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Debunking the myths about the Tobin tax

Calm down, opponents!

The media attention for this tiny tax has been amazing, e.g. in the Wall Street Journal and in the Financial Times nearly every day last week. Those opposed to a financial transaction tax, or Tobin tax, have been pushing myths about in an attempt to discredit the tax, argues Suleika Reiners. One of these myths is that businesses oppose the tax.

 

Opponents to the financial transaction tax, also known as the Tobin tax, have been around for as long as the idea of the tax, which goes back to the seventies. The financial crisis has opened up a window of opportunity to make the tax a reality, namely under the enhanced cooperation of eleven member states of the EU. This has caused a paradigm shift in the opponents' myths: from previously arguing against its feasibility to – now that the tax is planned to be implemented – arguing against its desirability ...


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Find in this article:

A charming tax ...
... against short-termism
How the financial sector will be impacted
Pension schemes affected?


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