In a move that has astounded British MEPs, Jose Manuel Barroso, president of the EC, announced that the levy could halve European Union members\’ contributions.
Mr Barroso has proposed that countries keep a third of the proceeds of the levy themselves and give two-thirds of it to Brussels. Europe\’s budget would become \”self funding\”, Mr Barroso said, and would cut national contributions by a total of €54bn.
Yes, of course, it\’s still a stupid tax etc.
However, let\’s agree that national contributions get shelved and the FTT becomes own resources of the EU.
The important point here would be that the EU has made the decision itself: we\’ll only have the FTT revenues and not come back for any more.
The actual revenues from an FTT are going to be a pittance as compared with the estimates. So let\’s do it and hold them to it.
They get whatever few billions an FTT would raise and that\’s it, no more. Thus they get driven into bankruptcy as we all see the stupidity of their own decisions.
Bit tough on everyone else, true, but almost, almost, worth it, to see them hoist with their own petard.