Financial transaction tax

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A financial transaction tax , sometimes also a financial market transaction tax , ( English financial transaction tax , FTT ) is a tax on on- exchange and over-the-counter financial transactions . It belongs to the traffic taxes .

history

John Maynard Keynes (1933)

One of the first considerations about a financial transaction tax in relation to the stock market dates back to John Maynard Keynes after the Great Depression in 1936. Keynes argued that by reducing short-term speculation through the financial transaction tax, companies could focus more on long-term sustainable profit maximization.

"The introduction of a not insignificant transaction tax on all transactions could prove to be the most viable reform available in terms of weakening the dominance of corporate speculation in the United States."

- John Maynard Keynes : The General Theory of Employment, Interest and Money

At the same time, Keynes saw the discussion, which continued into the 21st century, and the problem repeatedly cited by opponents of the financial transaction tax that a financial transaction tax could lead to lower trading volumes and lower liquidity .

“Should individual purchases of investments [due to the financial transaction tax (note)] become illiquid, this could seriously hinder new investments [...]. This is the dilemma. "

- John Maynard Keynes : The General Theory of Employment, Interest and Money

Furthermore, the principle of the financial transaction tax is often linked to the Tobin tax proposed by James Tobin in 1972 . Tobin believed that a financial transaction tax on foreign exchange transactions would be an effective way of containing the effects that financial capital , especially after the end of the Bretton Woods system , has on the real economic costs of countries or economies through the unrestrained possibility of displacement can.

In Europe, the discussion about the financial transaction tax faded into the background with the introduction of the euro at the end of the 20th century, as the single currency made currency speculation impossible. The Russian crises and the Asian crisis in the 1990s, however, led to a resurgence of the discussion about the potential advantages of a financial transaction tax, primarily in the area of ​​foreign exchange transactions. In the course of the global financial crisis from 2007 onwards, a political discussion regarding the introduction of a financial transaction tax was initiated, particularly in Europe and there in particular in Germany. However, the relevant negotiations by the EU Commission have not yet led to the introduction of a financial transaction tax, which observers attribute to lobbying by the financial industry.

Development of financial transaction taxes

An example of financial transaction taxes are the stamp tax of the German Reich on securities or documents according to the law on the Reich stamp duty of July 1, 1881 and the reform through the capital movement tax according to the capital movement tax law of April 8, 1922 until it expires on January 1, 1992 in the course of the Financial Market Promotion Act of February 22, 1990.

To date, various capital transfer taxes have been introduced in many countries, but they only ever cover or cover partial aspects of the financial market. The most common is the stock exchange sales tax , which is levied on transactions on stock exchanges . Only New issues which engages stamp duty in Switzerland, while the stamp duty collected for trading in securities, but knows full exemptions.

There are currently only two countries with financial transaction taxes: In August 2012, France introduced a limited financial transaction tax (see section Situation in France ), in March 2013 Italy followed suit for companies with a market capitalization of at least 500 million euros (see section Situation in Italy ).

In its draft for the multiannual financial framework of the European Union for the period 2014–2020, the European Commission has provided for the introduction of an EU-wide financial transaction tax (see section EU financial transaction tax ).

No specific financial transaction taxes, but models under discussion are the Tobin tax and the Robin Hood tax .

Financial transaction taxes in the European Union

EU financial transaction tax

Supporters (green) and opponents (red) of an EU financial transaction tax. Other EU countries (dark gray), non-EU countries (light gray) (as of March 2012)
EU financial transaction tax
  • EU countries for it
  • EU countries against it
  • Undecided EU countries
  • Undecided non-EU countries

    • According to Eurobarometer 2010, 61% of EU citizens are in favor of introducing a financial transaction tax. In September 2011 the EU Commission presented a draft law to introduce a financial transaction tax in the EU, "so that the financial sector also makes its fair contribution". The EU Commission pointed out that the low-taxed financial sector was supported with 4600 billion euros in the course of the financial crisis.

    The tax rate should be 0.1 percent on stocks and bonds and 0.01 percent on stocks and bonds derivatives. Foreign exchange transactions on the spot market and other derivatives are to be exempt from tax. In total, according to internal calculations by the European Commission, this would raise around 50 billion euros, most of which should benefit the member states.

    In the spring of 2012, nine EU countries launched a new attempt to introduce a financial transaction tax at EU level, but failed mainly due to resistance from the two non-euro countries Great Britain and Sweden . The alternative of introducing the tax only in the euro zone failed again due to opposition from Luxembourg and the Netherlands .

    In June 2012, the goal of introducing it across the euro zone was abandoned. The remaining EU countries agreed to only introduce the financial transaction tax in the countries in favor. The basis for this can be found in the EU legal framework of a so-called " enhanced cooperation " between at least nine EU countries that participate. At the beginning of October, with Belgium , Germany , France , Greece , Austria , Portugal and Slovenia , only seven countries had agreed to participate and also submitted their written application to the EU Commission. At the EU finance ministers' council in Luxembourg on October 9, 2012 - in order to reach the minimum number of nine - Italy and Spain should be retuned to participate in the financial transaction tax. Not only was this goal achieved by the end of the Council of Ministers, Estonia and Slovakia also joined, so that a total of eleven EU countries will now introduce the transaction tax. The details should be worked out by Christmas 2012. Open were u. a. the questions about what exactly should be taxed and how and into which budgets the income from the financial transaction tax should flow: whether the income should remain in the national budget or be added to the common EU budget, with the latter also asking the question of whether the national payment obligations of the participating countries to the EU budget are reduced by these amounts. In the opinion of the Austrian Finance Minister Fekter , this would also be an incentive system for other countries to participate in the transaction tax. Great Britain and Poland, on the other hand, demanded from the countries of the enhanced cooperation that the finished concepts should be submitted to the non-participating countries for examination of EU effects - and even (as stated by Poland) the package would have to be approved by all EU countries.

    On January 22nd, 2013, the Council of EU Finance and Economics Ministers decided in Brussels that the eleven states Belgium, Germany, Estonia, France, Greece, Italy, Austria, Portugal, Slovakia, Slovenia and Spain may introduce the financial transaction tax. The tax should cover all financial instruments as far as possible and have a broad assessment basis with a low tax rate. In the same year France ended its support for such a comprehensive tax after opposition from the lobby of the financial service providers, from the point of view of critics mainly from Goldman Sachs .

    On April 30, 2014 , the European Court of Justice dismissed a complaint by Great Britain against the introduction of the financial transaction tax in the eleven states as part of enhanced cooperation .

    After Estonia withdrew from the negotiations in December 2015, the remaining 10 countries are still in negotiations (as of November 2017). In connection with the 2017 federal election , some parties made their stance on a financial transaction tax clear at EU level: While the Greens and the CDU want to continue to intend to introduce such a tax, the FDP was rather skeptical. Against the background of the United Kingdom's exit from the EU and the assumed relocation of financial institutions from London to other financial centers in the EU, there are signs that some governments do not want to reduce the attractiveness of national locations by introducing such a tax. After French President Emmanuel Macron, in a keynote address on the European Union, endorsed the introduction of an EU-wide financial transaction tax, but wanted to apply it only to shares and not to derivatives, there was still disagreement about the concrete form of a financial transaction tax at EU level.

    In June 2019, the ten countries agreed that the financial transaction tax only affects purchases and sales of shares and should apply from 2021. The amount has not yet been determined; According to the agreement promoted by Finance Minister Olaf Scholz , at least 0.2 percent should be charged per transaction.

    Critics argue that only 10% of all financial transactions are affected by the proposed tax. An expert opinion commissioned by the Austrian government even assumes only 1%. Accordingly, the revenue from the tax would only be 2.3 billion euros instead of at least 28.3 billion euros. The Austrian Chancellor Kurz also criticized the fact that highly speculative transactions and derivatives are exempt from the tax. The proponent of the financial transaction tax Stephan Schulmeister blames the successful lobbying work of Goldman Sachs for the fact that special financial transactions (in which securities from the parties involved switch back and forth) were excluded from the plans of the cooperating countries.

    Situation in France

    Since August 1, 2012, France has been obliged to pay a financial transaction tax for the acquisition of so-called capital securities:

    • The acquisition of securities from listed companies that are headquartered in France and have a market capitalization of more than one billion euros (around 100 joint-stock companies) is taxed. Whether a stock corporation fulfills this criterion is determined on December 1 of the previous year.
    • Taxation is independent of the place of the transaction, so transactions of French securities on foreign stock exchanges are also recorded.
    • The tax rate is 0.3% (since January 1, 2017) of the purchase price of the securities upon acquisition.
    • Both the direct purchase of securities and the delivery of securities when derivatives are exercised are considered acquisitions. However, only shares on the regulated market are recorded .
    • Purchases and sales within a day can be netted so that this tax rate does not affect day traders and high-frequency trading .

    Alternatively, France will impose a further new tax of 0.01% on certain high-frequency trading transactions and certain credit default swaps . In contrast to the tax on capital securities, however, this only affects companies and persons who are taxable in France. The tax is not designed to stop this trade.

    Situation in Italy

    On March 1, 2013, Italy introduced a financial transaction tax on the purchase of shares (and similar securities within the meaning of Italian law):

    • The acquisition of securities of Italian companies with a market capitalization of at least 500 million euros (at least 70 joint-stock companies) is taxed. The Italian Ministry of Finance published for the first time on December 20, 2012 a list of companies that are not taxed - a so-called negative list. From this it can be concluded which papers are taxed.
    • Taxation is independent of the location of the transaction.
    • The direct purchase of securities is considered an acquisition. After a postponement of 2 months, the tax will also apply to derivatives from September 1, 2013.
    • The tax rate is between 0.12% of the purchase price on the regulated market and 0.22% on other stock exchanges. From 2014 the tax rate will decrease to 0.10% and 0.20% respectively.

    Situation in Germany

    Since 2001 the globalization-critical NGO Attac Germany has been demanding the introduction of a financial transaction tax.

    The reintroduction of a financial transaction tax has been demanded for years by the parties Die Linke , Bündnis 90 / Die Grünen and SPD . The CDU / CSU has also been in favor of the financial transaction tax since summer 2011 . The AfD also supports the financial transaction tax. The FDP, however, rejects a financial transaction tax. In November 2011, the Federal Council issued an opinion in favor of the EU-wide introduction of a financial transaction tax, but it considers it necessary to work towards the establishment of uniform rates.

    After the federal election in 2013 , the financial transaction tax found its way into the coalition negotiations very quickly. The formulation was based very closely on the compromise on the fiscal pact: a broad financial transaction tax on trading in stocks, bonds, foreign exchange and derivatives, which is to be introduced in Europe as part of increased cooperation. The coalition has refused to earmark the revenue.

    The introduction of a financial transaction tax with other European partners was in favor of 57% of Germans in 2016. In the coalition agreement of the 19th parliamentary term , which was negotiated between the CDU / CSU and the SPD after the 2017 general election , it was agreed: “The introduction of a substantial We want to finalize the financial transaction tax. "

    If an EU-wide financial transaction tax (see above) fails, representatives of the IfW advocate the introduction of a comprehensive version of the tax in Germany in spring 2020 .

    Situation in other EU countries

    Certain forms of financial transaction tax ( stock exchange tax ) exist in Belgium , Cyprus , Finland , Greece and Ireland, among others .

    Individual aspects of financial transaction taxes

    Intended effect on the financial market

    The declared aim of financial transaction taxes is the stabilization and market regulation of financial markets by reducing speculative and technical trading through higher transaction costs . In particular, the increasing, so-called high - frequency trade , the economic benefit of which is controversial, should also be curbed.

    The vast majority of transactions are low-margin arbitrage deals . These would no longer be profitable due to a financial transaction tax and would therefore no longer apply.

    Fiscal Effects

    The prognoses of the fiscal effects of a financial transaction tax vary widely and depend heavily on whether a financial transaction tax is only introduced in individual countries or in all important trading centers. Predicting total income at a specific tax rate is difficult because it is difficult to estimate the extent of possible reactions by financial market participants after the introduction of the tax (reduction in trading volume, geographic shift to other financial centers, development of new tax-optimized financial products).

    Proponents of a financial transaction tax hope to generate substantial tax revenues without causing major distortions in the real economy. According to estimates by the Austrian Institute for Economic Research ( WIFO ) z. For example, at a tax rate of 0.05 percent on all financial transactions, income would be between 0.7 and 1.5 percent of GDP in Germany and between 0.9 and 2.1 percent of GDP in the EU . In Germany this would be around 17 to 36 billion euros , for the entire EU around 110 to 250 billion euros.

    Tax skeptics assume that the financial transaction tax will have a higher preventive effect on derivatives trading. If high-volume short-term trading does not take place, no taxes are generated from it. They also predict tax evasion by relocating business to trading venues without tax. As a historical example of such a development, the political debate uses the introduction of the stock exchange tax in Sweden in 1985, which was abolished again in 1992 , in which the tax liability only depended on the location of the transaction and not instead of the revenue estimated by the government of the equivalent of 165 million euros annually more than 9 million euros were generated.

    Tax avoidance strategies

    As with any tax, with a financial transactions tax, taxpayers would try to take tax avoidance measures. Public finance cites two basic strategies here: avoiding the issues to which tax liability is linked (including relocating business to tax havens ) and choosing the most favorable tax form.

    Relocation to other trading venues

    The most intensely discussed tax avoidance strategy in relation to the financial transaction tax is the relocation of trading activities to trading venues where this tax is not levied. The opponents of a financial transaction tax therefore point out that this type of tax is very difficult to implement, as financial market participants find ways to circumvent it and a financial transaction tax can only become effective if there is international consensus on its introduction and implementation. In order to prevent this loophole, the EU financial transaction tax proposed by the EU Commission stipulates that “the tax must be paid in the European country in which the financial actor is based. This means that for every business that a French or German bank conducts anywhere in the world, a transaction tax is due in France or Germany. ”This tax could not be avoided by emigration.

    No triggering transactions

    Another avoidance strategy is the - at least in part intended in terms of legal policy - foregoing triggering transactions, as these will become unprofitable after the introduction of the financial transaction tax. These are primarily the arbitrage businesses.

    In the area of ​​derivatives, for example, it concerns the closing-out practice . It is common for credit institutions to neutralize open banking book or trading book positions through an exactly opposite transaction. In the event of a transaction tax on derivatives, the hedging transaction would again result in tax liability. Agreements on the premature termination of existing transactions help to avoid this. Furthermore, financial transactions often take place over several stages, e.g. B. Seller, Bank, Investment Bank, Broker, Buyer. When each of these levels is loaded, there is an incentive to forego intermediate levels. In particular, if the companies involved are part of a joint group, internalization of previously external transactions is possible. The same applies to multi-level structured financial products .

    Passed on to the end customer

    The tax is initially charged to the financial intermediaries , who pass them on to customers who have commissioned trading transactions as indirect taxes (they are only charged directly for proprietary trading ). However, as with all taxes, there is a (partial) tax shift , so that the costs are ultimately borne by investors and consumers (through higher prices or interest rates). The extent to which this can be passed on to the end user cannot be stated in general, but depends on the market situation.

    literature

    • GW Schwert, PJ Seguin: Security Transaction Taxes: An Overview of Costs and Benefits and Unresolved Questions. In: Financial Analysts Journal. 49 (5) 1993, pp. 27-35.
    • J. Stiglitz: Using Tax Policy to Curb Speculative Short-term Trading. In: Journal of Financial Service Research. 3 (2-3) 1989, pp. 101-115.
    • P. Arestis, M. Sawyer: The Tobin Financial Transactions Tax: Its Potential and Feasibility. In: P. Arestis, M. Sawyer (Eds.): The Political, Economy of Economic Policies. Macmillan Press, London 1998, pp. 248-287.
    • Stephan Schulmeister: The most sensible tax in these times. In: German edition Le Monde diplomatique , December 2014, pp. 1 and 10-11.

    Web links

    Wiktionary: Financial transaction tax  - explanations of meanings, word origins, synonyms, translations

    Individual evidence

    1. ^ John Maynard Keynes: The General Theory of Employment, Interest and Money. 1936, p. 105. Online (pdf)
    2. ↑ Stephen Spratt: A Sterling Solution. 2006, p. 17. Online (pdf) ( Memento from February 10, 2012 in the Internet Archive )
    3. ↑ "The introduction of a substantial government transfer tax on all transactions might prove the most serviceable reform available, with a view to mitigating the predominance of speculation over enterprise in the United States." In: JM Keynes (1936): General Theory of Employment , Interest and Money. Atlantic Publishers & Distributors, 2006. Chapter 12, VI, p. 143.
    4. ↑ a b c d Hemmelgarn, Thomas, Nicodeme, Gaetan: The 2008 Financial Crisis and Taxation Policy. January 2010, CESifo, Working Paper Series No. 2932.
    5. ↑ "If individual purchases of investments were rendered illiquid, this might seriously impede new investment, so long as alternative ways in which to hold his savings are available to the individual. This is the dilemma. John Maynard Keynes: The General Theory of Employment, Interest and Money ". In: JM Keynes (1936): General Theory of Employment, Interest and Money. Atlantic Publishers & Distributors, 2006. Chapter 12, VI, p. 144.
    6. ↑ Petition for the introduction of a financial transaction tax (queried on May 18, 2010)
    7. ↑ a b c S. Schulmeister: The most sensible tax in our time. Le Monde Diplomatique, German edition, December 2014, pp. 1 + 10ff. ( online , accessed on June 2, 2016)
    8. ↑ Stock exchange tax. In: Meyers Konversations-Lexikon 1888. Volume 3, Bibliographisches Institut, Leipzig / Vienna 1885-1892. (on-line)
    9. ^ Walter Bayer, Mathias Habersack: Company law in the course of change. Mohr Siebeck, 2007, ISBN 978-3-16-149242-6 , p. 518.
    10. ↑ www.bundesfinanzministerium.de ( Memento from May 14, 2009 in the Internet Archive )
    11. ↑ a b France is pushing ahead with its own financial tax. In: Spiegel Online . Retrieved March 1, 2013 .
    12. ↑ a b Italy introduces financial transaction tax. February 26, 2013, accessed March 1, 2013 .
    13. ↑ EU plans financial tax. In: The Standard . June 30, 2011.
    14. ↑ Current proposal of the EU Commission ( Memento from October 31, 2011 in the Internet Archive ) (PDF; 147 kB) from September 28, 2011.
    15. ↑ a b c Financial transaction tax - "Defying the lobby". Retrieved on May 11, 2020 (German).
    16. ^ Financial Transaction Tax: Making the financial sector pay its fair share. European Commission, September 28, 2011, accessed November 22, 2011 . Original: "to make the financial sector pay its fair share"
    17. ↑ EU directive: Brussels wants financial transaction tax as early as 2014. In: Der Standard , 23 September 2011.
    18. ↑ Harry Wilson: Financial transaction tax would raise € 10bn. Telegraph, February 16, 2012, accessed March 3, 2012 .
    19. ↑ a b Surprising agreement: the financial transaction tax can start - at least within the framework of increased cooperation within the EU. In: ORF .at, October 9, 2012. Accessed October 10, 2012.
    20. ↑ Cerstin Gammelin : Financial market tax in the EU failed - for now. Sueddeutsche , March 13, 2012, accessed March 13, 2012 .
    21. ↑ Merkel wants to promote the financial transaction tax. In: focus.de.
    22. ↑ Schäuble is looking for the coalition of the willing. In: zeit.de. June 2012.
    23. ↑ Eleven EU countries want to introduce financial market tax. In: zeit.de. October 9, 2012.
    24. ↑ Breakthrough in financial tax - eleven countries are included. In: welt.de. October 9, 2012.
    25. ↑ Fekter wants relief for Austria: “We only managed to get on the motorway”. In: ORF.at. October 9, 2012. Retrieved October 10, 2012.
    26. ↑ http://www.consilium.europa.eu/uedocs/cms_Data/docs/pressdata/en/ecofin/134949.pdf PDF file; 76 kB
    27. ↑ ECJ dismisses British action. Wirtschaftswoche, April 30, 2014, accessed May 3, 2014 .
    28. ↑ Tax on financial transactions in Europe is apparently being postponed. SPIEGEL ONLINE, July 11, 2017, accessed November 27, 2017 .
    29. ↑ Ruth Berschens, Martin Greive: Financial transaction tax: Final death blow by Macron. In: Handelsblatt. November 1, 2017. Retrieved November 26, 2017 .
    30. ↑ Daniel Eckert: Government plans: Financial experts call for a stop to the share tax. In: www.welt.de. June 23, 2019, accessed July 6, 2019 .
    31. ↑ Süddeutsche Zeitung: Briefly against German plans for financial transaction tax. Retrieved June 7, 2020 .
    32. ^ Stephan Schulmeister: Debate Financial Transaction Tax: Top Secret! In: The daily newspaper: taz . June 6, 2013, ISSN  0931-9085 ( taz.de [accessed on May 22, 2020]).
    33. ↑ Transaction tax: Banks are also resisting narrow-gauge stock exchange tax. Retrieved May 23, 2020 .
    34. ↑ Werner Mussler, Hendrik Kafsack, Brussels: New Round of Negotiations: Next Approach for the Financial Transaction Tax . In: FAZ.NET . ISSN  0174-4909 ( faz.net [accessed May 23, 2020]).
    35. ^ France: Financial Transaction Tax - Update. Announcement A12106. (No longer available online.) Clearstream , June 1, 2012, formerly original ; accessed on March 1, 2013 .  ( Page no longer available , search in web archives ) @1@ 2Template: Dead Link / www.clearstream.com
    36. ↑ Information from July 2012 for the depot customers at Cortal Consors and BNP Aribas
    37. ^ Information from March 2013 for the depot customers at Cortal Consors and BNP Aribas
    38. ↑ Political Development - Financial Transaction Tax. In: attac.de. June 4, 2014, accessed May 17, 2016 .
    39. ↑ Schäuble plans to go it alone for the euro zone. Stern.de , October 31, 2011, accessed on May 17, 2016 .
    40. ↑ AfD. Retrieved May 22, 2019 .
    41. ↑ Federal Council press release Federal Council supports EU-wide financial transaction tax ( memento of November 27, 2011 in the Internet Archive ) of November 25, 2011.
    42. ↑ Martin Greive: Financial levy could fail due to the coalition agreement. Die Welt , January 6, 2014, accessed May 17, 2016 .
    43. ↑ EURACTIV with agencies: Survey: Germany wants the financial transaction tax. In: www.euractiv.de. June 16, 2016, accessed on May 22, 2020 (German).
    44. ^ Coalition agreement between CDU, CSU and SPD - 19th legislative period. (PDF) March 12, 2018, accessed December 4, 2018 .
    45. ↑ mdr.de: When will the planned financial transaction tax come? | MDR.DE. Retrieved June 7, 2020 .
    46. ↑ Die Welt: France dares to go it alone. Retrieved August 2, 2012.
    47. ↑ Erich Wittenberg: "The financial transaction tax can prevent crises" - five questions for Dorothea Schäfer . Interview. In: DIW weekly report . No. 7 , 2012, p. 13 ( online at DIW.de [PDF; 117 kB ]).
    48. ↑ Organize financial transaction tax responsibly. (PDF; 110 kB) Statement by Boerse Stuttgart on the hearing of experts, Finance Committee of the Bundestag, November 30, 2011. ( Memento of November 2, 2013 in the Internet Archive )
    49. ↑ Gustav Horn , Till van Treeck : Statement on the Financial Transaction Tax, Bundesdrucksache 17/527, 17/518, 17/1422 and 17/471, May 2010, online (PDF; 48 kB) ( Memento from January 25, 2011 in the Internet Archive )
    50. ↑ Gustav Horn, Till van Treeck: Statement on the Bundestag hearing, May 17, 2010, PDF
    51. ↑ Bundestag printed paper 16/12571, whereby the description of the Swedish case study is based on the following source: Umlauf, 1993, "Transactions Taxes and the Behavior of the Swedish Stock Market", Journal of Financial Economics (PDF; 138 kB)
    52. ↑ See also Nikolas Neuhaus: Stock exchange tax, a summer fairy tale. in N-TV on September 25, 2009.
    53. ↑ cf. Stefan Bajohr: Outline of state financial policy: A practical introduction. Issue 2, 2007, ISBN 978-3-531-15526-5 , pp. 142-144.
    54. ↑ See PM Garber: Issues of Enforcement and Evasion in a Tax on Foreign Exchange Transactions. In: M. Haq, I. Kaul, I. Grunberg (Eds.): The Tobin Tax: Coping with Financial Volatility. Oxford University Press, New York / Oxford 1996, pp. 129-142.
    55. ↑ Avinash Persaud: Why Rösler is wrong. Sueddeutsche , January 10, 2012, accessed January 17, 2012 .
    56. ↑ Dorothea Schäfer, Marlene Karl: Financial transaction tax: Economic and fiscal effects of the introduction of a financial transaction tax for Germany. Study by DIW Berlin, 2012, p. 2 ff. (Online) (PDF; 1.5 MB)
    57. ↑ For the passing of taxes see: Gernot Sieg: Volkswirtschaftslehre. 2007, ISBN 978-3-486-58231-4 , p. 36 ff. (Online)