All for One Tax and One Tax for All?
The IMF recently proposed a new global tax on financial institutions loosely in proportion to their size, as well as a tax on banks’ profits and bonuses. The proposal has been greeted with predictable disdain and derision by the financial industry, but, as a diagnosis of the problem that needs to be fixed, the Fund gets more right than it does wrong.
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CAMBRIDGE – When the next full-scale global financial crisis hits, let it not be said that the International Monetary Fund never took a stab at forestalling it. Recently, the IMF proposed a new global tax on financial institutions loosely in proportion to their size, as well as a tax on banks’ profits and bonuses.