AmCham EU strongly opposes the introduction of a European Union financial transaction tax Date: 21 October 2011 AmCham EU expressed its strong opposition today to the imposition of financial transaction taxes (FTT) which are being proposed in the EU. AmCham EU believes that the adoption of such taxes will further damage the economy of the European Union.
The case for FTT is often based on the assumption that it taxes the financial sector. In reality the effects of such a tax are felt much more broadly throughout an economy. Susan Danger, Managing Director of AmCham EU stated, 'Although the taxes will be collected from financial institutions, the costs will clearly be borne by all consumers of financial products; that will negatively impact jobs and economic growth at a time when we can least afford it'.
To read the full press release, please click here.
To read AmCham EU's full position on the financial transaction tax, please click here.
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