G20 Support of Financial Transaction Tax

The G20 will meet in Mexico G20, June 18-19, 2012. This Summit will be the seventh of the twenty heads of governments who represent more than 60% of the world’s people and about 90% of the global economy. We urge government leaders to assure that the Financial Transaction Tax (FFT) is on the agenda of the G-20. We believe that a financial transaction tax could be a means to aid development in poor countries. We want support for a FTT that could generate funds for human development in the poorest areas of the world. At the same time, we are concerned that the concept of raising funds for development could be undermined by the pressure to raise funds for the struggling domestic economies of “developed” nations. We want government leaders to insist that the revenues from any FFT be used to meet global human development objectives such at the Millennium Development Goals. We believe that the administration and implementation of such a large-scale revenue generating and distribution effort requires a new international financial structure. We urge government leaders to promote the creation of such an international structure, free from corruption and committed to authentic human development in poor nations. A Financial Transaction Tax designed to promote development among poor nations is a step toward that more just world. The "Economic Justice Working Group" of JPIC Promoters, Rome ITALY