The bonus tax and the all-seeing neo-liberals | ToUChstone blog: A public policy blog from the TUC.
Let me accuse my TUC colleague Adam Lent of being appropriately cynical:
The FT is reporting today that the bankers’ bonus tax will generate £2.5 billion in revenue for the Treasury — nearly three times more than the Treasury itself expected. Interestingly, those wise people around the Adam Smith Institute predicted that the tax would be avoided making the policy a meaningless gesture. Or as ASI guru Madsen Pirie called it “political rhetoric largely empty of substance”.
Worth noting maybe that these are some of the same people making dire predictions about the impact of the Robin Hood Tax.
But let's be honest: data has only one use for them - which if enhancing their well -being. The myth that neo-liberals are objective is amongst the biggest of the lies they've spun.
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The one-off nature of the tax probably helped boost the revenue raised. However, it should be borne in mind that this level of revenue indicates it has been a failure at changing behaviour.