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Schöneberg, Kai

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Die Tageszeitung taz - Germany | 14/02/2013

EU anti-swindler tax a flop

The European Commission on Thursday presented its proposal for the introduction of a financial transaction tax as of January 2014. The left-leaning daily taz sees it as a bad compromise: "Why won't the international financial centre Luxembourg - from where the long-standing boss of the Euro Group Jean-Claude Juncker comes - play along, not to mention London? And the plan foresees a mini-tax of just 0.01 percent on highly speculative derivative instruments. And why shouldn't the hedge fund trade have to pay taxes too? And where is the tax on the hyper-excitable high frequency trade? Almost the worst aspect is that the financial institutes will pass the bill on to King Customer. So it's highly likely that in the end the private consumer ends up paying the tax. Pension funds are also being taxed: that will affect those who want to make provisions for their old age. And naturally the biggest danger is that the speculators simply move on and do their business in regions where there is no stock market tax."

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