[stop-imf] Sign-on in support of taxing speculation

Robert Naiman naimanr@cepr.net
Thu, 27 Jan 2000 04:14:21 -0500


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Dear colleagues:

The Center for Economic and Policy Research, a not-for-profit research and
educational institution in Washington, DC, along with the Halifax Initiative
in Vancouver, Canada, is conducting a program of research and education on
the benefits of a small tax on financial transactions to discourage
speculation, increase the efficiency of financial markets and the tax
system, raise revenues, and shift the burden of taxation away from the
bottom of the income distribution.

As part of this program, we are circulating 3 documents:

1. A (draft) sign-on statement in support of a transactions tax, reproduced
below.
2. A survey of organizations working in support of a transactions tax,
attached to this message.
3. A paper by CEPR co-director Dean Baker, which we would welcome your
comments on, attached to this message.

These documents are also available on the CEPR web site at
http://www.cepr.net

For the sign-on statement, please send us your comments on this draft and
let us know if you would like to sign. Please send your comments by Tuesday,
February 22, as we would like to finalize the statement then.

The survey is intended to help us produce a document that would serve as a
guide to international activity in support of a transactions tax as a tool
for organizations working on these issues.

Concerning the paper, we would like to know if you find it useful. While
some of the details of the paper are specific to the context of the United
States, the argument is more general. We would be pleased to work with
organizations in different countries to adapt the arguments to different
national contexts.

In addition, should you decide to translate any of these materials to other
languages, please let us know, as this would be quite useful.

Please send signatures, surveys, comments and queries to:

signon@preamble.org, by email, or to

Robert Naiman, Senior Researcher
Center for Economic and Policy Research
1737 21st NW
Washington, DC 20009
202-265-3647 (fax)

Thank you for your assistance.

SIGN ON STATEMENT IN SUPPORT OF A TAX ON FINANCIAL and Currency TRANSACTIONS

The undersigned organizations subscribe to the following:

That financial speculation constitutes a form of gambling. As such, public
policy should treat it no differently than other forms of gambling. This
means that financial speculation should be subject to the same sort of taxes
as other forms of gambling, since government tax policy should not favor one
form of gambling over another.

That financial speculation can be more harmful than other forms of gambling,
since it can destabilize financial markets, sometimes with socially
devastating consequences.

That the economic purpose of financial and currency markets is to allocate
savings for investment and to facilitate international trade. Reducing
speculation in financial assets and currencies makes these markets more
efficient in fulfilling their economic functions.

That speculation is unproductive activity and that therefore taxing
speculation is more efficient than taxing productive activity.

That financial speculation is predominantly conducted by people with higher
incomes. Therefore taxing speculation will reduce the burden of taxation on
lower
income people.

That in light of these arguments, governments should consider implementing
small taxes on financial and currency transactions, along with other
efficient regulations on capital flows, and international financial
institutions should support these measures where they are implemented.



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