[RoryS]

(Original post by JPKC)
Fair enough. Here are some good things the Bill would do:

• Reduce national income tax for those earning below £20,000 to 0%.
• Cut taxes for small/medium businesses by 50%.
• Reduce the nation's deficit without harmful cuts to public services.
• It does this by raising an FTT - a 0.01% tax on the price of a trade on the capital market.

The FTT is good because it's progressive: it's a tax that only a very small group of people will be affected by. It's also very small itself - 5x smaller than a Robin Hood Tax (see the video in the Notes). It also will have a minimal impact on the UK as a financial centre, because the Bill massively doubles deposit insurance - something financial institutions will very much like. And that doesn't even factor in the other points that make the UK competitive in finance.

Overall a good bill for those that think the financial sector should pay a bit more to help the rest of the economy out. This Bill cuts taxes for the 99%.


This was posted from The Student Room's iPhone/iPad App

Thanks for the advice. I'll take it on board when casting my vote in the lobby.

[jesusandtequila]

I'm not convinced that this will do anything to make the banking system more stable. I think the stability fund makes itself a self-fulfilling prophecy and the FTT will be hugely damaging. It's all the same problems (mostly missing the point) that I went through in the first original reading.

[Ysolt]

I agree with a financial transactions tax for the banks and tax cuts for everyone else so this bill gets my thumbs up

[MacDaddi]

Yes probably if it didnt have the FTT, but it does so its a Nay

[DynamicSyngery]

(Original post by JPKC)
The FTT is good because it's progressive: it's a tax that only a very small group of people will be affected by.

It's just another corporation tax, to be paid by anyone with a bank account or a pension, or indirectly by anyone who does business with a company that has a bank account or a pension fund.

It's also very small itself - 5x smaller than a Robin Hood Tax (see the video in the Notes).

It's like saying that charging you £1 for each step you take on the pavement is only a small tax on walking.

It also will have a minimal impact on the UK as a financial centre, because the Bill massively doubles deposit insurance - something financial institutions will very much like.

Deposit insurance is payable to account holders not to banks. It only takes any effect after the bank has gone into liquidation.

[Democracy]

Division! Clear the lobby!