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There is a too big financial industry against the real economy and a fair tax for financial transactions is needed to narrow the gap between capital gains, environment and labour.
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Illoggja
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Kummenti: 16
Konverżazzjoni
It does not help anything at all. Just look at the UK which, when it was still in the EU, had the biggest financial industry of the EU and the second highest FTT after Ireland.
Such a tax only creates inefficiencies and more red tape of which I prefer to have fewer and less.
Hey Niels, this is actually incorrect. The UK had an FTT which raised 5bn pounds/year without a signifcant loss of business, and countries with an FTT have actually displayed stronger GDP growth, more robust liquidity and a decrease in excessive risk-taking (see Griffith-Jones & Persaud 2012, Kapoor 2010). The IMF not only stated that "FTTs do not automatically drive out financial activity", but went further, encouraging setting comprehensive FTTs "in order to deter avoidance". Furthermore, ordinary citizens do not, by and large, trade bonds and derivatives (in 2012, 85% were carried out by banks and financial institutions) and would thus not be negatively affected. Moreover, the European Parliament, Commission and Council have all aknowledged the positive effects of an FTT.
Beyond these facts, many people believe in fair taxation (which should also apply to banks and traders) and in the financial sector's responsibility in repairing the economic damage that they caused (Oxfam, 2011)
It seems that we agree that it does not solve the problem posed in the original idea of a "too big financial industry".
Furthermore the FTT is costly for the large masses that indirectly invest in stocks and bonds (less so derivatives) though pension and investment funds. A typical equity portfolio easily has 50% annual turnover, often much mure. A 50bp FTT reduces the returns more than management feest do. It is simply not fair to charge people a tax for trading, just because other people misbehave(d).
Europe Day: 9th of May is ECI-Sign-Day, everywhere in the EU:
short video: https://youtu.be/nVb6hauFhos
website: https://eusignday.eu/
AND our ECI: "Start Unconditional Basic Incomes (UBI) throughout the EU" : https://eci-ubi.eu/
Wirtschaft darf nicht ausbeuten, weder in Europa noch sonst irgendwo und sie muss nachhaltig funktionieren. Förderungen und Handelsverträge müssen nach diesen Kriterien ausgerichtet sein und nicht nach der Macht von Lobbygruppen. Stattdessen sollte ein vertrauenswürdiges (wirtschaftsunabhängiges) Gremium darüber befinden und Abstimmungen im EU-Parlament auf dieser Entscheidungsgrundlage stattfinden.
Konzerne sollten einen Anreiz haben, Produktion NICHT auszulagern und Europa (die EU) sollte die Anhängigkeit von internationalen Warenströmen verringern.
Konverżazzjoni
Humans are greedy, and capitalism makes humans even more greedy. This is the reason why the financial industry has grown so much, why?
Why is work punished by imposing a much higher tax on it, compared to capital investments, this is a harsh kick in the face of all working people.
Let's face it, if everybody would be an investor, we would starve, simple math.
What we should do is, raise the tax for ALL capital gains to the same level of work, at least, if not even higher than that.
Capital loss is loss, and should not be taken into account for taxation.
Capital gains are almost like stealing from other people, sorry for this communist sounding slogan, but where does the money come from, if not from other people, thin air, it's the work of millions of other people. Correct me if 'm wrong.
At this point it would hurt ordinary people who are just trying to protect their finances from inflation, think about pension funds and such, inflation in Czechia has been around (mostly above) 3 %, so only stocks and real estate managed to keep up.
Central banks and governments simply need to tighten their monetary and fiscal policies to get inflation back under control.
That is the point, ordinary people do not profit much.
Germany for example grants you a certain amount of gains from financial transactions which will not be taxed, though it is far to low, round about 600€/year per person.
What about such a protection, lets say 10.000€/year per person, tax free, everything above this value should be taxed like any other income too.
Very much a German opinion. Austerity solves nothing and the crash of the 1930's is over. Public spending needs to be seen as investment. Especially when it comes to investing in the technologies of the future by helping the private sector to develop new technologies (like China or the US are doing).
But the biggest problem in the EU is not austerity, but the fight against fiscal and social dumping inside and outside the EU (European minimal corporate tax, The end of European tax-havens.).
if the big companies would pay their taxes without rerouting profits through the Netherlands, maybe we could have better infrastructures, education, healthcare or scientific research.
I also support massive tax reduction for companies that outsource back their production from China to Europe (Outsourcing back European industry from China).
See also my proposition for compensatory VAT to avoid social and fiscal dumping and European harmonization (Compensatory VAT for fiscal and social harmonization).
I am all for investing into infrastructure, education, healthcare and scientific research. There is however one major issue - it requires money, which needs to be taken from somebody.
Raising taxes would hurt economic activity of non-governmental organizations and piling up debt only leads to inflation, as we have just seen in the past two years of unprecedented stimuli.
By continuing any further, governments are risking inflation growing out of control, possibly reaching hyperinflation levels.
Hi David,
I am not for "raising taxes", I am against social and fiscal dumping within the EU. Which means that I want companies that produce in France to be taxed the same as companies that produce in Poland and that sell goods into my country.
This is not the same and I hope that you understand this.
I want everyone to pay their fair share of tax in my country and put an end to profit redirection through the Europeans tax havens. No more, no less, as every company operating in France should be doing.
Also it will not impact any "non-governmental organizations", but gigantic companies that are rich enough to avoid taxes. Not small/medium businesses that today do not face fair taxation.
This is completely different as simply "raising taxes".
The only exception being with the super-richs that might represent 0.1% of the EU population and that are a danger for democracy and the planet. Not the middle class, and not even most of the upper classes.
Eine Finanztransaktionssteuer ist notwendig, um die Spekulation zu begrenzen, die unser Leben nur teuer macht. Spekulation mit Lebensmitteln sollte ganz verboten werden. Spekulation mit Rohstoffen macht diese teurer.
Aktien hatten ursprünglich einmal den Sinn, Unternehmen Geld für Investitionen zu beschaffen. Jetzt sind sie nur noch Spielgeld für Reiche.
Der automatische Hochgeschwindigkeite-Handel mit Aktien würde durch eine Finanztransaktionssteuer unterbunden werden.
Idea asettaa vastakkain finanssisektorin ja reaalitalouden, ikään kuin rahoitus- ja sijoitussektori olisi talouden turha tai jopa haitallinen osa, kun taas tuotantotalous kuvitellaan kaikin puolin hyväksi ja hyödylliseksi sektoriksi.
Maailma ei ole niin mustavalkoinen. Polarisointi ja vastakkainasettelu useimmiten on turhaa. Vapaassa markkinataloudessa tarvitaan kaikkia osapuolia. Jos ei tarvita, ne poistuvat markkinoilta.
Jos EU haluaa verotusoikeuden, sen pitää muuttua liittovaltioksi.
Ik zou graag nog iets meer onderbouwing zien. Maar een belasting op transacties van minder dan een procent zou een uitstekende manier zijn om de financiële sector te dwingen de reëele economie omhoog te trekken.
Agreed! Some related info: https://www.robinhoodtax.org.uk/about-the-tax
https://www.fes.de/themenportal-wirtschaft-finanzen-oekologie-soziales/artikelseite/europa-braucht-die-finanztransaktionssteuer-gerade-jetzt
Information about wealth inequality in the world: World Inequality Report 2022 https://wir2022.wid.world/
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