This financial transactions tax:
German companies have joined opposition to the introduction of a tax on financial transactions in Europe, warning of severe damage to businesses in the eurozone’s largest economy.
Blue-chip companies, including Bayer and Siemens, said they faced tens of millions of euros in costs from the tax and complained of burdens such as lower returns on the pension schemes they run for employees.
A study of 24 large German companies estimated they faced costs of between €600m and €1.5bn from the tax, the DAI said. “Politicians obviously don’t realise what damage the FTT would cause for companies in the real economy,” Ms Bortenlänger said.
Now the tax is said to be about to raise €34 billion or so, isn\’t it? And of course that was all going to be paid by the banks and the banksters. No real industry would be affected: only that bubble stuff of an overmighty financial establishment.
And yet here we\’ve a study of just 24 companies in only one of the 11 economies intrioducing the tax and their costs might be €1.5 billion.
So, yes, only the banks and the banksters will get caught eh? The real economy won\’t be harmed at all. Right.