Categories:Europe,Investments

Two-thirds of Europeans back Tobin Tax

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Two-thirds of Europeans now back a financial transactions tax – dubbed the Tobin tax – the latest European Parliament Eurobarometer poll has revealed.

The latest poll found a five point increase in support for the tax.

However, it also found a 20 point difference between those within the eurozone and those outside it.

The poll found 73% of those in the currency bloc supported the tax with strongest support coming from Greece, Cyprus, Italy, Portugal and Spain.

Just over half (53%) backed a financial transaction tax in non-euro countries.

Anni Podimata, European Parliament vice-president and rapporteur on the financial transaction tax, says the levy is “gaining real traction among all Europeans”.

The poll was conducted between March 10-25 and included the opinions of 26,593 Europeans aged 15 or over.

 

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Readers' comments (1)

  • FTT taxes the entire transaction infrastructure that all of us use. Individuals will pay all of this tax. For investors, investment yields will drop. Businesses use the investing infrastructure, meaning the cost of goods and services rise. IMF's FTT Final Report For The G-20, June 2010, "Its real burden may fall largely on final consumers rather than, as often seems to be supposed, earnings in the financial sector."

    UK's European Scrutiny Committee citing the EU Commission's FTT Impact Assessment (Even Before the Damaging Relocation Effects): "a 3.43% fall in EU GDP equates to a fall in economic output worth €421 (£362) billion and a 0.34% fall in employment equates to a loss of 812,000 jobs."

    UK's Economic Sub-Committee of the House of Lords, "The FTT is likely to induce a loss in GDP between five and 20 times larger than the revenues raised from the tax."

    Sweden's short-lived FTT raised 3 percent of projected revenues, not enough to cover the cost of collecting the tax.

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