INDEPENDENT NEWS

MANA Finds Friends in Strange Places - 39% CEOs Want FTT

Published: Fri 18 Nov 2011 10:24 AM
MANA Finds Friends in Strange Places
MANA economic justice spokesperson John Minto says MANA is surprised to find friends in strange places with no less than 39% of major New Zealand company chief executives supporting a Financial Transactions Tax in the New Zealand Herald's "Mood of the Boardroom" survey released yesterday.
He says the CEOs were asked for their attitude to an FTT involving "a low tax on transactions involving equities, bonds, currency deals and derivatives", and an astonishing 39% agreed.
"We thought the wealthy 1% would be the last to join the MANA call for a Hone Heke Financial Transactions Tax," Mr Minto said.
"But these businesspeople are responding to international momentum building up behind this tax.
"Debate has taken off around the world and the FTT is now elbowing its way to the centre of economic debate in New Zealand where such a tax would have major benefits.
"When even the most right-wing businesspeople are seeing the benefits of such a tax then neo-liberal parties like Labour and National should take notice.
"An FTT on currency speculators would have the effect of stabilising and reducing the value of the New Zealand dollar (we have the 11th most traded currency in the world) which will bring in more money from exports as well as bringing in enough revenue to abolish GST.
"GST is a tax on the poor and has to go. The bottom 10% of income earners pay 14% of their income on GST while the top 10% pay just 4% of their income on GST.
"An FTT which abolishes GST will enable New Zealand to shift the tax burden from the poor to wealthy individuals and parasitic financial institutions."
Mr Minto says it's a win-win tax for New Zealand.

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