The Financial Transaction TaxPart 5 of 6
Making it law
The systems to collect the tax are already in place. The richest countries must pass the law, after a global campaign.
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Making the FTT law
$15.8 trillion in global financial markets is the estimated value of what they steal from us each day.
This is the present day value of reparations for enslavement and colonialism and the value of past and future labour of all workers – white and in the global north.
An initial 1% FTT would raise $158 billion per day, equivalent to $40 trillion per year
Financial transaction data that shows the buyer, seller and value of trades is already sent through SWIFT, a financial messaging system that links to up banks, brokers, exchanges, clearing houses, payment systems and governments. The basic technical architecture is already in place.
Legislation would cover the creation and resourcing of Revolutionary Reparations which involves
- Legislating for the FTT
- Appropriating and modifying SWIFT and payments systems to collect the tax through the financial markets and pay into the Revolutionary Reparations Fund that is democratically controlled
- Using these funds to pay for truth, healing and repair from enslavement and colonialism whilst eradiating hunger, poverty, destitution, debt and allowing everyone to thrive and live with dignity.
- Increasing the tax rate so as to weaken Capitalism in order to build a global democratic political economy without Capitalist principles in order for humanity's emancipation and liberation.
G7 countries dominate trading activity where legislation would have to be passed after am unprecedented, sustained, strategic and co-ordinated global campaign.
