Daiana Beitler of Just Economics has just completed and released a report for Health Poverty Action and Stamp Out Poverty that looks at Financial Transaction Taxes – one of the core parts of the Robin Hood Tax campaign. The report looks at where and how FTTs have been used to assess their feasibility and the potential of raising further revenue.
The good news from the report is that FTTs are already in widespread use around the world, having been implemented in over 40 developed and developing countries over the last few decades. It appears that, rather than being some “fringe” idea, these taxes are already very much in use and some have had considerable success in raising revenue to fund public spending and safeguard the provision of services such as healthcare.
The analysis of the UK Stamp Duty is particularly useful, as it is a close-to-home example of something that really works:
The UK stamp duty on shares raises stable and substantial revenue for the Exchequer without compromising the vitality of the London Stock Exchange. It is a good example of the low cost of implementing FTTs and the relative ease of enforcement.
This document reinforces the Robin Hood Tax Campaign’s position that FTTs are a truly viable way of raising revenue in a sustainable manner to finance our international commitments to the Millennium Development Goals and Climate Change as well as domestic action against poverty and in support of public services.
The document is available to download from Health Poverty Action’s website here.