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View Diary: Money-saving Suggestions for Congress to Consider (96 comments)

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  •  Correction: one European country already (6+ / 0-)

    has such a tax, but others are strongly considering it.  France has just implemented a .2% transaction tax.  According to Wikipedia

    Given 10 EU member states already have a form of a financial transaction tax in place, the proposal would effectively introduce new minimum tax rates and harmonise different existing taxes on financial transactions in the EU. According to the European Commission this would also "help to reduce competitive distortions in the single market, discourage risky trading activities and complement regulatory measures aimed at avoiding future crises".
    I have not yet found which are those ten countries, or how their "form of a financial transaction tax" differs from what France has done.
    From the same article:
    In October 2012, after discussions failed to establish unanimous support for an EU-wide FTT, the European Commission proposed that the use of enhanced co-operation should be permitted to implement the tax in the states which wished to participate.[3][4] The proposal, supported by 11 EU member states, was approved in the European Parliament in December 2012.[5] The formal agreement on the details of the EU FTT still need to be decided upon and approved by the European Parliament.[6]
    So there are likely other countries who will be instituting the tax but haven't yet.  Perhaps they are waiting to see how well it goes in France first.

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