Unless the system is changed, tax revenues from the financial system may never reclaim the heights they reached earlier this decade.
ECONOMIST: Governments will need to find new ways of raising tax
Japanese companies concentrated on investment not profits because the financial system and the tax regime encouraged them to do just that.
Consumers because absolutely everything is made through the intermediation of the financial system and at each point of such contact with that system the tax will be charged.
FORBES: The Truth About the Financial Transactions Tax or the Robin Hood Tax
Some of this is due to prosperity, but a lot is due to our kinky tax system, which rewards financial engineering.
The hot new idea in the U.S. and Europe, sure to come up at the June global G-20 meeting, is to impose a tax on large banks, the proceeds to be used to build a reserve fund to rescue the financial system in the next financial crisis, rather than the history of having to use tax-payer money each time.
Restore the financial system and the economy, spur growth and these tax receipts will reappear.
FORBES: Raise Taxes To Kill A Recovery And Nail The Coffin Shut
While our flawed tax system is not the only cause of our current financial woes, many believe fixing it would be good start.
FORBES: Distrust And Disenchantment With IRS Make Reform Inevitable
Green group leader Rebecca Harms said that there needed to be wide ranging reform of Europe's banking system such as banning hedge funds and introducing a financial transaction tax, a call echoed by Lothar Bisky, the leader of the far-left group.
Now it is back at the front line of gargantuan bail-out packages, wrangling over government spending and tax reform, and attempts to stop sovereign defaults further disturbing the jittery global financial system.
The Nellis project was developed through a complex arrangement between the Air Force and financial partners where power providers covered system construction costs in return for a guaranteed market along with substantial federal tax subsidies and other incentives.
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