2012-09-16T18:40:06Z https://www.taurillon.org/A-FTT-to-immediately-start-the-Fiscal-Union,05167#comment14761 2012-09-16T18:40:06Z

<p>Well that's the solution then, impose a FTT, generate lots of income and at the same time reduce the tax paid by individuals and small companies. As an individual who pays tax why should I not support this suggestion ? It is what we have all been looking for, a source of revenue with no downside.</p> <p>There is a good reason why a tax “once strongly advocated by the Italian, French and German governments, has gone by the wayside.”, the analysis by the EU itself suggests that 90% of derivative trading would promptly go to another financial centre, this after all was the Swedish experience when they imposed just such a tax. So the sum of money claimed as tax revenue would in fact be massively lower than the number quoted.</p> <p>The same EU analysis suggests that overall the tax is likely to have a negative impact on the overall economy, the exact amount being determined by the mitigating factors put in place. To get these benefits we have to believe that an entity as corrupt and bureaucratic as the EU can invest wisely and prompt growth. Can we please remember that this is the same EU that in March 2000 stated that by 2010 the EU would be the ‘most competitive, dynamic and knowledge based economy in the World.' (Lisbon European Council) and then in 2005 quietly dropped all the work aimed at delivering this target.</p> <p>If life was as easy as the article suggests I am sure the Americans and others would have adopted a FTT years ago. The reality is that without a global approach the money will simply move away to a place where it is not taxed as highly (and in fairness when was 0.1% high ???)</p>