The Tobin Tax was originally conceived as a small tax on global currency transactions which now total more than $300 trillion per annum. The proposal has recently been expanded. This tax proposal has recently been expanded into a two-tier model that includes a surcharge to be triggered during periods of exchange rate turbulence. In addition to raising funds for poverty reduction, the financial stability this will generate is now attracting interest and support from governments and businesses world wide. Sony Kapoor explains this exciting development and the benefits that will accrue to the developing world. He has a background in International Finance and Banking and is now the Policy and Advocacy Advisor to the Tobin Tax Network.
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