Implement Tobin Tax on across-border trading

Currently, large corporate megapowers have unprecedented control over our economy. Taking Wal-Mart as an example, Wal-Mart uses their power to force their retailer to reduce their prices (with the condition that, if they do not, they risk having their product removed from Wal-Mart shelves). This results in great outsourcing of labor to third-world countries such as China. This results in both a harm to the American economy - in 2004, Wal-Mart spent $18 billion on Chinese products alone, over 10% of the US trade deficit with China - and in horrible labor conditions in third world countries - 80 hours a week, at 14 cents an hour in some cases. There is a realistic solution to both of those problems: implementing the Tobin tax to limit trading across borders. Tobin tax is an idea that was invented by the Nobel laureate and economist James Tobin. The basic idea behind it is very simple: charge almost trivial amounts of tax on across-border trading, 0.25% at most, but more likely around 0.1%. Currently, over 1.8 trillion dollars are being traded across borders every day! Even with 0.1% tax, this means a total of at least 1.8 billion dollars being charged per day. Not only would this discourage some across borders trading, but it would generate around 650 billion dollars in revenues every year. This money could go to funding international priorities, or even helping the people in third world countries who are suffering from the terrible working conditions. Sign this petition to support the implementation of the Tobin tax on across-border trading, and help both American jobs and third-world laborers! We will send it in the near future to the permanent Canadian mission to the United Nations, as well as the Secretary-General of the United Nations, in hopes that they will consider implementing the Tobin Tax. For more information, please contact one of the starters of this petition at either: jschneider@uts.utoronto.ca or jalman@uts.utoronto.ca

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