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So much for the new era of good feelings between the U.S. and European Union.
The former, I’m sure, doesn’t especially care if 11 members of the latter decide to tax their own people and companies when they trade a security. That’d be pretty good for business on this side of the Atlantic, and the other side of the Channel, as well. But the proposed financial-transaction tax as written? It’s not sitting well with Washington.
The tax would hit firms in the U.S. and other European states, such as the U.K., and could transform financial-market flows in Europe.
The potentially broad impact has triggered opposition in the U.S. “We do not support the proposed European financial transaction tax, because it would harm U.S. investors in the U.S. and elsewhere who have purchased affected securities,” a Treasury spokeswoman said in an email. “Treasury has raised these concerns with European counterparts.”
Cue shoulder-shrug from Brussels or Strasbourg or Frankfurt:
“What we have proposed is an unquestionably fair, technically sound and legally robust tax,” EU taxation commissioner Algirdas Semeta said Thursday.