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Visit us online | Follow us on Twitter | Become a fan on Facebook | Unsubscribe Dear Linda, Right now, we have an amazing opportunity to put in place a way of raising the money needed to end global poverty and help poor countries cope with the impacts of climate change. This is because the French government has proposed adopting a global Financial Transaction Tax, also known as the Robin Hood Tax, at the G20 Summit they will be hosting later this year. Finance Ministers from the G20 countries will be meeting in Paris a few days from now and the Robin Hood Tax will be high on their agenda. Send a message to Finance Minister Jim Flaherty now asking him to s...
This tax would raise hundreds of billions of dollars each year that could be dedicated to poverty reduction and helping poor countries cope with climate change. With many donor country governments dealing with large deficits, and aid budgets in many countries frozen or declining, it is critical that we find other innovative ways to raise the necessary funds. Make Poverty History is participating with our partner groups around the world in a Global Day of Action for the Robin Hood Tax. You can join in and show your support by taking action now:
Although the Canadian government opposed the Financial Transaction Tax and other proposed taxes on banks prior to the Toronto G20 Summit, I had an opportunity to discuss the merits of the FTT with Canadian Finance Minister Jim Flaherty last fall. At the end of our meeting, he said, “Well, maybe I will have to have another look at this idea.” Our online action and lobbying efforts can make a difference. We need to keep up the pressure. Mr. Flaherty will be leaving for Paris soon, so please send him an ... Thank you for your support. Dennis Howlett, P.S.: We also need financial support to be able to keep up our web site, and send out online actions. Please consider making an online donation to Make Poverty History. |
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Comment by FixOurWorld on February 28, 2011 at 4:19pm
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Dennis Howlett's (Make Poverty History) response to David Sweets email.
Thanks for sharing this with me.
What he does not seem to understand is that the Financial Transaction Tax is not a tax on banks. They are getting the FTT mixed up with other proposals being considered internationally such as the Financial Activities Tax (or FAT Tax) that would tax bank profits or executive compensation. So the fact that the Canadian banks were not the ones responsible for the financial crisis is besides the point.
What the answer does not address is how the funds needed for global poverty reduction and climate change are going to be raised when donor governments face huge deficits. Canada freezing its aid budget is not the way to deal with this. If
Canada can’t keep its promises to the poor on helping to achieve the Millennium Development Goals and helping poor countries cope with climate change because of our deficit, we need to find other creative ways to raise the money we need.There is little or no taxation now of global financial trading and they can afford to pay more towards dealing with the global poverty and climate change crises.
Dennis Howlett
National Coordinator
39 McArthur Ave. Level 1 - 2,
Ottawa ON K1L 8L7 Canada
Tel: 613-740-1500 Fax: 613-728-2963
Email: dhowlett@makepovertyhistory.ca
Sign on to Make Poverty History.
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Response from David Sweet
Dear Linda,
Thank you for copying me on your email to the Minister of Finance, the Hon. Jim Flaherty.
However, I would like to share with you that the Government of Canada will not be supporting the introduction of a new global tax on financial services. Instead, we have urged countries instead to adopt sound regulatory practices like Canada's, which is repeatedly rated the world's soundest by the World Economic Forum.
Our banks have been recognized as the most sound in the world. Since Canada's banks have acted responsibly to avoid toxic assets, it makes no sense to impose a punitive tax on them now. Throughout the recession, our banks have maintained healthy leverage ratios and largely avoided exposure to toxic assets. No major Canadian financial institutions failed and none required bailouts from the government, as was the case in the U.S. and other European countries. The strong performance of our banking sector showcased the effectiveness of Canada's regulatory approach. We will use our G-20 chairmanship this year to urge the adoption of similar practices globally.
While we support effort to establish a strong regulatory framework for the global financial sector, this government will oppose any efforts to impose a bank tax that would place Canada's banks at a competitive disadvantage. We will continue to work with our international partners on financial sector reform. Modest and responsible regulation is the answer - not taxation. This will not only protect taxpayers, but force banks to be more prudent in their actions. G-20 countries must complete promised regulatory reforms on time, and proceed with credible fiscal consolidation plans and fix the financial system.
The Government of Canada is committed to reducing taxes, not to imposing a global Tobin tax on daily financial services. Modest and responsible regulation is the answer - not taxatio
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