Attack on savers

Finance Minister Olaf Scholz wants to tax share transactions. This is an old left dream that Keynes and Tobin had. But they had imagined it very differently.

Actually, the tax should curb the stock market speculation and let the banks share in the billions of dollars of the financial crisis

Dhe criticism was devastating: “Label fraud” and “pure symbolism” criticized some. The social democrat Olaf Scholz is a “friend of speculators”, said the others. Ordinary private investors would be brought into the vicinity of professional stock market gamblers. One could put it even more sharply: The plans for a share tax in ten EU countries including Germany, which Federal Finance Minister Olaf Scholz has just presented at their request, are an attack on savers.

They are a mess for those who have been demanding a tax for years, curbing stock market speculation and allowing banks to share in the billions of dollars in the financial crisis. “That offends many people who have been really committed to this tax for years,” says the Green politician Gerhard Schick, director of the “Finanzwende” initiative. The plans also have nothing to do with the financial transaction tax, which economic legends like John Maynard Keynes and Nobel Prize winner James Tobin had in mind and which should be the model for Olaf Scholz’s tax. Scholz’s plans are a victory for the lobbying of the financial sector and a little treat for the SPD left, but to remain in the grand coalition. After all, a financial tax is a classic leftist demand. And it should be a source for financing the basic pension.