British Prime Minister Gordon Brown predicts a global bank tax may by enacted as soon as this summer at the G-20 meeting of economic powers. Law Professor Daniel Berman, director of the Graduate Tax Program and a former U.S. Treasury deputy international tax counsel, says establishing such a tax could be harder than it sounds.
“When I worked for the Joint Committee on Taxation of the U.S. Congress 20 years ago we tried to develop a Securities Transactions Excise Tax (STET), but we couldn’t come up with a workable design. But if the same new tax is imposed globally, or at least across the G20, tax avoidance will be much more challenging.”
Contact Daniel Berman, 617-353-3105, email@example.com