The Spurious Case Against a Financial Transactions Tax

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With the European Commission seriously considering a tax on financial transactions - sometimes referred to as a “speculation tax”- its opponents are shifting their campaign into high gear. The predictions of disaster from the financial industry if the European Union chooses to implement it are, however, misguided.
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The opponents' claims go along three lines: the tax will not be enforceable; the tax will just be passed on to consumers and therefore will not be taking money from the intended targets in the financial industry; and finally, it will raise the cost of capital and therefore slow growth.
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Each of these objections is either altogether wrong or hugely exaggerated.


Checkout this article by  Dean Baker and  get the whole story
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Also well worth a quick browse is the Global Unions’ Statement to the G20 Summit 

Click to read