The controversial measure is set out in Mr Murphy’s new book, called The Joy of Tax, which is published this week.
Mr Murphy (below) says in the book that the new consumption tax could raise over £100billion a year and replace National Insurance Contributions, which disproportionately hits poorer people.
It says: “I think that a progressive tax on the total sum paid into and out of people’s and companies’ bank accounts is now essential.
“This simply requires that the rate charged increase as the total payments into and out of bank accounts connected to a person increase.
“This is the tax that can, in the 21st century, end the absurd need to tax labour and its wealth creation and instead shift that tax to excessive consumption, a shift we know is now needed.”
That’s not a consumption tax you fucking moron. It’s a transactions tax. You are taxing the transaction: it’s a transactions tax.