\”Based on calculations by the Austrian Institute for Economic Research, such a global tax at 0.05 per cent could yield up to $690bn a year, or about 1.4 per cent of world GDP. This tax would not unduly burden financial-market participants, yet it would raise a significant amount of money to finance the costs of the crisis.\”
How can anyone think that a tax of 1.4% of global GDP will not \”unduly burden\” those who will be paying it?
I don\’t know the numbers (perhaps someone could tell me them?) but I wouldn\’t be at all surprised to find that $690 billion is greater than the total profits of the global financial sector.
We\’re going to tax the profits entirely out of a sector and this will not \”unduly burden\” a sector?
Yes, Ritchie does support this. Obviously.