Newsflash:
Elizabeth Warren Robin Hood Tax European Commission Approves “Robin Hood” Tax on Financial Transactions
Wednesday, 24 October 2012 16:53

European Commission Approves “Robin Hood” Tax on Financial Transactions

Written by  EB News Desk Team | Economy Watch
The European Commission yesterday backed plans by 11 European Union economies to impose a “Robin Hood” financial transaction tax, better known as a Tobin tax, to help raise funds to tackle the region’s growing debt crisis.

The European commission gave the greenlight for a eurozone "coalition of the willing" to go ahead with a financial transaction tax (FTT), likely to be levied at 0.1 percent on shares and bonds, and at 0.01 percent on derivatives.

The introduction of the FTT by the “coalition” was made possible via the rarely-used EU powers of "enhanced cooperation", enabling a minimum of nine nations, equivalent to a third of the 27 member states, to draw up a new legislation.

The Commission said in a statement that all the legal conditions to impose an FTT had been met, and that it believed the tax would not undermine the workings of the European single market which seeks to ensure a level playing field for all.

The European Union’s Taxation Commission Chief, Algirdas Semeta said:

"I firmly believe that an EU FTT has great benefits to offer ... I also believe that now is the right moment to move ahead with it. Because in difficult times, fairness matters. "

Governments across Europe have been implementing drastic austerity measures to cut debt levels, and taxing banks is seen by some as a viable alternative to raise revenues, particularly while the economic recovery remains so fragile.

While the financial charge is small, the sheer volume of transactions means the total revenues raised could be significant. The Commission has estimated that the “Robin Hood” tax could raise 57 billion euros ($74 billion) a year, if applied across the entire European Union.

With the group of 11 accounting for two-thirds of Europe's economy, revenue from the tax is likely to be substantial. It, however, remains unclear what the group will agree to do with the proceeds: Channel funds into the EU budget as the Commission has proposed, or not.

The 11 countries include Austria, Belgium, Estonia, France, Germany, Greece, Italy, Portugal, Slovakia, Slovenia and Spain.

The UK, however, has been particularly vocal in its opposition to the FTT, fearing that the tax would shift businesses away from London to competing markets such as New York, Hong Kong or Singapore. The UK's position is that the FTT has to be universally levied if it is to work. 

Financial activity in Britain accounts for about three-quarters of the entire European financial sector.

Opponents of the tax also say that it will add to the problems of the financial sector that is already struggling to recover from the Great Recession.

Link to the original article on Economy Watch

 



Read 4088 times Last modified on Saturday, 16 November 2013 00:14

ERA Legislation in your State

Unratified states Gold - Ratified States Purple

Latest News from the Warren Campaign

  • Will new senators push Democrats to the left?
    Will new senators push Democrats to the left?

    When Massachusetts Democrat Elizabeth Warren and the rest of the 2013 class of liberal senators start work this month, they'll have to do more than figure out the byzantine ways of getting things done in Washington.

    They'll also have to decide how seriously to engage a progressive movement that sees their assent a historic opportunity to shift the Democratic Party to the left.

    Written on Saturday, 05 January 2013 19:11 Read more...
  • Elizabeth Warren Wins Senate Banking Committee Seat: Sources
    Elizabeth Warren Wins Senate Banking Committee Seat: Sources

    WASHINGTON -- Nearly two years after Wall Street waged a successful campaign to keep consumer advocate Elizabeth Warren from running the Consumer Financial Protection Bureau, the incoming senator will be tapped to serve on the Banking Committee, according to four sources familiar with the situation. 

    Written on Tuesday, 04 December 2012 19:22 Read more...
  • Elizabeth Warren Redefines "Balanced Approach"
    Elizabeth Warren Redefines "Balanced Approach"

    Politico recently declared, "The Senate is about to become a liberal lion’s den." 

    In 2012, groups like the Progressive Change Campaign Committee, MoveOn.org, CREDO Action, and Democracy for America worked hard to build progressive power in Congress. This week's iconic photo of Senators-elect Elizabeth Warren (D-MA) and Tammy Baldwin (D-WI) walking together down the corridors of power is symbolic of the rising progressive tide. 

    Written on Sunday, 18 November 2012 14:20 Read more...
  • Elizabeth Warren Wins the "Which Side Are You On?" Debate
    Elizabeth Warren Wins the "Which Side Are You On?" Debate

    An overbearing and at times ridiculously aggressive Massachusetts Senator Scott Brown came across as a desperate man Thursday night, as he attempted to gain the upper hand in the first debateof this year's most closely-watched U.S. Senate race and, by extension, in a reelection contest that seems to be slipping away from him.

    Written on Sunday, 23 September 2012 16:27 Read more...
  • Mayor Menino to endorse Elizabeth Warren in Senate race at Roslindale Square rally on Friday
    Mayor Menino to endorse Elizabeth Warren in Senate race at Roslindale Square rally on Friday

    Mayor Thomas M. Menino is expected to endorse Democrat Elizabeth Warren on Friday in her bid to unseat Republican US Senator Scott Brown, according to two people with knowledge of the plan.

    Written on Thursday, 20 September 2012 19:47 Read more...
  • Elizabeth Warren's DNC Speech: "Corporations Are Not People"
    Elizabeth Warren's DNC Speech: "Corporations Are Not People"

    Bill Clinton may have stolen the show at the DNC last night with his 45-minute, half-ad-libbed barn-burner of a speech, but there were a few other noteworthy speakers as well. After dragging for an hour or two, the night's program picked up when Massachusetts Senate candidate, CFPB creator, and economic realtalker extraordinaire Elizabeth Warren took the stage.

    Written on Thursday, 06 September 2012 18:54 Read more...
  • Elizabeth Warren: Yes She Can?
    Elizabeth Warren: Yes She Can?

    It was a grim, sleety day in Chicopee, a gritty postindustrial town in western Massachusetts, where paint flakes off worn-out bridges and boarded-up factories. At a community relations luncheon, kind security guards were opening back doors and holding out umbrellas for the few willing to brave the freezing slush.

    Written on Wednesday, 16 May 2012 04:54 Read more...
  • Jonathan Klate: A candidate's connection
    Jonathan Klate: A candidate's connection

    Retired Amherst gentleman John Kick is not known as a political activist. In the Springfield union hall where he ventured last October to hear Democratic senatorial candidate Elizabeth Warren, he might have seemed a world-weary citizen with vague curiosity about the professor turned politician.

    But John's sorrowful demeanor and disconsolate eyes betrayed a woefully wounded heart. His son, Gabe, took his own life just a month earlier, at the age of 28. John keeps moving, somehow, in the dreadful private agony understood only by parents who persist in such an aftermath.

    Written on Monday, 26 March 2012 17:09 Read more...
  • The Ascendance of Elizabeth Warren
    The Ascendance of Elizabeth Warren

    If you’re reading this, you probably already know how you feel about Elizabeth Warren. Warren is currently running for Senate in Massachusetts, in the hopes of knocking out Republican incumbent Scott Brown. Very few first-time candidates are so well-known, or so passionately beloved.

    Written on Monday, 26 March 2012 00:00 Read more...
  • NOW PAC Endorses Elizabeth Warren
    NOW PAC Endorses Elizabeth Warren

    NOW/PAC is thrilled to announce its endorsement of Democratic candidate Elizabeth Warren for the U. S. Senate from the state of Massachusetts. Warren is the most prominent of the three Democrats vying to run against incumbent Sen. Scott Brown (R) in the general election. Recent polls show Warren neck and neck with Brown.

    Written on Monday, 05 March 2012 19:48 Read more...
  • Elizabeth Warren Says Washington Must Act Now To Help Stem The Tide Of Foreclosure
    Elizabeth Warren Says Washington Must Act Now To Help Stem The Tide Of Foreclosure

    Backs MA Congressmen, Attorney General Coakley Calling on Federal Housing Finance Agency to Take Action To Prevent Unnecessary Foreclosures

    BOSTON – It is past time for the Federal Housing Finance Agency (FHFA) to step up and help prevent unnecessary foreclosures in Massachusetts, said Consumer Advocate Elizabeth Warren, reinforcing calls from members of the Massachusetts Congressional delegation and Attorney General Martha Coakley.

    Written on Wednesday, 22 February 2012 07:54 Read more...
  • U.S. Rep. Jim McGovern this week endorsed Democratic candidate Elizabeth Warren for the United States Senate.

    U.S. Rep. Jim McGovern this week endorsed Democratic candidate Elizabeth Warren for the United States Senate.

    Written on Friday, 27 January 2012 20:35 Read more...
  • The Woman Who Knew Too Much
    The Woman Who Knew Too Much

    Millions of Americans hoped President Obama would nominate Elizabeth Warren to head the consumer financial watchdog agency she had created. Instead, she was pushed aside. As Warren kicks off her run for Scott Brown’s Senate seat in Massachusetts, Suzanna Andrews charts the Harvard professor’s emergence as a champion of the beleaguered middle class, and her fight against a powerful alliance of bankers, lobbyists, and politicians.

    Written on Wednesday, 16 November 2011 00:00 Read more...
  • Elizabeth Warren's Appeal
    Elizabeth Warren's Appeal

    For a few years now, politicians straining against all of the antigovernment demagogy have been searching for a way to energize public interest and remind voters of the essential government services and protections they rely on and all too often take for granted.

    Written on Sunday, 16 October 2011 00:00 Read more...
  • Berkshire Democrats Want Elizabeth to Run, Run, Run
    Berkshire Democrats Want Elizabeth to Run, Run, Run

    PITTSFIELD, Mass. —  More than a few local Democrats would be ecstatic if Elizabeth Warren decides to run against Scott Brown for the U.S. Senate. Warren is kicking around the idea of running and stopped in Pittsfield on Friday to meet with party members to gauge their support as part of a listening tour across the state.

    Written on Friday, 19 August 2011 00:00 Read more...

Sign the Petition - Sen. Sanders Run as a Democrat in 2016

Button-SandersPetition

Like Elizabeth Warren

Lori Wallach on the TPP from PDA Progressive Roundtable

Progressive Roundtable with Reps. Ellison and Pocan and Lori Wallach on TPP

TPP: The Biggest Threat to the Internet You've Probably Never Heard Of