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Finance Minister Rejects Push for "Tobin Tax"

posted by Geordie Geography: Canada Topics: economics, banks, economy, international relations

November 12, 2009

Finance Minister Rejects Push for "Tobin Tax"

A proposal by UK Prime Minister Gordon Brown for a global tax on financial transactions to fund bank bailouts has been rejected by Canadian Finance Minister Jim Flaherty, according to the CBC.

"That’s not something that we would want to do. We’re not in the business of raising taxes," said Flaherty.

A a global tax on financial transactions (also known as a Tobin Tax) was first proposed by economist James Tobin as a means of regulating out-of-control speculation in financial markets.

Brown's proposal was also rejected by the US.


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