The Financial Times had a short article on France’s proposed financial transaction tax (one of the few good things Sarkozy’s proposed). Here’s the headline from the print version:
Move risks cutting overall duty revenues, says study
So some dispassionate economists found that a new tax would decrease the amount of money France gets from taxes? That old right-wing saw that tax cuts increase revenue is actually true? Well, here’s the second-to-last paragraph:
The Oxera report was commissioned by the Association for Financial Markets in Europe, which represents the continent’s investment banks – staunch opponents of the tax.
Move risks cutting overall duty revenues, opponents argue
Fear transaction levy will cut tax revenues