A minimal Financial Transaction Tax (FTT) will translate into very important revenues. This was according to experts on a panel discussing the issue at an event organised by the Danish Institute for International Studies (DIIS).<\/p>\n
Stephan Schulmeister, an economist at the Austrian Institute of Economic Research in Vienna, dealt with the most theoretical part of the FTT concept at the seminar, while Max Lawson, Senior Policy Advisor with Oxfam UK, was in charge of the politics of it. <\/p>\n
A Financial Transaction Tax is a tax charged on financial transactions, which some economists believe could prevent future financial crises. <\/p>\n
A tax of 0,05% could raise around USD 700 billion per year. <\/p>\n
The collected tax money would go towards helping people in developing countries and tackling climate change. <\/p>\n
Some call this tax the \u2018Robin Hood Tax\u2019. Lawson, who chairs a ‘Robin Hood’ campaign, explains that the tax has become popular recently.<\/p>\n
\u00bbPeople are really passionate about this,\u00ab said Lawson.<\/p>\n
On Facebook, those in favour and those against the tax have eagerly expressed their concerns. <\/p>\n