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Tobin Tax is madness for Europe, and economic war against Britain
France's 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 €800m in 2013, but that overlooks the much greater damage inflicted on French finance, industry and the government's own tax base. "France is shooting itself in the foot," said Paul-Henri de La Porte du Theil, head of French finance industry AFG. Jean-Yves Hocher from Crédit Agricole said it would cost his company €17bn. One French banker told Les Echos that the tax was "a ... (full story)
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- Apr 11, 2013 3:54am Apr 11, 2013 3:54am
- seanosms
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- traider
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