ChatterBank1 min ago
Corbyn Risks Labour Division Over New City Tax
//Jeremy Corbyn will force the Labour party to introduce a new tax on the City, in a move that pits the Labour leader against his newly elected mayor.
The Labour leader told activists at the party’s final Remain rally in London that a Labour government would introduce a financial transactions tax – dubbed the Robin Hood tax -- on the City, stoking simmering divisions between the left-wing leader and other senior figures in the party.//
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That’ll do the country a lot of good!! A wonderful incentive for investment!! If Labour cherishes any hope at all of making any sort of a comeback Corbyn has to go - and the senior figures in the party know it. Who would really be stupid enough to vote for such a silly, ignorant man?
The Labour leader told activists at the party’s final Remain rally in London that a Labour government would introduce a financial transactions tax – dubbed the Robin Hood tax -- on the City, stoking simmering divisions between the left-wing leader and other senior figures in the party.//
http://
That’ll do the country a lot of good!! A wonderful incentive for investment!! If Labour cherishes any hope at all of making any sort of a comeback Corbyn has to go - and the senior figures in the party know it. Who would really be stupid enough to vote for such a silly, ignorant man?
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I really don't care what happens to this humourless automaton throwback to the seventies.
After the utter stupidity of effectively putting their leadership election on the open market Labour got what they deserve.
It'll do no harm to skip a couple of elections and let them catch up with the real world.
After the utter stupidity of effectively putting their leadership election on the open market Labour got what they deserve.
It'll do no harm to skip a couple of elections and let them catch up with the real world.
What is not to like.
A very small levy on every transaction done in the City. Everytime you or I do a trade we pay a transaction tax called VAT. Why shouldn't banks pay something similar? The money would go to pay off our debt and deficit, which were caused by having to bail out our banks to the tune of £hundreds of billions, in the first place. Some of the austerity pain should be extended to the banks, even if it is a very little pain they can more than afford.
This is going to come in across the rest of the world anyway soon, so we would be daft to opt out ourselves.
In terms of Corbyn and McDonnell, they cannot impose this on the Party. Members formulate and vote on the policy. It will have to be agreed on by the full membership.
A very small levy on every transaction done in the City. Everytime you or I do a trade we pay a transaction tax called VAT. Why shouldn't banks pay something similar? The money would go to pay off our debt and deficit, which were caused by having to bail out our banks to the tune of £hundreds of billions, in the first place. Some of the austerity pain should be extended to the banks, even if it is a very little pain they can more than afford.
This is going to come in across the rest of the world anyway soon, so we would be daft to opt out ourselves.
In terms of Corbyn and McDonnell, they cannot impose this on the Party. Members formulate and vote on the policy. It will have to be agreed on by the full membership.
Naomi,
A Financial Transaction Tax was not some fiendish idea concocted by Corbyn. Variations of it have been around for centuries.
Stamp Duty does not deter people buying houses. So a small levy will not deter trade, if that trade is profitable. No one is going to say I won't make 0.5% profit on this trade, because I have to pay 0.02% in tax. If there is any profit to be made, the transaction will happen.
At the moment, our income tax is paying for interest on our debts (incurred from us borrowing to bail out the banks) instead of being spent on the things we want and need. If the bankers helped to chip away our debt, there could even be tax cuts for the rest of us, stimulating the economy in the bargain.
A Financial Transaction Tax was not some fiendish idea concocted by Corbyn. Variations of it have been around for centuries.
Stamp Duty does not deter people buying houses. So a small levy will not deter trade, if that trade is profitable. No one is going to say I won't make 0.5% profit on this trade, because I have to pay 0.02% in tax. If there is any profit to be made, the transaction will happen.
At the moment, our income tax is paying for interest on our debts (incurred from us borrowing to bail out the banks) instead of being spent on the things we want and need. If the bankers helped to chip away our debt, there could even be tax cuts for the rest of us, stimulating the economy in the bargain.
Retrocop,
Everybody knows (except you it seems) that there is a division in the Labour Party between the MPs, who are mostly Blair supporters, and the membership, who are mostly not Blair supporters.
The reason Corbyn is leader is because the membership rejected Burnham, the MPs preferred candidate. The membership have the power to de-select the MPs so any MP who does not follow the Party might be removed, or more likely they will tow the line.
Everybody knows (except you it seems) that there is a division in the Labour Party between the MPs, who are mostly Blair supporters, and the membership, who are mostly not Blair supporters.
The reason Corbyn is leader is because the membership rejected Burnham, the MPs preferred candidate. The membership have the power to de-select the MPs so any MP who does not follow the Party might be removed, or more likely they will tow the line.
Ymb,
If they want to relocate to save a shilling, let them. Of course they won't.
As with any tax, the objective is to raise money. So they will set the tariff at a sweet spot where the banks can't be bothered about it. If VAT was 90% the Government would raise less money, because people would avoid it. But at 20% it doesn't really affect purchasing. The FTT will be a pin prick to the banks.
If they want to relocate to save a shilling, let them. Of course they won't.
As with any tax, the objective is to raise money. So they will set the tariff at a sweet spot where the banks can't be bothered about it. If VAT was 90% the Government would raise less money, because people would avoid it. But at 20% it doesn't really affect purchasing. The FTT will be a pin prick to the banks.
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