Skip to comments.Tobin Tax is madness for Europe, and economic war against Britain
Posted on 04/26/2013 9:30:27 AM PDT by Olog-hai
Frances experiment with the Tobin Tax has proved a spectacular flop. Its finance ministry admits that the scattershot levy on financial transactions has raised just a third of the money expected since August. Total takings will be a paltry 800 million ($1.04 billion) in 2013, but that overlooks the much greater damage inflicted on French finance, industry and the governments own tax base. France is shooting itself in the foot, said Paul-Henri de La Porte du Theil, head of French finance industry AFG.
The House of Lords EU Committee says the Tobin Tax will have far-reaching adverse consequences for the City and wants a challenge at the European Court. Lord Harrison said he is highly alarmed that the Tobin Tax has been allowed to creep on us and slammed the complacency of both Whitehall and the City. Some in London appear to hope that by closing their eyes to the proposal, it will go away.
Whether or not you think there is a concerted assault on Britain, the fact is that for the first time in EU history a major country has been overridden in a field where it is the dominant player and has a vital interest. The rules of the game are that Germany is never threatened on the car industry, nor France on agriculture. This principle has been breached. It is a declaration of economic war.
(Excerpt) Read more at telegraph.co.uk ...
Is the Obama Administration's Opposition to a Financial Transactions Tax Weakening?
Thursday, April 18, 2013
Much like the US needs a real barrier on our southern border, the UK needs to exit the EU, man the forts and let the channel be their barrier. Maybe fill the chunnel w/ cement, too. RIP Baroness Thatcher.
I generally agree with AE-P.
It’s UKIP time.
I really like a horribly destructive tax being called the "Tobin tax" though, since one of the people we can thank for Pat Quinn stealing the election is National Taxpayer's Union president Jim Tobin. This self-described "taxpayer's watchdog" actually endorsed Quinn's disgraced running mate, Scott Lee Cohen, for Governor. Not only that, he even took the step of mailing out anti-Bill Brady attack ads (calling Bill Brady an "enemy of taxpayers") despite that according to NTU's OWN scorecard, Brady had the second HIGHEST "pro-taxpayer" voting record in the entire Illinois Senate.
We need to start calling Quinn's tax hike, "the Tobin tax", since this supposed "taxpayer's watchdog" is directly responsible for helping re-elect Quinn after Quinn vowed to raise taxes.
Bottom line, closet liberals like David Cameron and Jim Tobin need to be purged from any further conservative support.
A Tobin tax, suggested by Nobel Laureate economist James Tobin, was originally defined as a tax on all spot conversions of one currency into another. The tax is intended to put a penalty on short-term financial round-trip excursions into another currency.
Interesting. Two prominent douchebag economists from Illinois named “James Tobin”. I’m surprised no one pointed it out before. I wonder if they’re related. The older Tobin died in 2002.
Known for: Neo-Keynesian economics
Born March 5, 1918
Champaign, Illinois, USA
Tobin followed primary school at the University Laboratory High School of Urbana, Illinois, a laboratory school in the university’s campus. Tobin did his undergraduate and graduate work at Harvard University, with an interruption to serve in the U.S. Navy during World War II. Since 1950 he has been an economics professor at Yale University.
James Tobin (economist)
Known for: Founding the Chicago-based organization, Taxpayers United of America, in 1976
Chicago, Illinois, USA
Tobin received an M.A. in International Economics from Northern Illinois University. He worked for nine years as a Federal Reserve Bank Examiner, specializing in international finance.
It could be a coincidence but I’d bet they are related.