As Owen Tudor at the TUC has noted:
The IMF has issued a working paper which explores the practicalities of implementing Financial Transaction Taxes.
His analysis is well worth reading. But as he notes, the IMF concluded:
In principle, an FTT is no more difficult and, in some respects easier, to administer than other taxes.
As some of us have argued for quite a long time.
Now, please do it.
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“In principle, an FTT is no more difficult and, in some respects easier, to administer than other taxes.”
Of course it isn’t. And while we’re at it, is there no way that the government could put a 0.5% tax on currency speculation? Something that should raise considerably more that a financial transaction tax?
Triilions of pounds are swilling around in the currency markets, gambling on the tiniest changes in other country’s currencies and then pocketing the dfference, and helping to debase the currency in the process.
Is it not right that they should pay a small fee to keep a proportion of that money in the country?