Instruct: Given a question, retrieve documents that answer the question.
Query: When did the Tobin tax originate?
Tobin's more specific concept of a "currency transaction tax" from 1972 lay dormant for more than 20 years but was revived by the advent of the 1997 Asian Financial Crisis. In December, 1997 Ignacio Ramonet, editor of "Le Monde Diplomatique", renewed the debate around the Tobin tax with an editorial titled "Disarming the markets". Ramonet proposed to create an association for the introduction of this tax, which was named ATTAC (Association for the Taxation of financial Transactions for the Aid of Citizens). The tax then became an issue of the global justice movement or alter-globalization movement and a matter of discussion not only in academic institutions but even in streets and in parliaments in the UK, France, and around the world.
The son of James Tobin, a Halifax merchant, and Eleanor Lanigan, he was born in Halifax, Nova Scotia but had moved to Newfoundland by 1828. Tobin formed a firm in partnership with John Bayley Bland in 1831 which operated a packet service between Halifax and St. John's, and was also involved in general inter-colonial trade. The partnership was dissolved in 1839 but Tobin continued operations in partnership with James B. Hutton. The new firm, James Tobin and Company, also became heavily involved in the seal fishery. In 1834, he married Emily Cecilia Bullen.
Hypothecated taxes have a long history. One of the first examples of earmarking was ship money, the tax paid by English seaports used to finance the Royal Navy. Later, in the 20th century, the hypothecated tax began to be discussed by politicians in the United Kingdom. For example, the Vehicle Excise Duty from 1920 when earned revenues were used for the construction and maintenance of the roads, assigning 1p on the income tax directly to education in 1992, or giving £300 million per year from the revenues from taxes on the tobacco industry to help the fight against smoking-related diseases since 1999. Nowadays, earmarking of taxes is mainly connected to the health care system, education or the upkeep of the roads.
Tom Tobin (1823–1904) was an American adventurer, tracker, trapper, mountain man, guide, US Army scout, and occasional bounty hunter. Tobin explored much of southern Colorado, including the Pueblo area. He associated with men such as Kit Carson, "Uncle Dick" Wootton, Ceran St. Vrain, Charley Bent, John C. Fremont, "Wild Bill" Hickok, William F. Cody, and the Shoup brothers. Tobin was one of only two men to escape alive from the siege of Turley's Mill during the Taos Revolt. In later years he was sent by the Army to track down and kill the notorious Felipe Espinosa and his brother; Tobin returned to Ft. Garland with their heads in a sack.
Tobin was born on March 5, 1918, in Champaign, Illinois. His father was Louis Michael Tobin, (b. 1879) a journalist working at the University of Illinois at Urbana–Champaign. His father had fought in World War I, was a member of the first Greek organization at Illinois (Delta Tau Delta fraternity Beta Upsilon chapter), and was credited as the inventor of 'Homecoming'. His mother, Margaret Edgerton Tobin (b. 1893), was a social worker. Tobin followed primary school at the University Laboratory High School of Urbana, Illinois, a laboratory school in the university's campus.
The dollar was the currency of Tobago until 1814. The currency comprised various cut Spanish dollars and countermarked French colonial coins. The dollar was subdivided into 11 "bits", each of nine "pence". In 1814, sterling was established as the official currency of the island. Since 1905, dollars have once more circulated on Tobago, first the Trinidad and Tobago dollar, then the British West Indies dollar, before the Trinidad and Tobago dollar was reintroduced.
Tobin was born in Salisbury, the son of James Tobin, a merchant, and his wife, born Webbe, the daughter of a rich West India sugar planter. George Tobin was his elder brother. Another brother, James Webbe Tobin (died 1814), an acquaintance of Charles Lamb and Samuel Taylor Coleridge, went to Nevis. About 1775 the father set out with his wife to Nevis in the West Indies. The children were left behind, and John was placed for a while under the care of Dr. Richard Mant, the father of Richard Mant the bishop, at Southampton. After the American War of Independence, James Tobin having returned to England and settled at Redland, near Bristol, John was sent to Bristol Grammar School under Dr. Charles Lee. In 1787 he left Bristol to be articled to a solicitor in Lincoln's Inn, and, some ten years later, on his employer's death without a successor, he took over the practice in partnership with three other clerks in the office. Dissensions arose, and the arrangement broke down. Tobin eventually entered a new firm.
Trinidad and Tobago entered a currency union with other Caribbean nations after World War II. The currency of the union (see next paragraph) was replaced by the modern Trinidad and Tobago dollar in 1964, two years after the nation's independence in 1962. The Trinidad and Tobago dollar was launched, and had become the sole currency by 1967.
Prior to the formation of the United Kingdom in 1707, taxation had been levied in the countries that joined to become the UK. For example, in England, King John introduced an export tax on wool in 1203 and King Edward I introduced taxes on wine in 1275. Also in England, a Poor Law tax was established in 1572 to help the deserving poor, and then changed from a local tax to a national tax in 1601. In June 1628, England's Parliament passed the Petition of Right which among other measures, prohibited the use of taxes without its agreement. This prevented the Crown from creating arbitrary taxes and imposing them upon subjects without consultation.
The Central Bank of Trinidad and Tobago is located in the Eric Williams Financial Complex. The complex consists of the central bank auditorium and two sky-scrapers, locally known as the Twin Towers. The first tower houses the Central Bank of Trinidad and Tobago and the second tower houses the Ministry of Finance. It was only the second Central Bank to be established in the English-speaking Caribbean, the first being the Bank of Jamaica which was established in 1960.The Central Bank of Trinidad and Tobago undertakes many functions in its day-to-day operations. The Central Bank of Trinidad and Tobago was established by an Act of Parliament on December 12, 1964. In particular, the Bank's main responsibilities are to issue and redeem currency; maintain monetary and financial stability; act as banker to the government as well as the commercial banks and protect the external value of the Trinidad and Tobago Dollar (TT Dollar).
The gift tax is a backstop to the United States estate tax. Without the gift tax, large estates could be reduced by simply giving the money away prior to death, and thus escape any potential estate tax. Gifts above the annual exemption amount act to reduce the lifetime gift tax exclusion. Congress initially passed the gift tax in 1932 at a much lower rate than the estate tax, a full 25% under the estate tax rate, while also providing a $50,000 exemption, separate from the $50,000 exemption under estate tax. The benefits were clear: a $10,000,000 gift would be taxed only $2,300,000, effectively only 23.0%, well below the estate tax rate.
The first known system of taxation was in Ancient Egypt around 3000–2800 BC in the First Dynasty of Egypt of the Old Kingdom of Egypt. The earliest and most widespread form of taxation was the corvée and tithe. The corvée was forced labour provided to the state by peasants too poor to pay other forms of taxation ("labour" in ancient Egyptian is a synonym for taxes). Records from the time document that the Pharaoh would conduct a biennial tour of the kingdom, collecting tithes from the people. Other records are granary receipts on limestone flakes and papyrus. Early taxation is also described in the Bible. In Genesis (chapter 47, verse 24 – the New International Version), it states "But when the crop comes in, give a fifth of it to Pharaoh. The other four-fifths you may keep as seed for the fields and as food for yourselves and your households and your children". Joseph was telling the people of Egypt how to divide their crop, providing a portion to the Pharaoh. A share (20%) of the crop was the tax (in this case, a special rather than an ordinary tax, as it was gathered against an expected famine).
From 1949, with the introduction of the British West Indies dollar, the currency of Trinidad and Tobago became officially tied up with that of the British Eastern Caribbean territories in general. The British sterling coinage was eventually replaced by a new decimal coinage in 1955, with the new cent being equal to one half of the old penny. In 1951, notes of the British Caribbean Territories, Eastern Group, were introduced, replacing Trinidad and Tobago's own notes. In 1955, coins were introduced when the dollar was decimalized. In 1964, Trinidad and Tobago introduced its own dollar. Between 1964 and 1968 the Trinidad and Tobago dollar was utilized in Grenada as legal tender until that country rejoined the common currency arrangements of the East Caribbean dollar. The Trinidad and Tobago dollar and the Eastern Caribbean dollar were the last two currencies in the world to retain the old rating of one pound equals four dollars and eighty cents, as per the gold sovereign to the Pieces of eight. Both of these currencies ended this relationship within a few weeks of each other in 1976.
For several years after "Pollock", Congress did not attempt to implement another income tax, largely due to concerns that the Supreme Court would strike down any attempt to levy an income tax. In 1909, during the debate over the Payne–Aldrich Tariff Act, Congress proposed the Sixteenth Amendment to the states. Though conservative Republican leaders had initially expected that the amendment would not be ratified, a coalition of Democrats, progressive Republicans, and other groups ensured that the necessary number of states ratified the amendment. Shortly after the amendment was ratified, Congress imposed a federal income tax with the Revenue Act of 1913. The Supreme Court upheld that income tax in the 1916 case of "Brushaber v. Union Pacific Railroad Co.", and the federal government has continued to levy an income tax since 1913.
In 1604, to defray the cost of flood relief, Venice introduced what could be considered the first example of a 'stamp tax'. When the revenue fell short of expectations in 1608, Venice introduced paper with the superscription 'AQ' and imprinted instructions, which was to be used for 'letters to officials'. At first, this was to be a temporary tax, but it remained in effect until the fall of the Republic in 1797. Shortly after the introduction of the tax, Spain produced similar paper for general taxation purposes, and the practice spread to other countries.
James Tobin is a struggling artist in San Francisco who owns an art gallery with his business partner, Zachary Barnes. For some time, the gallery is a lucrative business. However, after a new series of Tobin's paintings fail to sell, the gallery struggles financially. Tensions rise further when a burglary occurs at the gallery and Tobin's new series of paintings are stolen. During this time, unrelatedly, Barnes and Tobin's girlfriend, Ruby Garcia, have a one-night stand. One morning a few weeks later, an incident occurs between Tobin and Barnes at the gallery and Tobin shoots Barnes dead.
Mexico and Trinidad and Tobago are two American nations with an early common history. Initially, both nations had been under control of the Spanish Empire. By 1802, Trinidad and Tobago became part of the British Empire. In 1962, Trinidad and Tobago became an independent nation. On 30 April 1966, Mexico and Trinidad and Tobago established diplomatic relations. In 1982, Mexico opened a resident embassy in Port of Spain, however, in 1985 Mexico closed the embassy due to financial difficulties. The Mexican embassy was re-opened in 1995.
Trinidad and Tobago became an independent monarchy on 31 August 1962. In 1974, a constitutional reform commission led by Chief Justice of Trinidad and Tobago Hugh Wooding recommended that the country become a republic, in line with almost universal national opinion. A new constitution was adopted on 1 August 1976, when Trinidad and Tobago became a republic within the Commonwealth with the President of Trinidad and Tobago as head of state.
The World Trade Organization's predecessor, the General Agreement on Tariffs and Trade (GATT), was established after World War II in the wake of other new multilateral institutions dedicated to international economic cooperation – notably the Bretton Woods institutions known as the World Bank and the International Monetary Fund. A comparable international institution for trade, named the International Trade Organization was successfully negotiated. The ITO was to be a United Nations specialized agency and would address not only trade barriers but other issues indirectly related to trade, including employment, investment, restrictive business practices, and commodity agreements. But the ITO treaty was not approved by the U.S. and a few other signatories and never went into effect.
On September 24, the CBO re-evaluated the proposal, taking into account the changes created by the Senate Committee. The CBO stated that the proposal would bring in $23 billion in the first ten years. Specifically, the Committee decreased the penalties for avoiding buying insurance, expanded the subsidies, and lowered the excise tax on high end insurance plans. A CBO report issued on October 7 stated that enacting the proposal would, on net, end up reducing the federal deficit by $81 billion over the 2010–2019 period. That report prompted praise from White House Press Secretary Robert Gibbs and from Senate Majority Leader Harry Reid, Dem. from Nevada, who called the scoring a "landmark occasion". Senate Minority Leader Mitch McConnell, Rep. from Kentucky, criticized the numbers as misleading given that the Baucus proposal would not come into effect for about another five years.
The War on Poverty is the unofficial name for legislation first introduced by United States President Lyndon B. Johnson during his State of the Union address on Wednesday, January 8, 1964. This legislation was proposed by Johnson in response to a national poverty rate of around nineteen percent. The speech led the United States Congress to pass the Economic Opportunity Act, which established the Office of Economic Opportunity (OEO) to administer the local application of federal funds targeted against poverty.
At the UN September 2001 World Conference against Racism, when the issue of compensation for colonialism and slavery arose in the agenda, Fidel Castro, the President of Cuba, advocated the Tobin Tax to address that issue. (According to Cliff Kincaid, Castro advocated it "specifically in order to generate U.S. financial reparations to the rest of the world," however a closer reading of Castro's speech shows that he never did mention "the rest of the world" as being recipients of revenue.) Castro cited Holocaust reparations as a previously established precedent for the concept of reparations.
In 1912, the new PCHA was formed and Tobin was one of the original players, playing for the New Westminster Royals. Tobin would play the bulk of his career in the PCHA, playing with the Portland Rosebuds, Victoria Aristocrats, Seattle Metropolitans and Vancouver Millionaires. Several of the teams were PCHA champions and Tobin played in the 1916, 1920 and 1922 Stanley Cup playoffs, but did not play for a Stanley Cup champion.
Paul Bernd Spahn opposed the original form of a Tobin Tax in a Working Paper "International Financial Flows and Transactions Taxes: Survey and Options", concluding "...the original Tobin tax is not viable. First, it is virtually impossible to distinguish between normal liquidity trading and speculative noise trading. If the tax is generally applied at high rates, it will severely impair financial operations and create international liquidity problems, especially if derivatives are taxed as well." However, on 16 June 1995 Spahn suggested that "Most of the difficulties of the Tobin tax could be resolved, possibly with a two-tier rate structure consisting of a low-rate financial transactions tax and an exchange surcharge at prohibitive rates." This new form of tax, the Spahn tax, was later approved by the Belgian Federal Parliament in 2004.
On June 15, 2004, the Commission of Finance and Budget in the Belgian Federal Parliament approved a bill implementing a Spahn tax. According to the legislation, Belgium will introduce the Tobin tax once all countries of the eurozone introduce a similar law. In July 2005 former Austrian chancellor Wolfgang Schüssel called for a European Union Tobin tax to base the communities' financial structure on more stable and independent grounds. However, the proposal was rejected by the European Commission.