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To preserve domestic policy autonomy, Tobin called for \'an internationally uniform tax on all spot conversions of one currency into another,\' the goal being to \'particularly deter short-term financial round-trip excursions into another currency\' (ibid : 155) Because he was skeptical that such moves \'by traders in the game of guessing what other traders are going to think\' could guide economies toward efficiency, Tobin viewed short-term trading as harmful on the margin The state of New York, home to America\'s largest capital market, has also taxed stock transfers since 1905, but taxpayers have been able to claim a refund since 1981 (Burman et al 2015: 6) Besides these two taxes, the Securities and Exchange Commission levies a small ad valorem fee on most securities transactions, revenues from which it uses to fund its operations Having abolished its earlier FTT in 2009, France imposed a new one, at a rate of 0 2 percent, which increased to 0 3 percent in 2017, on transactions in the stock of French-headquartered companies with a market value greater than €1 billion (BYN Mellon: 6) [ ]earlier this year Spain passed a tax on stock transactions in Spanish-listed firms with a market cap above €1 billion (Garcia and Blanco 2020)
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