From: The Economist: Finance and economics - 11:07am - December 13, 2012TAXING finance is easier for European politicians than taking responsibility for it. This week saw fraught all-night talks among EU finance ministers on a common euro-zone bank supervisor?and overwhelming support in the European Parliament for plans by 11 EU states to pioneer a harmonised financial-transactions tax (FTT), starting in 2014. The aim of the FTT is to generate revenue and to reduce systemic risk by dampening excessive trading. Hungary, and perhaps Spain and Italy, may impose their own FTT earlier, in January 2013.France is already partly there. In August it slapped a 0.2% tax on the purchase of shares in French firms with a market capitalisation of over ?1 billion ($1.3 billion), among other things. The French government has projected revenues from its FTT at ?170m this year and ?500m next. November 9th was the first tax-collection date. The EU countries planning the...
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Source: http://ewallstreeter.com/financial-transaction-taxes-skimming-the-froth-4570/
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