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(London.CityRegions.com, May 24, 2013 ) London, UK -- The controversial Financial Transactions Tax, created by the European Union, will not exclusively include the city “fat cats”, but rather impact the pensions and investments of millions of hardworking taxpayers.
In a report by the Association for Financial Markets in Europe, the European Union will be asked not to continue to press the tax due to “negative economic impact” of transactions that actually help widen the economy.
11 eurozone countries designed a Financial Transactions Tax, which would affect equities, bonds derivatives trades with the help the European Union’s finance masters.
The tax would also affect anyone with holiday pay, life assurance and a mortgage, but it is believed that those with pensions would take the biggest hit, particularly due in large part to lower returns from transaction tax made by the funders of pensions throughout Europe.
Those in support of the Financial Transactions Tax remember that the European Union is only part of a global community in finance that would help global competitors get an edge in the market.
Just a month ago, Britain launched several lawsuits against the FTT proposals and the eleven EU member states that supported them. In another report by the city of London Corporation, repercussions of the European Union’s tax showed it could lead to $6 billion rise in the cost of issuing UK debt.
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Source: EmailWire.Com
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