Some form of Financial Transaction Tax (FTT) looks set to be implemented by 11 European countries in the next year. This has provoked the financial lobby to adopt scare tactics to frighten decision-makers to either drop their plans or seriously dilute them. One of their approaches has been to produce reports to exaggerate the impact of the FTT.
This two-page paper (at the foot of the page) is a response from the Robin Hood Tax Campaign to a recent report by Goldman Sachs that employs two devices to severely distort the overall tax burden of the FTT. It summarises the findings of Dr Stephan Schulmeister of the Austrian Institute of Economic Research (also attached).
We at the Robin Hood Tax have provided this response in order to draw attention to the exaggerated claims the financial sector are laying at the door of the FTT. These represent the lengths the financial lobby are going to right now to kill off the idea. We are happy to engage in dialogue over the implementation of the FTT, but will continue to challenge any such distorted assertions designed to muddy the waters of legitimate debate.