Why the banks oppose a 1% transaction tax

Zenaan Harkness zen at freedbms.net
Fri Feb 26 01:19:09 PST 2016

Those who advocate for a 1% "transaction" tax, e.g. 1% paid on every
deposit, or else on every withdrawal, have been labelled conspiracy

The real reason for the opposition may just happen to be that the
banks, and other major multi-national entities, structure their
selfish selves so that they pay tax of about 3 orders of magnitude
LESS than 1% tax, and so they don't want a 1000 fold increase to the
taxes they pay.

Setting aside for a moment of course that the constitutional monopoly
on "money power" which is supposed to be held by the government was
taken from "we the people" at gunpoint (at least I am aware this is
the case in both USA and Australia). And setting aside the criminal
nature of modern demoncratic so-called "representative" governments.
And setting aside all sorts of other problems.

"The banks paid little or no tax in the country despite reporting
billions of dollars in sales and profits, it was revealed through a
Reuters investigation. Combined, the banks with a total workforce of
33,000, earned revenues of US$31bn (£20.9bn, €28.4bn) and raked
US$5.3bn in profits from the UK in 2014. However, the total
corporation tax they paid for the period was a meagre US$31m or 0.001%
of their revenues.

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