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CONTACT: Institute for Public Accuracy (IPA)
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Tax the Casino
Global economy project director at the Institute for Policy Studies, Anderson said today: "On Friday, G-20 finance ministers will discuss the IMF's proposals for taxing banks to ensure that the financial sector pays a fair share of the costs of the global crisis. A public forum on Thursday will include diverse speakers who have been advocating for financial speculation taxes, very small levies on transactions of stock, derivatives, currency, and other financial instruments that could curb excessive speculation and generate billions for creating jobs, providing global development aid, and addressing climate change worldwide. Several of the experts involved in this event are available for comment on the IMF financial sector taxation report, which was leaked to the media yesterday. While the IMF came out in favor of other types of taxes, it did not challenge whether financial speculation taxes are implementable." See PDF of the leaked IMF report.
Anderson helped coordinate international civil society consultations with the IMF on this issue. For more information on the Thursday panel titled "How the Financial Sector Can Pay for the Crisis," which Anderson will moderate, see IPS.
Charney is with Americans for Financial Reform, a coalition of more than 200 labor and consumer groups. He said today: "We've had this incredible expansion of the financial sector. It's not being adequately taxed and as a result we have a deficit of revenue."
Muchhala is policy analyst for the development and finance program of the Third World Network. She said today: "It seems what is proposed by the IMF is a one-time, backward-looking slap on the wrist. A financial speculation tax by contrast would provide progressive revenue into the future."
For background, see "Responses to Criticisms of Taxes on Financial Speculation" by Dean Baker