FOREX - Tax initiative

How Tobin-style Taxes would work:

...Currency speculators trade over $1.8 trillion dollars each day across borders. The market is huge, and volatile.
...Each trade would be taxed at 0.1 to 0.25 percent of volume (about 10 to 25 cents per hundred dollars)
...This would discourage short-term currency trades,about 90 percent speculative, but leave long-term productive investments intact.
...The currency market would thus shrink in volume, helping to restore national economic autonomy. Nations again could intervene effectively to protect their own currency from devaluation and financial crisis.
...Billions in revenue, estimated at $100 - $300 billion per year, would be generated.
...Revenue could go into earmarked trust funds to fund urgent international priorities.

Tobin Tax Initiative
CEED/IIRP, PO Box 4167
Arcata, CA 95518-4167
phone: (707) 822-8347, fax: (707) 822-4457
e-mail: cecilr@humboldt1.com

http://www.ceedweb.org/iirp/factsheet.htm

 

What an absolutely horrible and silly idea! As for additional revenue give me a break...like trade wouldn't shift to the countries that didn't impose this idiocy! Yah, lets f%ck with the free market, that will make things better. :eek: