Articles

Tax all finacial transactions, now !

Prof. Yann MOULIER-BOUTANG also Deputy Director of the Costech Laboratory recently gave an interview to the weekly magazine “Télérama”. His strong assertion is that Europe will only be in a position to envision a future by levying a tax on financial transactions. Below are some excepts from the interview, noted by Vincent REMY.

Tax all finacial transactions, now !

"If you say "Finance is a dirty word, it is immoral", that gets you nowhere (...). I would like everyone to understand that it is not finance that is the root of the scandal, but a certain number of observable practices that can be counted if we use intelligent strategies. So why not levy a 2% tax on all financial transactions, from taking money from a wall-bank to purchasing stock - and not limit the process to transaction between countries as was proposed in the so-called Tobin tax. So why not tax all financial transactions! Just imagine what 2% represents on some 3 700 billion in 'derived financial products' that have built the fortunes of the Stock Exchange, the Soros of this world, of the Exxon Company, of the pension funds ... !!! Not only to you immediately have a solution to the national debt issue, but you would enable the State to function normally, including the possibility of doing away with VAT and even income tax! (...). Europe has the biggest market in terms of production, imports, exports, fixed assets, tourism ... so let us start with Europe! We shall only be able to progress here by adopting a federal stance. Let us imagine, calculate and adopt a truly European budget, let's use the deficit to launch ecology-friendly equipment and infrastructure, through loans in euros, which as a currency still benefits from the "triple A" rating ... and let's levy this tax on all financial transactions while at the same time gradually the ratio of domestic taxes.