Yesterday the European Parliament voted overwhelmingly in favour of a Financial Transaction Tax. The 11 countries involved supporting the tax make up to 90 % of Eurozone GDP and include Germany, Italy, France and Spain.
This tax could raise $37 billion. A spokesman for the Robin Hood Tax Campaign stated: ‘MEPs have sent a clear message that the banks must pay for the damage that they have caused.’
Financial Transaction Taxes (FTTs) are small taxes levied on various types of financial instruments that range from shares, bonds (government and corporate), derivatives (futures, forwards, swaps and options) to bank debits and credits.
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