Tobin taxes...
how to tame hot money and fund urgent global priorities...
What are Tobin Taxes?
They are simple sales taxes on currency trades across borders. The original proposal came from James Tobin, Ph.D., a Nobel laureate economist at Yale, but economists have since refined his approach. Tobin Taxes can be enacted domestically by national legislatures, but will require multilateral cooperation to be effectively enforced... Political will for passage is the major obstacle to be overcome, by citizen mobilization...
The proposal is important due to its potential to prevent financial crises. Also, the estimated $100 - $300 billion per year makes it possible to meet urgent global priorities, such as preventing global warming, disease, and poverty. Help turn the tide towards global solutions in the 21st century...
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.
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