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Taxing Financial Transactions by Ms.Thornton Matheson Pdf
In reaction to the recent financial crisis, increased attention has recently been given to financial transaction taxes (FTTs) as a means of (1) raising revenue for a variety of possible purposes and/or (2) helping to curb financial market excesses. This paper reviews existing theory and evidence on the efficacy of an FTT in fulfilling those tasks, on its potential impact, and on key issues to be faced in designing taxes of this kind.
Financial Transactions Taxes by Mr.Parthasarathi Shome,Ms.Janet Gale Stotsky Pdf
Financial transactions taxes have recently gained attention as a possible means to influence the behavior of financial markets and to reduce destabilizing capital flows. One variation is a tax on all foreign currency conversions, often termed a “Tobin tax.” This paper suggests that these taxes would probably not produce the desired effects and would be difficult to design and implement. It is unclear that the possible advantages in reducing some short-term speculative trading would outweigh the possible disadvantages in impairing the efficiency of financial markets. From an administrative perspective, without a broad international consensus and application, these taxes are likely to be easily avoided.
Financial Crisis Management and Democracy by Bettina De Souza Guilherme,Christian Ghymers,Stephany Griffith-Jones,Andrea Ribeiro Hoffmann Pdf
This open access book discusses financial crisis management and policy in Europe and Latin America, with a special focus on equity and democracy. Based on a three-year research project by the Jean Monnet Network, this volume takes an interdisciplinary, comparative approach, analyzing both the role and impact of the EU and regional organizations in Latin America on crisis management as well as the consequences of crisis on the process of European integration and on Latin America’s regionalism. The book begins with a theoretical introduction, exploring the effects of the paradigm change on economic policies in Europe and in Latin America and analyzing key systemic aspects of the unsustainability of the present economic system explaining the global crises and their interconnections. The following chapters are divided into sections. The second section explores aspects of regional governance and how the economic and financial crises were managed on a macro level in Europe and Latin America. The third and fourth sections use case studies to drill down to the impact of the crises at the national and regional levels, including the emergence of political polarization and rise in populism in both areas. The last section presents proposals for reform, including the transition from finance capitalism to a sustainable real capitalism in both regions and at the inter-regional level of EU-LAC relations.The volume concludes with an epilogue on financial crises, regionalism, and domestic adjustment by Loukas Tsoukalis, President of the Hellenic Foundation for European and Foreign Policy (ELIAMEP). Written by an international network of academics, practitioners and policy advisors, this volume will be of interest to researchers and students interested in macroeconomics, comparative regionalism, democracy, and financial crisis management as well as politicians, policy advisors, and members of national and regional organizations in the EU and Latin America.
International Financial Flows and Transactions Taxes by Mr.P. Bernd Spahn Pdf
Tobin has suggested that exchange rate volatility be controlled through a tax on international financial transactions. This analysis shows that the Tobin tax as a pure transaction tax is not viable. The tax would impair financial operations and create international liquidity problems. It is also unlikely to deter speculation. However, a possible alternative would be a two-tier rate structure—consisting of a low-rate transaction tax plus an exchange surcharge. The exchange rate could move freely within a “crawling” exchange rate band, but overshooting the band would trigger a tax on an “externality,” which is the discrepancy between the market exchange rate and the closest margin of the band. The scheme is inspired by the European Monetary System. However, exchange rates would be kept within the target range through a tax, not through interest policy or central bank sterilization and, eventually, the depletion of international reserves.
Recommended Reading by Warren Buffet in his March 2013 Letter to Shareholders How speculation has come to dominate investment—a hard-hitting look from the creator of the first index fund. Over the course of his sixty-year career in the mutual fund industry, Vanguard Group founder John C. Bogle has witnessed a massive shift in the culture of the financial sector. The prudent, value-adding culture of long-term investment has been crowded out by an aggressive, value-destroying culture of short-term speculation. Mr. Bogle has not been merely an eye-witness to these changes, but one of the financial sector’s most active participants. In The Clash of the Cultures, he urges a return to the common sense principles of long-term investing. Provocative and refreshingly candid, this book discusses Mr. Bogle's views on the changing culture in the mutual fund industry, how speculation has invaded our national retirement system, the failure of our institutional money managers to effectively participate in corporate governance, and the need for a federal standard of fiduciary duty. Mr. Bogle recounts the history of the index mutual fund, how he created it, and how exchange-traded index funds have altered its original concept of long-term investing. He also presents a first-hand history of Wellington Fund, a real-world case study on the success of investment and the failure of speculation. The book concludes with ten simple rules that will help investors meet their financial goals. Here, he presents a common sense strategy that "may not be the best strategy ever devised. But the number of strategies that are worse is infinite." The Clash of the Cultures: Investment vs. Speculation completes the trilogy of best-selling books, beginning with Bogle on Investing: The First 50 Years (2001) and Don't Count on It! (2011)
Taxation of Financial Intermediation by Patrick Honohan Pdf
This book examines the options for, and obstacles to, successful financial sector tax reform, both in terms of theoretical and practical aspects. Issues discussed include: the design of optimal tax schemes, the role of imperfect information and the links between taxation and saving, inflation, the income tax treatment of intermediary loan-loss reserves, deposit insurance, VAT and financial transactions taxes; as well as current practice in the industrial world and case studies of distorted national systems. This is a co-publication of the World Bank and Oxford University Press.
Standard for Automatic Exchange of Financial Account Information in Tax Matters, Second Edition by OECD Pdf
This publication contains the following four parts: A model Competent Authority Agreement (CAA) for the automatic exchange of CRS information; the Common Reporting Standard; the Commentaries on the CAA and the CRS; and the CRS XML Schema User Guide.
In this gripping book, Pulitzer Prize–winning journalist Ron Suskind tells the complete story of the financial meltdown in the United States and an untested new president charged with commanding Washington, taming Wall Street, rescuing an economy on the verge of collapse and restoring the confidence of a shaken nation. Suskind moves from the frenzied trading floors of lower Manhattan to the power corridors inside the Beltway and introduces a larger-than-life cast of politicians and advisors, titans of high finance, reformers, lobbyists and others who faced a crisis that threatened not only a nation, but the entire world. Based on hundreds of hours of interviews and exhaustive research, filled with piercing insight and startling disclosures, Suskind’s eye-opening book goes beyond the headlines and previous accounts, bringing into focus the unprecedented struggle between Wall Street and Washington, between hope and fear, that continues to roil the country.
Taxing the Financial Sector by Mr.Howell H. Zee Pdf
One of the most complex issues in tax policy today is the treatment of the institutions, products, and services that make up the financial sector. It can be harder to ascertain income, expenses, and profits for financial firms than for firms selling goods and services, and it is easier for individuals and firms to manipulate financial transactions so as to exploit tax loopholes. This volume explores the challenges faced by tax policymakers and identifies modern best practices in several areas: banks, insurance companies, securities companies, investment funds, pension funds, and derivatives.
Taxing the Financial Sector by Dennis Weber,Otto Marres Pdf
This book contains contributions from prominent practitioners and academics presenting their views on the tax levies on the financial sector from a legal and an economic perspective. (New) tax levies on the financial sector have been an ongoing subject of interest since the financial crisis of the past years. In this book, various ways of taxing the financial sector are discussed.
The world is changing at an incredible pace. Many areas do not have time to come into compliance with these changes. One of these areas is taxation and incomes.The principle of collecting taxes from companies and individuals is flawed because it implies the possibility of tax evasion, and because high taxes really hinder the development of business and the lives of individuals, and therefore the development of the society for which these taxes are collected. It seems worthier to blame not the system failures, but the system itself, which suggests the possibility of failures. The principles of taxation came to us from ancient times and since then little has changed. However, it became possible to change this system, since in our time a significant part of financial transactions is carried out in electronic form, which makes it possible to automatically tax not the companies and individuals, but the movement of money itself. The volume of financial operations is many times greater than all other economic indicators of the country, since in the financial system the same money passes from hand to hand many times. If every time they move, a small percentage is deducted to the country's budget, then this can replace all taxes, guarantee immediate replenishment of the budget, abolish the inefficient, expensive tax authorities and, most importantly, practically free the population from high taxes that currently fall intolerable mainly on the middle class.The rich, in turn, no longer fearing persecution for tax evasion, will return capital from offshore companies (where their money often lays a dead weight) into the economies of their countries.The poor will also replenish the budget imperceptibly for themselves, deducting a small percentage from each monetary transaction. Such an automatic collection of taxes in the form of a low percentage of all financial transactions will strengthen the economy, prevent the deepening of economic crises, and create a system of effective fund-raising in the event of disasters and wars. It is important that such a reform will also allow replacing the social and pension system with a universal basic income paid from the budget to the entire population of the country. And this is not a fantasy, but an absolute necessity. Computerization, robotization and automation already lead to the disappearance of many jobs. If the basic income for all is not introduced, it is fraught with insane spending on the creation of unnecessary jobs, or high unemployment, which will lead to social upheavals. It will be necessary to increase the budget of the country almost doubled in order to pay all residents the basic income, regardless of their productive work activity. It is a tax on the total mass of financial operations that will allow for a painless for all to double the state budget, not only free people from high taxes, but also significantly improve their well-being and confidence in the future, and therefore prevent social disasters. It is so simple and extremely beneficial to all that it is impossible to believe that such a decision would meet with resistance. Of course, the economy of the future will be based on such approaches to taxation and social security. This book is designed to acquaint the reader with the above-mentioned ideas, thus taking a step towards a more reasonable and comfortable future for life.
