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Monday, October 29, 2012

NZ needs MANAs financial transaction tax NOW

While Labour are pinching MANA Party policy like 'Feed the Kids', why not take the Hone Heke Financial Transaction Tax while they are at it?

One of the few ideas that actually emerged from the EPMU manufacturing crisis meeting that had any real merit in being able to bring the currency rates down was MANAs Financial Transaction Tax which was articulated by John Minto.

Now while MANA were not actually invited to the job crisis meeting due to a communication error from the Greens, their Hone Heke Tobin tax is the only policy idea on the table that creates a solution to lowering currency while generating tax revenue.

A .5% Financial Transaction Tax would generate more tax than all the revenue from GST while forcing the currency down and the idea is no longer fringe, last week 10 EU States started the ball rolling...

Financial transaction tax for 10 EU states
By charging a small fee on all financial transactions, the tax could raise significant amounts of money

The European Commission has backed plans from 10 countries to launch a financial transactions tax to help raise funds to tackle the debt crisis.

The 10 countries include France, Germany, Italy and Spain.

The nations want to push ahead with the tax after failing to win support from all members of the European Union.

...so why aren't NZ now looking to pick up MANAs lead and start seriously looking at this?

Financial corporations created the global economic collapse, why shouldn't they be part of rebuilding it?

This recession is a unique crisis of Capitalism, we need new ways of raising revenue to pay for the social and physical infrastructure of the state. We all get that we don't want to increase borrowing, so let's create more income in a way that targets those who currently escape most of the tax burden.

Social economic justice has to be created by a taxation system that is structured by an active Government, the free market hands off approach worshipped by National has failed us, will fail us and is failing us.

MANA have joined the manufacturing jobs crisis inquiry and are pushing a financial transaction tax to the front of that debate.

2014 can only see a left wing Government take power if they have the revenue source to pay for their social reinvestment and restructuring of the economy, a financial transaction tax does that.

It's about time the debate began.



At 29/10/12 12:06 pm, Blogger Jasper said...

$6.5 trillion dollars was the value of currency trading and financial speculation of the NZ dollar through our banking system for 2010 - 2011. The 8 most traded currency. A FFT of 0.5% to 0.25% would pay for the Health & Welfare & Education costs completely.

At 29/10/12 8:55 pm, Blogger countryboy said...

@ Jasper ! That's amazing ! Well done you !

At 30/10/12 4:41 am, Blogger Justadad said...


At 2/11/12 8:47 am, Blogger Gosman said...

Lets wait and see what happens with the Europeans and their proposed FTT. I suspect it won't be as successful as some people think it will be.


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