TPA says Labour's latest tax proposals as "delusional"

May 15, 2017 10:26 AM

Responding to Labour's proposals for increased taxes on financial transactions, Alex Wild, Research Director of the TaxPayers' Alliance, said:

"When politicians say things that sound too good to be true, invariably they are just that. The idea that vast sums can be raised simply by 'clamping down' on tax avoidance is as delusional as the idea that politicians and bureaucrats are capable of setting an optimal level of trading. Besides, any trade has two sides, one benefits from a price going up, the other benefits from it going down so there is no conceivable mechanism by which there can be a net gain or loss to 'speculators.' 

"Traders aren't going to stick around and carry on as before if there's no money to be made from what they're doing and it's embarrassing that prominent politicians are promoting policies which are widely known to have failed wherever they've been tried."

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