Two European policymakers on Monday called on their U.S. counterparts to rethink opposition to proposals for a small tax on stock purchases and other financial transactions, which proponents say could raise hundreds of billions of dollars for poverty alleviation, action on climate change and financing international development.
Non-governmental organisations across Europe welcomed the move by 11 European Union countries Tuesday to move forward with the introduction of a financial transaction tax (FTT), but they urged national governments to ensure that a part of the revenues would be allocated to development.
On Friday, 62 civil-society organisations charged the U.S. State Department with spreading “misinformation” regarding the feasibility of levying a small tax on stock sales and other financial transactions, revenues from which could be used for national and international public goods.
Despite the grave financial and sovereign debt crisis sweeping the region, the European Union has once again failed to reach unanimous approval of a proposition made by its executive body, the European Commission (EC), to tax financial transactions in order to reduce speculation and increase state revenues.
What if billionaires the world over are asked to shell out at least one percent of their wealth as an international tax for development?
Hundreds of nurses and protestors from other professions gathered on Friday in Chicago to call on world leaders to adopt a Robin Hood Tax on Wall Street transactions as a way to raise hundreds of billions of dollars every year to help heal the U.S. and world economies.