange rate fluctuations." 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Reuters. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20111209204304/http://www.reuters.com/article/2011/11/04/g20-tax-idUSN1E7A302520111104">Archived</a> from the original on 9 December 2011. 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Politico. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20191113105039/https://www.politico.com/story/2009/12/pelosi-pushes-global-financial-fee-030200">Archived</a> from the original on 13 November 2019. Retrieved 6 May 2020.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Politico&rft.atitle=Pelosi+pushes+global+financial+fee&rft.date=2009-12-02&rft.au=David+Rogers&rft_id=https%3A%2F%2Fwww.politico.com%2Fstory%2F2009%2F12%2Fpelosi-pushes-global-financial-fee-030200&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+transaction+tax" class="Z3988"> </li> <li id="cite_note-88"><a href="#cite_ref-88">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFDarrell_Delamaide2013" class="citation news cs1">Darrell Delamaide (2 July 2013). <a rel="nofollow" class="external text" href="https://www.usatoday.com/story/money/business/2013/07/02/delamaide-columnist-financial-transaction-tax/2482435/">"Financial trade tax looks unlikely"</a>. USA Today. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20161208035652/http://www.usatoday.com/story/money/business/2013/07/02/delamaide-columnist-financial-transaction-tax/2482435/">Archived</a> from the original on 8 December 2016. Retrieved 6 May 2020.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=USA+Today&rft.atitle=Financial+trade+tax+looks+unlikely&rft.date=2013-07-02&rft.au=Darrell+Delamaide&rft_id=https%3A%2F%2Fwww.usatoday.com%2Fstory%2Fmoney%2Fbusiness%2F2013%2F07%2F02%2Fdelamaide-columnist-financial-transaction-tax%2F2482435%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+transaction+tax" class="Z3988"> </li> <li id="cite_note-89"><a href="#cite_ref-89">^</a> House of Representative bills: <a rel="nofollow" class="external text" href="https://www.govtrack.us/congress/billtext.xpd?bill=h111-4191">Let Wall Street Pay for the Restoration of Main Street Act</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20181225174456/https://www.govtrack.us/congress/bills/111/hr4191/text">Archived</a> 25 December 2018 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, <a rel="nofollow" class="external text" href="https://www.govtrack.us/congress/bill.xpd?bill=s111-2927">S. 2927:Wall Street Fair Share Act</a>, <a rel="nofollow" class="external text" href="https://www.govtrack.us/congress/bill.xpd?bill=h111-5204">H.R. 5204:21st Century Full Employment and Training Act</a>, <a rel="nofollow" class="external text" href="https://thehill.com/blogs/congress-blog/economy-a-budget/166807-currency-tax-a-way-to-invest-in-our-future-rep-pete-stark/">"Currency tax: A way to invest in our future (Rep. Pete Stark)"</a>, <a rel="nofollow" class="external text" href="https://www.govtrack.us/congress/bill.xpd?bill=h112-3313">H.R. 3313: To amend the Internal Revenue Code of 1986 to impose a tax on certain trading transactions</a>, <a rel="nofollow" class="external text" href="http://www.pnhp.org/news/2011/february/summary-hr-676-the-expanded-improved-medicare-for-all-act">"Summary: H.R. 676, The Expanded & Improved Medicare For All Act"</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20121024193451/http://www.pnhp.org/news/2011/february/summary-hr-676-the-expanded-improved-medicare-for-all-act">Archived</a> 24 October 2012 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, <a rel="nofollow" class="external text" href="https://www.govtrack.us/congress/bills/112/hr2003">"H.R. 2003: Taxing Speculators Out of the Oil Market"</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20150915164039/https://www.govtrack.us/congress/bills/112/hr2003">Archived</a> 15 September 2015 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, <a rel="nofollow" class="external text" href="https://www.govtrack.us/congress/bills/112/hr3638">"Act for the 99% (H.R. 3638)"</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20130325085756/http://www.govtrack.us/congress/bills/112/hr3638">Archived</a> 25 March 2013 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, <a rel="nofollow" class="external text" href="http://thomas.loc.gov/cgi-bin/bdquery/z?d112:SN02252:@@@D&summ2=m&">"Bill Summary and Status of S. 2252"</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20160704214637/http://thomas.loc.gov/cgi-bin/bdquery/z?d112:SN02252:@@@D&summ2=m&">Archived</a> 4 July 2016 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, <a rel="nofollow" class="external text" href="https://www.govtrack.us/congress/bills/112/hr5909">H.R. 5909: Comprehensive Dental Reform Act of 2012</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20130121093603/http://www.govtrack.us/congress/bills/112/hr5909">Archived</a> 21 January 2013 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, <a rel="nofollow" class="external text" href="https://www.govtrack.us/congress/bills/112/hr6411">"H.R. 6411: Inclusive Prosperity Act"</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20130121054118/http://www.govtrack.us/congress/bills/112/hr6411">Archived</a> 21 January 2013 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>; Senate bills: <a rel="nofollow" class="external text" href="http://www.opencongress.org/bill/112-s915/show">"S.915 American Health Security Act of 2011"</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20110916045039/http://www.opencongress.org/bill/112-s915/show">Archived</a> 16 September 2011 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, <a rel="nofollow" class="external text" href="https://www.govtrack.us/congress/bills/112/s1787">"S. 1787 Wall Street Trading and Speculators Act"</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20130410100321/http://www.govtrack.us/congress/bills/112/s1787">Archived</a> 10 April 2013 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a>, <a rel="nofollow" class="external text" href="http://thomas.loc.gov/cgi-bin/bdquery/z?d112:SN02252:@@@D&summ2=m&">"Bill Summary and Status of S. 2252"</a>, <a rel="nofollow" class="external text" href="https://www.govtrack.us/congress/bills/112/s3272/text">"Comprehensive Dental Reform Act full text"</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20120725201346/http://www.govtrack.us/congress/bills/112/s3272/text">Archived</a> 25 July 2012 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a> </li> <li id="cite_note-Charles_Pope-90">^ <a href="#cite_ref-Charles_Pope_90-0">a</a> <a href="#cite_ref-Charles_Pope_90-1">b</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFCharles_Pope2009" class="citation news cs1">Charles Pope (3 December 2009). <a rel="nofollow" class="external text" href="http://www.oregonlive.com/politics/index.ssf/2009/12/defazio_calls_for_tax_on_high.html">"DeFazio calls for tax on financial transactions but critics abound"</a>. <a href="/wiki/The_Oregonian" title="The Oregonian">The Oregonian</a>, OregonLive.com. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20100107032437/http://www.oregonlive.com/politics/index.ssf/2009/12/defazio_calls_for_tax_on_high.html">Archived</a> from the original on 7 January 2010. Retrieved 4 January 2010.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=DeFazio+calls+for+tax+on+financial+transactions+but+critics+abound&rft.date=2009-12-03&rft.au=Charles+Pope&rft_id=http%3A%2F%2Fwww.oregonlive.com%2Fpolitics%2Findex.ssf%2F2009%2F12%2Fdefazio_calls_for_tax_on_high.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+transaction+tax" class="Z3988"> </li> <li id="cite_note-introduces-91">^ <a href="#cite_ref-introduces_91-0">a</a> <a href="#cite_ref-introduces_91-1">b</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://web.archive.org/web/20181225174509/https://defazio.house.gov/index.php?option=com_content&view=article&id=531:defazio-introduces-legislation-invoking-wall-street-transaction-tax&catid=60:2009-press-releases%2520">"DeFazio Introduces Legislation Invoking Wall Street 'Transaction Tax'"</a>. Peter DeFazio. 3 December 2009. Archived from <a rel="nofollow" class="external text" href="http://www.defazio.house.gov/index.php?option=com_content&view=article&id=531:defazio-introduces-legislation-invoking-wall-street-transaction-tax&catid=60:2009-press-releases">the original</a> on 25 December 2018. Retrieved 13 February 2010.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=DeFazio+Introduces+Legislation+Invoking+Wall+Street+%27Transaction+Tax%27&rft.pub=Peter+DeFazio&rft.date=2009-12-03&rft_id=http%3A%2F%2Fwww.defazio.house.gov%2Findex.php%3Foption%3Dcom_content%26view%3Darticle%26id%3D531%3Adefazio-introduces-legislation-invoking-wall-street-transaction-tax%26catid%3D60%3A2009-press-releases&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+transaction+tax" class="Z3988"> </li> <li id="cite_note-impact-summary-92"><a href="#cite_ref-impact-summary_92-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFRalitsa_Kovacheva2011" class="citation news cs1">Ralitsa Kovacheva (30 September 2011). <a rel="nofollow" class="external text" href="http://www.euinside.eu/en/news/the-eu-expects-57-billion-euros-a-year-by-a-new-bank-tax">"The EU Expects 57 Billion Euros a Year from a New Financial Tax"</a>. EU inside. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20120303083648/http://www.euinside.eu/en/news/the-eu-expects-57-billion-euros-a-year-by-a-new-bank-tax">Archived</a> from the original on 3 March 2012. Retrieved 26 February 2012.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=The+EU+Expects+57+Billion+Euros+a+Year+from+a+New+Financial+Tax&rft.date=2011-09-30&rft.au=Ralitsa+Kovacheva&rft_id=http%3A%2F%2Fwww.euinside.eu%2Fen%2Fnews%2Fthe-eu-expects-57-billion-euros-a-year-by-a-new-bank-tax&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+transaction+tax" class="Z3988"> </li> <li id="cite_note-Semeta-93"><a href="#cite_ref-Semeta_93-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHarry_Wilson2012" class="citation news cs1">Harry Wilson (16 February 2012). <a rel="nofollow" class="external text" href="https://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9087264/Financial-transaction-tax-would-raise-10bn.html">"Financial transaction tax would raise €10bn"</a>. Telegraph. London. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20120220033718/http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9087264/Financial-transaction-tax-would-raise-10bn.html">Archived</a> from the original on 20 February 2012. Retrieved 3 March 2012.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Telegraph&rft.atitle=Financial+transaction+tax+would+raise+%E2%82%AC10bn&rft.date=2012-02-16&rft.au=Harry+Wilson&rft_id=https%3A%2F%2Fwww.telegraph.co.uk%2Ffinance%2Fnewsbysector%2Fbanksandfinance%2F9087264%2FFinancial-transaction-tax-would-raise-10bn.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+transaction+tax" class="Z3988"> </li> <li id="cite_note-94"><a href="#cite_ref-94">^</a> 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 </li> <li id="cite_note-95"><a href="#cite_ref-95">^</a> <a rel="nofollow" class="external text" href="http://library.fes.de/pdf-files/id/ipa/09063.pdf">Sieling, Carsten (2012): Financial Transaction Tax. Sensible, Feasible, Overdue. Friedrich-Ebert-Foundation, S. 2</a> <a rel="nofollow" class="external text" href="https://web.archive.org/web/20131101024329/http://library.fes.de/pdf-files/id/ipa/09063.pdf">Archived</a> 1 November 2013 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a> (Retrieved 5 June 2012) </li> <li id="cite_note-96"><a href="#cite_ref-96">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFAvinash_Persaud2012" class="citation news cs1">Avinash Persaud (10 January 2012). <a rel="nofollow" class="external text" href="http://www.sueddeutsche.de/wirtschaft/diskussion-um-transaktionssteuer-warum-roesler-falsch-liegt-1.1254914-2">"Warum Rösler falsch liegt"</a>. <a href="/wiki/Sueddeutsche_Zeitung" class="mw-redirect" title="Sueddeutsche Zeitung">Sueddeutsche</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20120113070211/http://www.sueddeutsche.de/wirtschaft/diskussion-um-transaktionssteuer-warum-roesler-falsch-liegt-1.1254914-2">Archived</a> from the original on 13 January 2012. Retrieved 10 January 2012.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Warum+R%C3%B6sler+falsch+liegt&rft.date=2012-01-10&rft.au=Avinash+Persaud&rft_id=http%3A%2F%2Fwww.sueddeutsche.de%2Fwirtschaft%2Fdiskussion-um-transaktionssteuer-warum-roesler-falsch-liegt-1.1254914-2&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+transaction+tax" class="Z3988"> </li> <li id="cite_note-SZ-2012-05-12-97"><a href="#cite_ref-SZ-2012-05-12_97-0">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFAlexander_Hagelüken2012" class="citation news cs1">Alexander Hagelüken (10 May 2012). <a rel="nofollow" class="external text" href="http://www.sueddeutsche.de/wirtschaft/eu-studie-zur-finanztransaktionssteuer-und-sie-funktioniert-doch-1.1353438">"Und sie funktioniert doch"</a>. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20120910050812/http://www.sueddeutsche.de/wirtschaft/eu-studie-zur-finanztransaktionssteuer-und-sie-funktioniert-doch-1.1353438">Archived</a> from the original on 10 September 2012. Retrieved 12 May 2012.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Und+sie+funktioniert+doch&rft.date=2012-05-10&rft.au=Alexander+Hagel%C3%BCken&rft_id=http%3A%2F%2Fwww.sueddeutsche.de%2Fwirtschaft%2Feu-studie-zur-finanztransaktionssteuer-und-sie-funktioniert-doch-1.1353438&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+transaction+tax" class="Z3988"> </li> <li id="cite_note-98"><a href="#cite_ref-98">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="https://www.ft.com/cms/s/0/817af53a-9b7c-11e2-8485-00144feabdc0.html#axzz2QVOnu48z">"Trouble brews over EU transactions tax"</a>. The Financial Times. 12 April 2013. <a rel="nofollow" class="external text" href="https://web.archive.org/web/20130419005317/http://www.ft.com/cms/s/0/817af53a-9b7c-11e2-8485-00144feabdc0.html#axzz2QVOnu48z">Archived</a> from the original on 19 April 2013. Retrieved 15 April 2013.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Financial+Times&rft.atitle=Trouble+brews+over+EU+transactions+tax&rft.date=2013-04-12&rft_id=http%3A%2F%2Fwww.ft.com%2Fcms%2Fs%2F0%2F817af53a-9b7c-11e2-8485-00144feabdc0.html%23axzz2QVOnu48z&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+transaction+tax" class="Z3988"> </li> <li id="cite_note-99"><a href="#cite_ref-99">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFSebag2012" class="citation web cs1">Sebag, Gaspard (31 August 2012). <a rel="nofollow" class="external text" href="https://web.archive.org/web/20130512094546/http://www.europolitics.info/economy-monetary-affairs/lowering-contributions-possible-even-under-enhanced-cooperation-art342321-30.html">"Lowering contributions possible even under enhanced cooperation"</a>. <a href="/wiki/Europolitics" title="Europolitics">Europolitics</a>. Archived from <a rel="nofollow" class="external text" href="http://www.europolitics.info/economy-monetary-affairs/lowering-contributions-possible-even-under-enhanced-cooperation-art342321-30.html">the original</a> on 12 May 2013. Retrieved 20 September 2012.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Lowering+contributions+possible+even+under+enhanced+cooperation&rft.pub=Europolitics&rft.date=2012-08-31&rft.aulast=Sebag&rft.aufirst=Gaspard&rft_id=http%3A%2F%2Fwww.europolitics.info%2Feconomy-monetary-affairs%2Flowering-contributions-possible-even-under-enhanced-cooperation-art342321-30.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3AFinancial+transaction+tax" class="Z3988"> </li> <li id="cite_note-100"><a href="#cite_ref-100">^</a> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation news cs1"><a rel="nofollow" class="external text" href="http://economictimes.indiatimes.com/news/international-business/11-eurozone-states-ready-to-launch-financial-transactions-tax-eu-tax-commissioner/articleshow/16738834.cms">"11 eurozone states ready to launch financial transactions tax: EU tax commissioner"</a>. 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