TAKE A LOOK at this video from the global charity organisation, Oxfam. Intended to push along moves already underway within the European Union to introduce a Financial Transactions Tax, the video employs the superb comedic talents of the British actor, Bill Nighy, to highlight the bankruptcy of the anti-FTT position. Viewers of the video are also encouraged to get involved in a practical way by signing an accompanying petition.
Enjoy!
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5 comments:
Well acted and very funny, except when you realise that all tax extracts money from the productive sector (how else is it derived) and transfers it to the State sector, where it’s used by politicians to buy favour with their special interest groups. $60 per week baby bonus anyone?
What’s more it always hurts the poor disproportionally. That money sent home to grandma in Greece from George working in Britain – taxed at the boarder.
That US company thinking of building a factory in France which would create employment re-evaluates the project – those USD taxed at the French boarder adds yet another barrier to foreign investment, local development and employment.
Taxes of all kinds open a world of unintended consequences often producing unexpected and undesirable outcomes.
its well worth tracking down earlier videos in this series on You Tube. Search under Robin Hood tax.
I notice that the figures produced about the tax hitting the poor are all produced by the financial services sector Brendan. Interesting that. Considering they charge far more than the proposed tax in fees :-). Also interesting that you don't mention that those figures are disputed wholeheartedly by proponents of the tax. There's quite a lot of debate out there and yet you seem convinced that the "science is settled" – just like global warming :-).
Not to mention that you only pay tax on taxable transactions. So money going to granny in Greece may indeed not be taxed at the border. There seems plenty of flexibility in there to avoid taxing grannies it seems to me. You also neglect to mention that it is designed to stop banks from causing stupid bloody financial disasters. Something with which, as someone who lost money in the last damned thing I wholeheartedly concur :-).
"Well acted and very funny, except when you realise that all tax extracts money from the productive sector"
Quite far away from reality there Brendan.
Shall we ask somebody actually competent on the subject?
"The financial system collectively, via its own intra-financial system trading activities, can create volatility — against which the nonfinancial economy then has to hedge.
In some cases the nonfinancial economy has to pay the financial system for hedging against a risk that the financial system has itself created. That turns an initially zero-sum activity (proprietary trading against one another) into a positive-sum game for the financial industry — and a negative-sum game for all others."
http://www.theglobalist.com/is-modern-finance-a-productive-economic-activity/
Given the level of ignorance exhibited here we probably shouldn't assume you know more about the subject than most people in future should we?
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