Good Taxes: The Case for Taxing Foreign Currency Exchange by Alex C. Michalos

By Alex C. Michalos

Financial transactions taxes are in strength in the entire significant constructed nations other than america and Canada. usually the tax is 0.25% or much less, paid each time shares and stocks or bonds, and so forth. switch fingers. The tax initially proposed by way of Tobin will be a brand new tax acceptable to all overseas transactions during which foreign money is exhanged. an analogous tax in North the US may perhaps usher in billions of greenbacks, no matter if the tax have been as little as 0.1%.

In Good Taxes, Alex Michalos places forth the argument in favour of a monetary transactions tax. He seems to be on the tax as being a gain to the nations that acquire it, in addition to a potential approach to such difficulties as global poverty and the underfunding of the United Nations.

Good Taxes offers an intensive research of the talk over the proposed tax. Michalos strains the advance of the controversy again to the proposed Tobin Tax, then info the arguments for and opposed to the implementation of a monetary transactions tax. the realization is person who is certain to have an effect in North American monetary circles.

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Sample text

It also showed that apparently high levels of liquidity are insufficient when all the buyers or sellers appear on the same side of the market. The US experience shows that the market in derivatives and that in the underlying instrument (in the US case, stocks) are inextricably linked. The explosion of currency derivatives in the second half of the 1980s means that future currency crises could be precipitated, not in the cash market, but in the derivatives market. Presumably, the Independent Commission on Population and Quality of Life, Dornbusch, and Biddell and Grant also would be sympathetic to these views.

The Clinton administration is currently proposing a 14 cents fee. 5% on all financial transactions except Treasury securities, but this was not included in the final budget agreement. 5% broad-based STT") would have applied to ~ 21 - GOOD TAXES trades of stocks, bonds, notes, partnership interests, options and futures contracts. Under the proposal, all sellers would pay the tax, regardless of domicile or tax status. The proposal described in the preceding paragraph is fairly close to the Biddell and Grant proposal.

5% broad-based STT") would have applied to ~ 21 - GOOD TAXES trades of stocks, bonds, notes, partnership interests, options and futures contracts. Under the proposal, all sellers would pay the tax, regardless of domicile or tax status. The proposal described in the preceding paragraph is fairly close to the Biddell and Grant proposal. Schwert and Seguin are not supporters of such taxes, and they found it interesting that none of the proposals for an STT has suggested that the primary or secondary markets for Treasury securities should be covered by a new transaction tax.

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