The VOX senator for Andalusia, Jacobo González-Robatto, criticized today, during the plenary session, the obsession of the social-communist government to "tax anything." In this case, the Financial Transaction Tax Law Project, for which this formation has presented the veto, was discussed in plenary.
The senator explained that taxes have limitations based on criteria of economy and efficiency, as stated in the Constitution in its article 31.2, which specifies the criteria that expenditures must meet. "If these criteria of economy and efficiency were not present, any idea about increasing public income would be good and, therefore, with the overflowing imagination you have to create tax figures, they would not stop," he pointed out.
The senator has denounced that, for the Executive, "it is an ideological tax, a way to increase income now that we have a high public deficit and to try to legitimize his robbery."
González-Robatto has denounced the government's excuse for introducing this rate, which consists of repeating that speculators will pay it. "There is no scientific evidence that the Tobin tax or the financial transaction tax eliminates speculation or reduces volatility."
On the contrary, it raises the financing costs of the affected companies. "In this situation, in which you need employment, you have to look for investment," said the senator, who continued that "investment is greater and more abundant when financing costs are lower." For this reason, he has warned that this measure "only scares away job creators: freelancers, employers, workers."
On the other hand, the senator has explained to the Government that although small savers only have 11% of their equity in shares, they have 16% in insurance and pension funds and 14% in investment funds, and all this is materialized in shares. "You have to think that taxes are ultimately paid by people, and you have to think about which people will ultimately pay this tax," he claimed.
The Swedish example
The senator has given as an example the experience of Sweden, which ended in disaster, by decimating the stock and bond markets. In fact, by 1990 more than half of all Swedish stock trading had already moved to London. “Only during the first week that it prevailed on the bond market, the volume of transactions plummeted 85%; futures trading crashed 98% and options trading came to a standstill; the negotiation of values in the money market collapsed in a fifth part ", has remembered. "The experiment was so negative, not only for the market but for the public coffers, that Sweden decided to eliminate the tax in 1991", but "30 years later you come with the same thing, without learning an iota, out of disinterest or malice, from the history".