Since most people have not invested in the commodities bubble, I would guess that they will feel that a commodity tax burden has been relieved and they may go on a vacation or buy something nice with the extra money.
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In another scenario, world recovery would continue, absent Europe and sharply rising commodity prices in turn would tax all of Europe, magnifying the effects of austerity and increasing risks of revolution.
They can, for example, tax the foreign earnings of commodity producers, ploughing the proceeds into a sovereign-wealth fund that invests in foreign assets.
He is not short of bold ideas, including a global financial tax, the regulation of commodity derivatives and measures to limit exchange-rate volatility.
Treasurer Wayne Swan said that a drop in commodity prices had hit the resources sector and hurt tax revenues.
Which will be a great annoyance to some who have been campaigning for just this tax as they would like it to reduce commodity speculation.
This tax will hit the options, futures, commodity and FX markets.
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On this view higher commodity prices are merely accelerating the process by acting as a tax on Western consumers.
The report added that many mineral-rich countries needed "urgently to review the design of their tax regimes", which were designed to attract foreign investment when commodity prices were low.
Mr. Arafat, his wife and a coterie of close advisors, were personally pocketing hundreds of millions of dollars each year in tax transfers and kickbacks from state-controlled monopoly import contracts on virtually every basic commodity needed in Gaza and the West Bank.
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