Tobin tax moves closer

Oct 24, 2012

Ten EU states to push ahead with the financial transaction tax

The President of the European Commission, Jose Manuel Barroso, has said he is "delighted" that 10 EU states are pushing ahead with the financial transaction tax and that it will bring in “much-needed revenue” for member states.

Barroso spoke as one of the final obstacles to the introduction of the so-called Tobin Tax was removed when Europe’s tax commissioner announced there were no legal obstacles to the plan, The Guardian reports.

However, the British government is opposed. “This is about fairness,” said Barroso. “We need to ensure the costs of the crisis are shared by the financial sector instead of shouldered by ordinary citizens."

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The burden will not be placed on the shoulders of the citizens; what a joke. It will trickle down to the citizenry asap like Israeli bombs on Gaza.