A Flat Rate Financial Transaction Tax to replace all taxes?

Simon J Thorpe ()
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Simon J Thorpe: CERCO - Centre de recherche cerveau et cognition - ISCT - Institut des sciences du cerveau de Toulouse. - UT2J - Université Toulouse - Jean Jaurès - UT - Université de Toulouse - UT3 - Université Toulouse III - Paul Sabatier - UT - Université de Toulouse - CHU Toulouse - Centre Hospitalier Universitaire de Toulouse - INSERM - Institut National de la Santé et de la Recherche Médicale - CNRS - Centre National de la Recherche Scientifique - UT3 - Université Toulouse III - Paul Sabatier - UT - Université de Toulouse - CNRS - Centre National de la Recherche Scientifique

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Abstract: In this paper I propose a very radical reform of the taxation system, in which a single flat rate financial transaction tax (FTT) is used to replace the vast majority of existing taxes (including VAT, income tax, taxes on profits...). Existing economic data indicates that a flat rate FTT of 1% would generate far more revenue that is currently generated by all existing taxes, and would allow governments to rapidly repay debts and restore programs of public expenditure as well as allowing resources to be allocated to globally important challenges such as third world development, climate change and health issues.

Keywords: Economy; Finacial Crisis; Financial Transaction Tax (search for similar items in EconPapers)
Date: 2010-10-29
Note: View the original document on HAL open archive server: https://hal.science/hal-00530144v3
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