Brown quickly backs away from "Tobin tax" proposal

UK Prime Minister Gordon Brown surprised finance ministers from the Group of 20 nations by proposing a "Tobin tax" on financial transactions. The proposal was met with criticism, causing Brown to quickly back-peddle from the idea. Dominique Strauss-Kahn, head of the International Monetary Fund, reiterated his position that a tax on financial transactions is "a very old idea that is not really possible today".

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