Commentary: EU's financial-transaction tax is bad news

10/24/2012 | Telegraph (London), The

Tim Worstall, a senior fellow at the Adam Smith Institute in London, argues that the EU's proposed financial-transaction tax would not increase tax revenue. The levy would "lower tax revenue, not increase it", Worstall writes. "That someone can declare an increase in revenues when the effect will be a decrease shows that someone, somewhere, is either lying or ignorant." European Commission President Jose Manuel Barroso made that claim recently.

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