Eleven European Countries Back Financial Transactions Tax

Eleven European countries today agreed to implement a financial transactions tax, a small tax on trades of financial instruments. The tax is aimed at raising revenue from the financial industry, which played an outsized role in the financial crisis of 2008. “This is a small step for 11 countries but a giant leap for Europe,” Austrian Deputy Finance Minister Andreas Schieder said. “The way is now clear for a just contribution from the banking and financial sector for financing the burdens of the crisis.” Rep. Keith Ellison (D-MN) has introduced legislation that would implement a transactions tax in the U.S.