What arguements exist against it?
I’m against it. What is it?
The strongest argument against it, I believe, is enforcement. The administration would be incredibly complex and the bulk of the burden would fall on the major financial institutions of the world.
I guess it could also be argued that a currency exchange tax is a trade barrier, though I haven’t seen many people address that.
Meara
Here’s a faq on the tax…
The most Invisible poster in the history of the boards. Posting invisibly since sept 1999.
Who would have guessed – Libertarian is against a tax?!?!?! 
The Tobin Tax is a globally uniform currency exchange tax meant to deter investors from short-term speculation in currencies. The idea is, if you lop off 0.5% every time currency is converted, people will be less likely to gamble on minor currency fluctuations – a practice which tends to weaken the currency and exaggerate those fluctuations.
Meara
THe goal of the tax, besides slowing down daily currency speculation is to raise money for an international government body and to then use that money for “sustainable human development.” Like most taxes, the purpose is to take money from those individuals with money and distribute it to those who do not have it.
Even if you like the programs that they have planned, accetping the Tobin Tax is tantamount to giving other countries the right to tax our citizens.
Furthermore, since we are a very wealthy nation, would would pay a lot more money, and these funds would be spent on “disadvantaged” nations.
It is global wealth redistribution.
and it is very, very difficult to implement.
Ted Kennedy 1
Three Mile Island 0
The Tobin Tax is a tax on all foreign currency exchanges. It was supposed to be levied in all countries to prevent currency speculation. It looks to like it’s really a cash cow for the Krispy’s New World Government. It sounds nearly impossible to implement and U.S. citizens would pay the bulk of it.
Passed in Canadian Parliament March 23, 1999.
Let’s see if these links work; given my track record, I doubt it.
That it is unwise to be heedless ourselves while we are giving advice to others, I will show in a few lines.
– Phædrus –
Meara:
[quot]The Tobin Tax is a globally uniform currency exchange tax meant to deter investors from short-term speculation in currencies.
[/quote]
Oh, dear God. :rolleyes:
Why don’t they tax farts, for the purpose of making everything smell better?
SHARING is such a terrible word isn’t it MR. Zambezi!!
UncleBeer:
You sure this isn’t already enacted?
Don’t give them any ideas! You think the California Emissions Tests are bad??? Just wait till the IRS sticks its nose in THIS one! 
Hey Uncle,
I forgot that ONLY Americans invest in currency exchange!
No Mary, I am all for sharing. In fact, I think you should share some of your income with me right now.
THis is not like sharing a sandwich. This is giving ohter governments power over our transactions.
Anyone have the figures on how much we currently contribute to needy countries?
This is a case of “Oh those rotten Americans are so darn rich and we’re so poor. Let’s find a way to get some of their money.”
Ever notice that when other countries come up with these great global strategies they all involve the US contributing the funds?
MR Zambezi,
Must you be SOOOO egocentric?
Please see my reply to Uncle.
Mary Hart’s Legs (cute name by the way), certainly U.S. citizens would pay the bulk of this tax.
There are two ways I think this would happen just off the top of my head.
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The United States is a very large county with more world travelers than any other in the World. These citizens are going to pay more of the total of this tax than the citizens or subjects of any other country just by virtue of changing dollars for local currency.
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Currency speculation by banks. This one might be a bit closer. There are a lot of banks in many nations that buy and sell currencies gambling on making a profit. In the end, borrowers are going to end up paying this tax in increased interest rates.
Now, if you want to debate, rather than simply post refutations without showing any logic or rationale, please give us some insight into your feelings. It appears from your current postings, you are in favor of this tax; can you tell us why you think it would be a good thing?
I’m currently digging up some sources to back my opinions. I’ll be back.
That it is unwise to be heedless ourselves while we are giving advice to others, I will show in a few lines.
– Phædrus –
Yes, other developed countries will surely pay a great deal as well. I imagine that Hong Kong, England, France, Russia, and so on will pay quite a bit. The countries involved don’t really mattter. The bottom line is to redistribute some wealth from richer countries to poorer countries. The US just happens to be the richest.
Do you generally feel that other countries should be allowed to tax us?
If your argument is that this is a good thing, then we have a fundamental difference in our philosophies. If we as Americans feel that it is important to give money away, we should decide to do that on our own and not allow other countries to tell us how much we have to give up.
This type of volontary trtansfer of our fiscal management is very irresponsible and costly. It has nothing to do with egocentrism, it is just bad business.
Imagine running a company like this…
Uncle,
American world travellers’ dollar exchange account for a percentage of the total that could be described as peanuts. This doesn’t once again apply to JUST Americans, but to all wanting to exchange.
Who it really applies to is the elite and to banks who trade billions daily.
This initiative serves all, as it stabilizes the world markets and affords poorer nations of the world the ability to effectively market themselves.
Would this be an appropriate time for us all to join in and sing a rousing chorus of The Beatles’ “Tax Man”?
Well, it doesn’t really serve the elite or the banks very well. And it does discourage people from buying the currency of other countries.
This is a plan to steal from the rich and give to the poor. Which is not to our benefit as we are the rich.
Why is it OK to take money from people simply because they have a lot of it?
The way I see it, we will be paying higher interest rates so that farmers in Zaire can get condoms and tractors.