No 'Robin Hood' financial transaction tax coming to Australia, says Wayne Swan
Australian businesses, bank, business, economic crisis, economic growth, economy, finance, financial transaction tax, folklore, France, investor, Nicolas Sarkozy, outlaw, penalty, revenue, Robin Hood, â€œRobin Hoodâ€ tax, tax, treasury, Wayne Swan
This article from the online news site Perth Now reports on Australian Federal Treasurer Wayne Swanâ€™s decision not follow the lead of European nations such as France and introduce a financial transactions tax to deal with economic crisis. Such a measure would slow economic growth, Swan said, because it would affect the transactions that Australian businesses engaged in every day and raise the cost of capital. French President Nicolas Sarkozyâ€™s plan to introduce a 0.1 per cent tax on all financial transactions has been dubbed a â€œRobin Hoodâ€ tax. This name stems from the legendary medieval outlaw who stole from the rich to give to the poor, because it imposes taxation on businesses and investors in order to help the ailing economy.
30 January 2012