Word: ifs
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When you're staring at a $250 billion budget deficit for the year, a fresh tax or two can come in handy. And if unpopular banks are the targets, better still. Few of Britain's voters will quibble with Alistair Darling's call Wednesday, March 24, for a global tax...
A crucial feature of any British plan: revenue from the tax would be funneled directly into state coffers - remember that $250 billion deficit - and not into an insurance fund to be tapped in the event of any future catastrophe. Such a pool, the U.K. reckons, could simply encourage banks to...
The amount such a levy would raise is unclear. If the Germans use the U.S. plan - which calls for a tax of 0.15% on liabilities at about 50 banks and other financial institutions - Germany could raise as much as $12 billion a year. Would that be enough to protect banks...
The trouble is, unilateral measures lack the sting of those enjoying widespread support. Britain's opposition Conservative Party has pledged to introduce a levy of its own should it win the May elections - with or without global support. "It just means there's less you can do if there's...
Analysts expect a surge in home-buying activity in the coming weeks as Americans rush to take advantage of the tax-credit program before its April 30 contract deadline. (Under the program, a contract must be signed by April 30 and the home closed by June 30.) Expect lobbying efforts...