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Leading libertarian Tim Worstall attacks the TUC transaction tax plan. There are some interesting comments including this:
“The main argument put forward here against this type of tax is that it will prevent interbank lending. That can very easily be resolved by allowing a tax rebate for those types of transfer. At the end of the year the bank provides the inland revenue an account of inter-bank transfers and gets the tax already paid offset against their tax charge. A second argument that people put forward is that the tax would just be passed on to the banks’ customers. This isn’t likely, as the charge for a CHAPS transfer will be based on what the customers are willing to pay. “ -
Richard Murphy rebuts Tim Worstall’s Comment is Free attack on the TUC’s transaction tax proposal
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An interesting critique of The Spirit Level from David Runciman in the London Review of Books
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Trackback made by Eh? on Nov 14th 2009 at 8:49 am:
[...] That’s how I’m described over at Touchstone, a blog by the TUC. I guess it’s a measure of quite how wide the ideological gap is: perhaps even the comprehension gap. [...]
Comment made by Georges on Nov 14th 2009 at 11:10 am:
Richard Murphy rebuts…
A far too generous use of the word, don’t you think?
Trackback made by Transaction tax: the detractors need to name their alternative | ToUChstone blog: A public policy blog from the TUC on Nov 15th 2009 at 10:20 pm:
[...] call to use a tax on major financial transactions to help reduce the public deficit has created a minor blog bust-up. But one important point at risk of being overlooked here is the question of what might be the [...]