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The Tobin Tax

A closed-door meeting of nongovernmental organizations (NGO’s) was held on January 16, 2003, in Washington, D.C., to consider how to “reform” “the global financial architecture” in order “to stabilize the world economy, reduce poverty and inequality, uphold fundamental rights, and protect the environment.”  This is socialist double-talk for imposing a global tax on America.  The real aim of the NGO’s is to raid American pensions, savings accounts, IRA’s, and mutual funds.

These NGO’s, which call themselves the New Rules for Global Finance Coalition, meet on a regular basis to plan the implementation of the Tobin tax, named after the late Yale University economist James Tobin.  They have now released a book, Debating the Tobin Tax, based on the conference.  Their target is the more than one trillion dollars per day being exchanged as currencies are traded and investments are made here and abroad.  Revenues from even a small Tobin tax have been estimated in the trillions of dollars per year.

Ruthanne Cecil of Tobin Tax Initiative-USA warned participants at the Washington conference to avoid using the phrase “global tax” in pushing the proposal.  It must have occurred to her that many Americans understand history well enough to know that America was born in a tax revolt and that they might take offense at another...

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