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THE TOBIN TAX
Transcript of THE TOBIN TAX
A Tobin tax is intended to affect all share, bond and currency transactions
HOW WOULD IT WORK?
Tobin said it had to be an internationally agreed uniform tax to work effectively.
HOW MUCH WOULD IT COST?
Tobin suggested a rate of 0.5%, but other economists have put forward rates ranging from 0.1% to 1%.
PROPOSED TOBIN TAX AND IMPLEMENTATIONS IN THE WORLD
Whilst finding some support in countries with strong left-wing political movements such as France and Latin America, the Tobin tax proposal came under much criticism from economists and governments, especially those with liberal markets and a large international banking sector, who said it would be impossible to implement and would destabilise foreign exchange markets.
•The stability of financial markets.
•Increased tax revenue.
-First, to be viable, should apply in all the countries of the planet who have well developed capital markets, something completely unthinkable.
- Banks and multinational companies can circumvent it, in large part, with the help of increasingly sophisticated financial practices and artful
- The investment will translate into slower economic growth and loss of jobs. Even is estimated at 0.5% the negative impact on the GDP of Spain in the long term, and 0.8% in the case of Germany.
The intention was that the tax was applied in all countries of the EU, but many objected, among other United Kingdom and the Netherlands.
HOW DOES AFFECT TOBIN TAX TO GLOBALIZATION?
WHAT RELATION HAVE THEY?
ATTAC and other organizations have recognized that while they still consider Tobin's original aim as paramount, they think the tax could produce funds for development needs in the South and allow governments, and therefore citizens, to reclaim part of the democratic space conceded to the financial markets.
BY: Alba Martinez, Joana Montero, Gisela Ros,
Ivan Garcia, Àlex Cañaveras, Marta Taboada.
The Tobin Tax, or ITF ( Tax on financial transactions) is a type of tax on financial transactions that was proposed by economist James Tobin in his University in 1971.