The Tobin-Type Tax - Debunking the Myths
(This article in Spanish is on this link)
Currency transactions taxes such as the Tobin-type tax 1 are often dismissed by critics before all the arguments have been heard. They view the tax as too difficult to adopt and too easy to avoid. Much criticism is ill-informed or designed to stifle debate. Here are the most common myths and our response to them:
A TOBIN-TYPE TAX WILL HIT THE POOR
The tax is a progressive one, designed to target only those profiting from destabilising currency speculation. The poor don't flip millions of dollars a day on currency and bond markets, the world's biggest banks and investment firms do. This tax will hit them.