Almost 80% of German survey respondents oppose the European financial transaction tax (FTT) according to a recent article from The Trade.
Although 73% of the 1,000 respondents were initially in favor of the tax, their opinion shifted adversely upon learning it would hit small investors and savers.
“As soon as people understand the effect of a financial transaction tax, a broad majority are against this tax,” notes Thomas Richter, CEO of BVI, a German sell-side trade body. Richter believes that there will be a widespread public backlash against the tax as knowledge of the FTT’s effect on personal finances becomes clear.
The article notes that the levy on financial transactions proposes to tax equity and bond transactions at 0.1% and derivatives at .01%, though recent speculation suggests that these levels may be reduced.
Read the full story from The Trade here.