Tobin Tax News
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The European plan to impose a levy on financial transactions will affect investors and companies trading in the U.S. and may harm market liquidity, William Brodsky of CBOE Holdings Inc., said today.
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Virabongsa Ramangkura, chairman of the Bank of Thailand, comments on efforts to stem capital inflows. He spoke at a seminar in Bangkok late yesterday.
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Tax avoidance by corporations is on the agenda for this weekend’s meeting in Moscow of finance ministers from the Group of 20 advanced and emerging economies. It is a real problem, and its scale is getting difficult to ignore. The answer, though, isn’t further tax-code complication, as some governments favor, but a shift of taxes from profits to investment income.
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Half a century after a U.S. tax on bond purchases spawned the $3.7 trillion-a-year Eurobond market, Europe’s plan to impose a levy on financial transactions risks triggering a similar flight.
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South Korea’s won weakened and government debt fell after Deputy Finance Minister Choi Jong Ku said taxes on currency trading and bonds should be considered to help limit “speculative” inflows of capital.
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New York City’s housing market is poised to lag behind other markets for the next two years even as a national recovery in real estate continues.
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South Korea’s won fell for a second day after Deputy Finance Minister Choi Jong Ku proposed taxes on currency trading and bonds to limit “speculative” capital inflows. Government debt advanced.
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The Archbishop of Canterbury, Rowan Williams, backed calls by the Occupy London protesters camped outside St. Paul’s Cathedral for the government to consider a global tax on financial transactions.
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For two years, European leaders have sought to tax financial transactions as a two-fer: simultaneously to raise revenue and to tame speculative market behavior. French President Nicolas Sarkozy and German Chancellor Angela Merkel emerged from a meeting in Paris today backing the idea.
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Adair Turner, the chairman of Britain’s Financial Services Authority, comments on ideas to reform regulation and banking in the wake of the financial crisis.
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