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This House would introduce a Tobin tax. This House would
introduce a Tobin tax. James Tobin, a Nobel Prize-winning
economist, first presented his plan for a tax on currency
transactions in 1978. His plan was to increase slightly the cost
of trading in currencies, by introducing a currency transactions
tax. Proposals ranged from 0.003% to 0.5%. The tax was intended
to discourage speculations which can lead to large exchange rate
fluctuations and prevent serious damage to economies. The idea
was not met with enthusiasm