Tuesday, May 22, 2012

Financial Transaction Tax

The following is an excerpt from the letter written to President Obama by the JPIC Commission of the USG/UISG in Rome.  It references the potential to consider a  Financial Transaction Tax at the G-20 Summit in Mexico on June 18-19, 2012. Click here for more information from the JPIC Commission and here to sign a petition regarding this.

Here's the excerpt of the letter:

We are writing at this time concerning a matter which we believe relates to sustainable growth, economic stability and the world’s “financial architecture:” the Financial Transaction Tax (FTT). We urge you and other government leaders to assure that this topic is on the agenda of the G-20. We share the hope that a financial transaction tax could be a means to aid development in poor countries. Please give your support to a FTT that could generate funds for human development in the poorest areas of the world. At the same time, we are concerned that the concept of raising funds for development could be undermined by the pressure to raise funds for the struggling domestic economies of “developed” nations. We ask that you please insist that the revenues from any FTT be used to meet global human development objectives such at the Millennium Development Goals. We believe that the administration and implementation of such a large-scale revenue generating and distribution effort requires a new international financial structure. We urge you to promote the creation of such an international structure, free from corruption and committed to authentic human development in poor nations.

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