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The proposed EU financial transaction tax would be separate from a bank levy, or a resolution levy, which some governments are proposing to impose on banks to insure them against the costs of any future bailouts. It was initially claimed the tax, as proposed, would raise 57 billion Euros per year if implemented across the entire EU.
The EU financial transaction tax (EU FTT) is a proposal made by the European Commission in September 2011 to introduce a financial transaction tax within the 27 member states of the European Union by 2014.
This proposal is to replace all United States taxes with a single tax (using a low rate) on every transaction in the economy. The APT approach would extend the tax base from income, consumption and wealth to all transactions. Proponents regard it as a revenue neutral transactions tax, whose tax base is primarily made up of financial transactions.
A financial transactions tax is exactly what it sounds like — a tax levied on each transaction an investor makes in the financial markets. The U.S. does not have a significant financial ...
Democratic presidential candidate Mike Bloomberg unveiled a plan on Tuesday to crack down on Wall Street. Bloomberg's new plan to crack down on Wall Street includes a financial transaction tax [Video]
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The main differences between the proposals 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 ...
Financial transaction tax rates of the magnitude of 0.1%-1% have been proposed by normative economists, without addressing the practicability of implementing a tax at these levels. In positive economics studies however, where due reference was paid to the prevailing market conditions, the resulting tax rates have been significantly lower.