Quakers and the Tobin Tax
Mark Frankel considers the argument for a Financial Transaction Tax
There has been comment in the Friend about a Tobin Tax, or Financial Transactions Tax (FTT). I offer the following based on some professional knowledge. To call the FTT a ‘Robin Hood tax’ is wrong: it is not about robbing the rich to give to the poor but about taxing financial deals. What is done with the revenue from a FTT is another matter. A FTT is feasible. It is, in effect, VAT on the City of London. VAT is collectible, albeit at a cost in administration and evasion, and so is a FTT.
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