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  1. 1

    Concerned Reader

    A financial transactions tax is a really bad and misguided idea.

    Far more economists oppose an FTT than support it.

    A Financial Transactions Tax (FTT) is paid by workers via their pension and superanuation fund investments, ie.banks will not pay this tax…pensions pay it. A FTT is just another unfair tax on workers.

    If you want to tax banks, you tax their income,…don’t tax the users of the banks products…which are workers!

    It should not be called a Robin Hood Tax, as an FTT taxes workers far more than the rich.

    A small FTT will manipulate markets even more, dramatically decreasing liquidity, and hence increase volatility.

    A FTT will also put at least 10000s people (secretaries, office assistants and the like) out of work resulting in an erosion of the tax base by far more than any revenue than an FTT will generate.

    Revenue projections of an FTT are based on current trading volumes, but an FTT is designed to reduce these volumes…so how can it collect this revenue.

    The intellectual dishonesty and contradictions of FTT advocates are astounding!

    Reply

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