And now the Financial Activities Tax is screwed as well

First, banks are likely to pass on the burden of this tax almost completely to their customers through higher bank interest margins and bank fees. This makes the Financial Activities Tax a tax on bank customers rather than on bank shareholders.

Since the Financial Transactions Tax (ie, Tobin, or Robin Hood) also falls on customers, then that\’s both of them screwed then, eh?

There\’s no point in taxing us when we think we\’re taxing them now, is there?

1 thought on “And now the Financial Activities Tax is screwed as well”

  1. Wish it were true, but it’s always hard to tell with these ‘something must be done’ ideas.

    To be fair though, the article goes on to say:
    “This notwithstanding, the Financial Activities Tax is an appropriate instrument to reduce or eliminate the current under-taxation of banks.”

    So it’ll bite us, but may have some useful side-effects.

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