{"id":6231,"date":"2010-02-26T11:15:28","date_gmt":"2010-02-26T09:15:28","guid":{"rendered":"http:\/\/www.taxresearch.org.uk\/Blog\/?p=6231"},"modified":"2010-02-26T11:15:28","modified_gmt":"2010-02-26T09:15:28","slug":"now-tell-me-theres-no-case-for-a-financial-transaction-tax","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2010\/02\/26\/now-tell-me-theres-no-case-for-a-financial-transaction-tax\/","title":{"rendered":"Now tell me there’s no case for a financial transaction tax"},"content":{"rendered":"

FT.com \/ Companies \/ Banks - RBS pays more than 100 staff a \u00a31m bonus<\/a>.<\/p>\n

The FT notes:<\/p>\n

Royal Bank of Scotland<\/span> admitted on Thursday that more than 100 of its investment bankers will take home bonuses of at least \u00a31m for 2009, a year in which the government-owned bank posted a net loss of \u00a33.6bn.<\/p><\/blockquote>\n

RBS is one of the biggest players in the socially useless fianncial markers. Those who partake are amongst the recipients of these bonuses.<\/p>\n

So please don't now tell me there's no case for a financial transaction tax of the sort proposed by the TUC, Tax Justice Network, Christian Aid and others in 'Taxing Banks' <\/a>where we firmly predict that one of the benefits of such a tax will be a significant fall in trading volumes and consequent demand for bankers - with their pay tumbling as a result.<\/p>\n

I'm well aware conventional economists do not agree - and they have provided not a shred of evidence, let alone logic, to support their case as yet. They simply say the cost will be passed on to others - but when the customer for more than 40% of all trades in this market is another bank and the number of customers overall is tiny there is no logic in that claim - the consumer is identifiable and able to resist the charge.<\/p>\n

I stand by my claim - one of the great benefits of financial transaction taxes will be that they will significantly cut bakers' pay. And that's universally considered a good thing by all but bankers and those in awe of them.<\/p>\n

Rather oddly, you can't imagine why they would be so vehement in their opposition unless I was right, can you?<\/p>\n","protected":false},"excerpt":{"rendered":"

FT.com \/ Companies \/ Banks – RBS pays more than 100 staff a \u00a31m bonus. The FT notes: Royal Bank of Scotland admitted on Thursday
 Read the full article…<\/em><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[70,121],"tags":[],"class_list":["post-6231","post","type-post","status-publish","format-standard","hentry","category-banking","category-transaction-taxes"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/6231","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/comments?post=6231"}],"version-history":[{"count":0,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/6231\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=6231"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=6231"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=6231"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}