UK: European Commission financial tax opposed

posted by
September 28, 2011
BBC News [UK]    
Posted in News, PND News

"Bank shares have fallen in London after the UK said it would 'resist' a financial transaction tax on EU members proposed by the European Commission. The tax would raise about 57bn euros ($78bn; £50bn) a year and would come into effect at the start of 2014. ... London would be hardest hit by the tax as the majority of banking transactions in Europe come through the city." [editor's note: Ok, but it would seem that a "fee" on transactions, if used instead of the usual taxing of production, would be a far better (and much more just) method for collecting "revenue" to run the EC with. What am I missing here? - SAT] [additional editor's note: Perhaps that calling it a "fee" doesn't make it any less a tax, and that levying it at point of deposit, withdrawal or loan instead of sale or paycheck doesn't make it any less related to production? - TLK] (09/28/11)

http://www.bbc.co.uk/news/business-15090761  

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