Bill Gates’ report: the FTT does not need to be universal to be put in place and could yield substantial resources

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The French Presidency of the G20 asked Microsoft’s former CEO to prepare a report on financing for development.

According to this report, published during the G20, “FTTs of various kinds have been in effect for some time in several G20 countries, including South Africa, Korea, Hong Kong, India and the UK, and therefore seem to be feasible even without universal adoption”.

“If G20 members or some other set of countries (e.g., within the EU), can agree on the outlines of an FTT, Bill’s report is likely to argue, it could generate substantial resources”.

“Some modeling suggests that even a small tax of 10 bp on equities and 2 bp on bonds would yield about $48 billion on a G20-wide basis, or $9 billion if confined to larger European economies. Some FTT proposals offer substantially larger estimates, in the $100-250 billion range, especially if derivatives are included”.

You can read the report here:

Bill Gates’ report

23 September 2011

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