A poor showing for the financial transactions tax (FTT) French-style. The French Court of Auditors has found that the tax has not met any of its objectives.
For instance, although the FTT aimed to make the financial sector put its hands in its pockets, the French daily newspaper Les Echos reports that the tax is ultimately paid for by the end investor. Financial service providers are simply passing the tax on in the fees they charge their customers, the financial daily explains. Taxing...