WE PAY A 12 CENT CHARGE FOR USING ATM – SO WHY CAN’T FINACIERS PAY THE ROBIN HOOD TAX
People Before Profit wants to re-distribute the wealth so that we are not continually subsidising the wealthy. One way we can do this is to abolish the water and property tax and transfer the tax burden to the financial sector.
Brid Smith from people Before Profit explained
‘The water charges are supposed to raise €250 million in tax – but in reality only a fraction of that has been gathered due to a huge non-payment campaign. The property charges brought in €435 and so that makes a total of €685.
‘ The EU Commission has asked members states to impose a Financial Transaction tax on speculative activity. They wanted to make the activities of the shadow banking sector more transparent and raise some revenue as a pay-back for the huge subsidies that the banks received across Europe
‘Eleven countries have agreed to impose the tax – but the Irish government refused. They were lobbied by the IFSC Clearing house group which is a body representing the financial speculators.
‘The EU Commission estimates that the tax would raise between €500 million and €700 million. This is almost enough to pay for the hated water charges and the property tax.
The ordinary consumer pays a 12 cent charge on their ATM withdrawals. So why cannot the bankers pay a tiny Robin Hood tax on their transactions. Such a tax would amount to a charge of 0.1% on bonds and shares and 0.01% on derivative trading.
There is no justification for giving financial speculators privileges over the ordinary consumer. Let them pay their fair share – so we can get rid of water charges and property tax.
HERE IS HOW TO GET RID OF WATER CHARGES AND PROPERTY TAX.
The water charges brings in €250 million in tax and the property tax brings €435 – that is €685 million between them
We could impose a Robin Hood tax on financial transactions instead. This is a tiny charge of 0.1% on bonds and shares and 0.01% on derivative trading.
The EU Commission – which supports this Financial Transaction Tax – estimates that it would raise between €500 to €700 million.
The ordinary consumer pays a 12 cent charge every time they use an ATM. So why cannot the financial speculators pay a similar fee? Or must we always subsidise them
VOTE BRID SMITH NO 1 People Before Profit Dublin South Central