![]() ![]() Three-quarters of the tax would fall on the highest-income 20 percent of households, and 40 percent would be paid by taxpayers in the top 1 percent. TPC estimates that a hypothetical 0.1 percent tax on sales of equities and bonds (and 0.01 percent on derivatives) would raise over $50 billion per year. In the United States, Democratic representatives Peter DeFazio of Oregon and Keith Ellison of Minnesota have introduced FTT legislation and Democratic presidential hopeful Bernie Sanders (I-VT) backs the tax. Eleven European Union (EU) countries have agreed to enact an FTT starting in 2016, but they’re still hammering out the rate and other important details. More recently, Nobel laureates Jim Tobin and Joe Stiglitz argued for an FTT.īut rich nations have been slow to accept them-until recently.įrance adopted the tax in 2012. John Maynard Keynes endorsed the idea 80 years ago. It could provoke lot of tax avoidance, despite the wishes of its backers, there is little evidence it would prevent the next financial crash.įTTs have been popular in less developed countries for years, and have been embraced by public figures ranging from Bill Gates, Jr., to Pope Benedict XVI. We’ve found that even a modest tax would raise a lot of money, and that it would be quite progressive. ![]() In a new paper, The Tax Policy Center has taken an in-depth look at the pros and cons of the levy. In recent years, there has been a resurgence of interest in an old idea-a financial transaction tax, or FTT. Editor’s note: This post originally appeared in Tax Policy Center: TaxVox on June 30, 2015. ![]()
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