Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-03-07-Speech-1-078-375"
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"en.20110307.17.1-078-375"2
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"I support this report, which calls for the EU to promote the introduction of a financial transaction tax (FTT) at global level, and failing that, as a first step, the EU should implement an FTT at European level. The spectacular rise in the volume of financial transactions in the global economy within the last decade, which, in 2007, reached a level 73.5 times higher than nominal world GDP, illustrates the growing disconnection between financial transactions and the needs of the real economy. The financial sector is under-taxed. Remarkably, no VAT is levied on most financial services. Measures must be implemented to raise more from this sector and contribute to shifting the burden of taxation away from working people. The main costs of the crisis have so far been borne by taxpayers. Financial institutions and stakeholders, which have enjoyed years of excessive returns on equities and excessive annual bonus payouts, must contribute their fair share to meeting the costs. It is estimated that a low rate FTT could yield nearly EUR 200 billion per year at EU level and USD 650 billion at global level, constituting a substantial contribution by the financial sector to the cost of the crisis and to public finance sustainability."@en1
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