Eurozone's Merry Men Vote for Robin Hood. As You Wood.

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Robin Hood: Do you yield? Friar Tuck: I'd rather roast in hell. Robin Hood: Prince of Thieves (1991)

Eurozone governments, always searching for new revenue sources, think a trading tax on financial transactions might be just the answer. Finance minister Germany, France, Italy and Spain as well as seven smaller countries voted for this tax. Abstaining were the UK, Luxembourg, and the Czech Republic. Ireland, with a reported 25,000 people employed at the International Financial Services Centre in Dublin, according to the independent.ie, "kept a low profile." Well, that's our style, innit?

Under EU rules, a new tax can be introduced if nine or more countries approve to implement the tax, and they have permission from a majority of the 27 members. The tax would apply to only those who voted for the tax.

Elated Algirdas Semeta, the European commissioner for tax policy, said: "This is a major milestone in tax history," and Benoit Hamon, a French finance minister, added: "We will be able to put it into place quickly," during the celebration after the vote.
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Politicians in developed nations are scrambling to find the funds to pay for the services they have promised their voters. Class warfare and jealousy of the rich make these proposals popular. The transaction tax will take money from the rich, and their agents, the greedy, overpaid bankers. The trouble with this approach is that once the rich have been relieved of their wealth this leaves everybody poor, and poor people do not start new business.
 

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