Germany suggests alternative to Tobin tax

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Germany has unveiled plans for an alternative to the Tobin tax in the form of European stamp duty on shares.

The country is seeking UK support for a European-wide levy as an alternative to the financial transaction tax, Bloomberg reports. Chancellor Angela Merkel's Christian Democrats are backing a Europe-wide tax along the lines of the UK's levy on shares. Such a solution is a "good option" if accompanied by rules that limit "abusive excesses" in automated trading, the party said in a draft paper. "What is emerging in the coalition is consensus that maximum demands such as those put forward by the European Commission are just not realistic," Ralph Brinkhaus, a Christian Democrat who sits on...

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