Support for a new financial transaction tax: Chancellor Angela Merkel (CDU) thinks it is right that the draft by Finance Minister Olaf Scholz (SPD) focuses on a financial transaction tax on share purchases, but excludes highly speculative derivatives.
Merkel said in the session of the Union faction, according to participants, France and Great Britain would have only one share tax. Otherwise you would open a new field, which you do not want.
The model of Scholz provides that with purchases of shares a tax of 0.2 percent should accrue. This will affect shares of domestic companies with a market value of more than one billion euros. The proposal is based on the French model, said Scholz.
Scholz stock exchange tax plans meet however broad criticism. The chairman of the Union SME Association, Carsten Linnemann (CDU), said he was in favor of a European financial transaction tax. "But of course it has to hit everyone - especially the speculative sectors" - the high-frequency trading or derivative transactions. "Now she's meeting small savers who want to save for old age, and that's wrong."
Hofreiter criticizes "label fraud"
Union leader Ralph Brinkhaus wants to take a close look at the plans. Small savers should not be damaged in the pension. "On the contrary, we want people to invest in equities." Group vice Andreas Jung affirmed that there would be no German solo effort without the European partners. CSU finance politician Hans Michel Bach spoke of rip-off. "The financial markets in Hong Kong and New York are pleased."
Green parliamentary leader Anton Hofreiter spoke of a label fraud. "The lesson learned from the 2008 financial crisis was that you tax high-risk trade and protect long-term investments." But Scholz does the opposite: "Large investors who postpone much in a short time will be spared." Those who invest shares in the long term, including small investors, are taxed. " According to Green Europe politician Sven Giegold, a "real transaction tax" would cost Scholz twelve billion euros to pay.
The German Protection Association for Securities Ownership (DSW) spoke of pure symbolism. "Those who oppose the financial transaction tax, at the same time opposes the basic pension," criticized DSW CEO Marc Tüngler. "This amalgamation is tactical and Mr Scholz unfairly plays off against each other." With the basic pension, the grand coalition wants to improve from 2021 people who have worked at least 35 years, but still get only a mini-pension. According to previous data, this is expected to cost up to 1.5 billion euros per year, at least one billion of which is to be financed by the transaction tax.
Criticism also came from the FDP: The plans would not affect speculators. "Life insurance companies and pension funds that care for the pensions of millions of people will also pay the tax," says Florian Toncar. The revenue would also be distributed to all participating countries. "That means that the revenue that this tax in Germany brings, not all will land with the German Minister of Finance."
Since 2011 there have been negotiations on the financial transaction tax at EU level. A concrete Scholz bill is currently being drafted.
