The cretins at the Robin Hood Tax

It was never going to work out well when a major new international tax was designed by a couple of luvvies and their mates. But not only did they manage to create an appalling tax, they’ve managed to create an illegal one:

A leaked opinion from the European Union’s legal service contains warnings that the flagship policy is “not compatible” with existing laws and is also “discriminatory”.

The 14-page document, dated September 6, said the levy “exceeds Member States’ jurisdiction for taxation” and “infringes upon the taxing competences” of states that have refused to adopt it.

Experts warned that the strongly-worded opinion, although not binding, could fatally undermine the FTT.

And it’s not some minor illegality, it doesn’t conform to subsection iii) c or something. It’s about the free movement of capital and non-discrimination in doing so. One of the cornerstones of the EU system and Treaty.

To shoe horn it in in its current (extraordinarily bad) form they’d have to go back and rewrite the Treaty of Rome. Not going to happen of course. They could still have a few things like the UK’s stamp duty if that’s what they wanted. But that would raise not all that much. So why bother?

8 thoughts on “The cretins at the Robin Hood Tax”

  1. You’ve been saying for a while it would break EU law.
    How all these trade union and charity people couldn’t be bothered to do some basic research into EU law I don’t know (or maybe they wanted to be blind to it).

  2. ‘They could still have a few things like the UK’s stamp duty if that’s what they wanted. But that would raise not all that much. So why bother?’

    Symbolism, maybe?

    I think you’re making the mistake of thinking these fuckers really care about the tax system, Tim.

    What they’re about is moral and social grandstanding – to an extent, whether they win or lose is irrelevant; they can still go to dinner parties and bask in the approbation of their mates, or give interviews to swooning hackettes from the Guardian.

    A small win like stamp duty is probably ideal for them.

  3. Partly this is a result of the law being such a rococo agglomeration of mutual contradictions, special interest exemptions and just plain boneheadedness that it is beyond the wit of normal man to comprehend it all. But proposing some cretinous spirit-of-the-law nonsense without checking the legal or financial implications is pretty much the modus operandi for these people. It’s like 90% of the deluge of shit that pours forth from Murphy’s mouth: sentiment about how he thinks the world should be, unmoored from the reality of how it is.

  4. Pingback: A Link to the Past 12/09/2013 | In Defence of Liberty

  5. It’s the narrative. Keep pushing a story line until all your followers have fallen for it. Get them to keep pushing the story to their friends. In no time at all you’ll have an unstoppable media dam burst. But that’s only because the media publicising the story are on the left as are all the other organisations that back it though they do their best to hide this point. Leaving the right wing press to do the weak thing of countering it with facts, when they realise that the left wing press has built up an unstoppable momentum. The main problem is that the left wing side is built on beliefs and facts do not work against beliefs.

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