Local view for "http://purl.org/linkedpolitics/eu/plenary/2014-02-04-Speech-2-699-000"
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"en.20140204.61.2-699-000"2
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"Mr President, for a tax to attract one or two non-partisan critics would be unfortunate. To attract dozens sounds a bit like carelessness. The tax is superficially appealing as a levy on institutions blamed for the recession: a tax on the rich to benefit the poor. But, as one critic said: banks simply pass down their taxes to us, the customers. Indeed, the FTT would be levied most heavily on long-term investments such as those of pension funds. The good news is that it will be levied in only eleven countries. The bad news is that it might be drafted in a way that would catch some transactions in countries that have rejected it.
There is reason to believe that its imposition, even at a modest level, would lead to the migration of funds to countries beyond those participating in it. If it were ever to be imposed on all 28 Member States, funds would migrate to New York and elsewhere. Remember: the FTT is the chosen instrument to be an EU own-resources tax."@en1
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