The rich text element allows you to create and format headings, paragraphs, blockquotes, images, and video all in one place instead of having to add and format them individually. Just double-click and easily create content.
A rich text element can be used with static or dynamic content. For static content, just drop it into any page and begin editing. For dynamic content, add a rich text field to any collection and then connect a rich text element to that field in the settings panel. Voila!
Headings, paragraphs, blockquotes, figures, images, and figure captions can all be styled after a class is added to the rich text element using the "When inside of" nested selector system.
Financial transactions taxes (FTT) can be used to shift the incentives investors face when deciding on their trading strategies. In particular, such taxes can disincentive high-frequency trading, which is associated with rising volatility in financial markets and has created opportunities for rent-seeking at the expense of longer-term institutional and/or productive investors.
They can also generate significant revenue. At least forty countries already have taxes on financial transactions of one kind or another, including the UK where stamp duty acts as a form of FTT on trading in equities. It was estimated in 2017 that a modest extension of a FTT in the UK could raise an estimated £23.5 billion over the course of a Parliament.
The Brookings Institute assesses proposals for the introduction of a FTT tax in the US, noting that it would be overwhelmingly paid by the most well off in society. The Institute on Taxation and Economic Policy argues that FTTs can curb inequality, improve markets, and raise “hundreds of billions of dollars” over a decade.
Copenhagen Economics models the GDP implications of such a tax for Germany, suggesting it could raise between €17.6 billion and €28.2 billion per year.
The kinds of FTT used in different jurisdictions are explored in this report by BNY Mellon.
The principle of financial transactions taxes can also be applied to currency trading. Currency transactions taxes (CTTs) act to slow down currency transactions by raising their cost, thus reducing volatility. This makes them effectively a form of capital control – tools that can be used to help regulate the flow of money into and out of economies.
As Covid-19 unfolded many countries faced significant capital outflows, strengthening arguments for using CTTs as a partial response, particularly for emerging markets.
The International Monetary Fund’s series of recent papers marks a softening in its position on capital controls, advocating their use in certain circumstances. One of the tools they cautiously recommend using is currency taxes.
IPPR calls for the introduction of a currency transaction tax. They suggest that the tax starts low and rises over time, with an additional rate levied for "speculative" large capital outflows. They note that such a tax could be introduced unilaterally but would be more effective if internationally coordinated.
Policymakers can also introduce less targeted financial taxes such as bank levies, which can help to curb systemic risk and ensure that the taxpayer benefits from the rewards of financial risk-taking rather than simply bearing the costs.
The UK introduced both a corporation tax surcharge for banks and a bank levy in the wake of the financial crisis of 2008. This was levied on the global balance sheets of large banks operating in the UK, but the revenue generated by the tax has fallen since the financial crisis in part due to changes to its structure introduced in 2016.
Sheffield Political Economy Research Institute assesses the effectiveness of the bank levy and the corporation tax surcharge, and the impact of subsequent changes to these taxes. They warn that the tax now appears to hit smaller and challenger banks more than global banks, and that those that contributed the most to the 2008 crash are not bearing the highest cost.
Michael Devereux, Niels Johannesen and John Vella of the Saïd Business School assess the effectiveness of bank levies across Europe, arguing that while they did reduce risk, they had less of an impact on systemically important financial institutions.
