By Salman Shaheen
The financial transactions tax
(FTT), also known as the Tobin tax and the Robin Hood Tax, has
been the stuff of legend for decades, discussed eagerly by
academics and socialist economists, without gaining much
traction in the mainstream. The financial crisis changed all
that and, as José Manuel Barroso, president of the
European Commission, comes forward with a proposal for an
EU-wide FTT, everyone will be talking about it. Here are 10
things you cannot afford to miss.
Dont panic. The rate, as expected, will be miniscule. The
FTT Barroso is proposing would see a 0.1% tax on trading in
shares and bonds and a 0.01% rate applied to derivatives
transactions, although both parties will be taxed, even if one
is not based in the EU.
2. One of the reasons the FTT is gaining popularity as
governments struggle to balance...