What do Bill Gates, Archbishop Desmond Tutu, House Minority Leader Nancy Pelosi, former UN Secretary General Kofi Annan, and Nobel-prize winning economist Joseph Stiglitz, have in common? All of these prominent figures support some type of Financial Transactions Tax, a progressive tax on financial speculation.
The proposed U.S. Financial Transactions Tax (FTT), commonly known as the “Robin Hood Tax,” seeks to raise billions of dollars in federal revenue by levying a small excise tax on certain transactions in the financial sector. This study explores at how a Financial Transactions Tax will work, precedents for the tax, and current arguments for and against the tax.
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