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Financial Transaction Tax offers viable solution - DSC

Fuseworks Media
Fuseworks Media

The 2014 election campaign has nudged the need for a Financial Transaction Tax into the spotlight, with several parties promoting the tax which has been Democrats for Social Credit policy since the late 1980s.

During this election campaign many candidates have made claims regarding poverty and minimum wages, and the measures that their parties would take or have taken to address the issues. Apart from the problematic Capital Gains Tax and tinkering with the Reserve Bank Act, none have any significant policies to address the issues.

A Financial Transactions Tax (FTT) has been estimated to be worth billions to our economy and would come from the speculative foreign currency markets as well as the domestic economy at a mere ten cents per hundred dollars.

The removal of GST from food, rent, rates, electricity, fuel, and other necessities would result in money being released into the economy for consumer spending, saving, and business investment as well as creating downward pressure on our currency thus boosting exports. Business would thrive, cost of living would drop as would poverty, wages would rise and so would the Government tax take.

There’s been no better time to introduce an FTT. It’s the solution so many others have been seeking.

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