Time for banks to pay their fair share!
Banks, hedge funds and the rest of the financial sector should pay their fair share to clear up the mess they helped create.
The Financial Transaction Tax is a tax on banks that would give billions to tackle poverty and climate change - in Europe and abroad. It would be applied to trading in bonds, shares and derivatives. The European Commission is proposing a tax of 0.1% on trading in bonds and shares and 0.01% on trading in derivatives. Eleven Member States are working to implement this tax under the EU ‘enhanced cooperation procedure’. France, Greece, Spain, Portugal and Germany are among them but Ireland and Britain have stood outside the group. Michael Noonan is saying no to its introduction. TAKE ACTION NOW!
We support the introduction of a Financial Transactions Tax to
- Ensure that the financial services sector contributes to national recovery. It is estimated that this financial transaction tax would raise a net €300 to €500 million euro for the Irish exchequer.
- Increase growth and reduce poverty by making resources available to invest in public services, addressing climate change, and supporting development aid.
- Curb speculation and risk taking by increasing the cost of transactions. Short-term speculators, hedge funds and high frequency traders would bear the brunt of this tax.