But at the same time Koschyk clearly spoke out against the idea to use the tax revenues for the EU budget: "If a financial transaction tax is implemented in the EU, the revenues of this tax must go to the national budgets."
Most people know America is unequal. Many of us have heard the statistic that the richest 1% of Americans receives 24% of the nation’s income. This number looks big. It might even look huge. But if it doesn’t utterly shock you, you don’t really understand it.
After 1,5 hours of heavy debate, the resolution on the FTT has been approved in
the Belgian senate, with 34 pro, 5 against, and 14 abstentions. As said, the
resolution calls for an FTT in the EU or eurozone, without waiting for global
agreement, and asks the money to be spent on development and climate change -
basically the requests of the parliamentary declaration have been taken over.
Tax policy has been at the heart of policy advice from the International Financial Institutions (IFIs) to developing countries for the last twenty years. Tax reforms became an increasingly important part of the structural adjustment programmes promoted by the World Bank and the IMF in developing countries from the late 1980’s.
Africa wants to manage itself the funds it will receive from the UN Green Climate Fund. This should be able to deliver around 100 billion $ a year as from 2020.
Analysis of the European Commission proposal for
an EU-wide Financial Transaction Tax
The European Commission put forward an EU FTT
in its EU 2014-2020 budget proposal on 29 June 2011
A milestone in FTT advocacy
In its financial perspectives for 2014-2020 - the multiannual budget - the European Commission proposes to improve its system of 'own resources' introducing a financial transaction tax.
Civil society needs correct financial information if it wants to monitor transnational coorporations working in their country.
UN's yearly report on the World Social Situation (2011) has just been published. It makes an analysis of the global social crisis and points to the need of social protection as well as the need to re-think social policies.
The case for and against a financial transaction tax
Brief report from a meeting in Brussels, June 14, organized by IDS, CIDSE, Oxfam and Concord.
This was a kind of high-level meeting, with lots of important people, even from the financial sector and from the European Commission. And this clearly is evidence of the importance the topic of global taxes is taking. As Jean Saldanha from CIDSE said in her introduction, if you mentioned a Financial Transaction Tax five years ago, you were simply laughed at, but today, it is not a joke anymore.