German Of The Day: Transaktionssteuer

That means financial transactions tax.

Tax

And that means, as usual, taxing the little guy tying to get ahead while letting the big time speculators off the hook. All in the name of Social Justice. Or Social Democracy (SPD), if you prefer.

Germany Pushes Forward on European Financial Transactions Tax – Under a new blueprint for the tax, sent by Germany Finance Minister Olaf Scholz to the other governments on Monday and seen by The Wall Street Journal, anyone buying shares in large companies domiciled in those countries and with a market value of over €1 billion ($1.1 billion) will have to pay a minimum 0.2% tax over the transaction value…

Germany is under some time pressure to deliver an agreement since the government has already earmarked the expected proceeds to pay for higher state pensions for the poor starting in 2021. It expects revenues of about €1.5 billion a year from the tax.

Germans have more words for taxation than Eskimos have for snow.

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