Italy shocks banks with 40 percent windfall tax for 2023
The move comes after higher interest rates have yielded record profits for banks as the cost of loans has soared.
European bank shares tumbled on Tuesday on the news
Oh no think of the shareholders
I tried thinking of them and started laughing. Tried a second time to be sure and it happened again. Am I doing it right?
after reprimanding lenders for failing to reward deposits
This really is key. Think bank for a second. They make oodles off cash of nothing. Nothing. Just other people’s money. Think what you could do in 30 days with $6b. And what do the millions of people who pooled that $6h get? Fees. Nothing. There’s no interest for chequing, which the banks have set up to be the only way really to bank with. Savings net you next to nothing (do banks really think .5% is enough when they likely double your money day to day).
And incentivizes to deposit? Yeah, zero.
So they take all your money, charge you for it, make a killing, pay next to no taxes and call it a day.
And here I am slaving away making nothing, paying 45% in taxes, all the while making them rich. I’m so done with capitalism which has turned out to be every bit as bad as every other kind of government that came before it.
Okay and I agree but how is capitalism a government?
To be fair, we don't want them doing too much stuff with our deposits, since they have to be able to give it back at any point. IIRC they earn most of their money off of lending as a result.
And here I am slaving away making nothing, paying 45% in taxes,
Where the fuck is that one of the lower tax brackets? Where I live 48% is the highest possible rate, including taxes from all levels of government. I hope your government services are pretty dope with that much funding.
Just for what facts are worth, interest rates on savings account are a good 8x higher than 0.5%, at least in a lot of American banks right now. I'm not sure where you are exactly, but central bank rates have risen essentially everywhere, so you should absolutely be able to find better rates than that.
For $10,000 left sitting for 5 years, at 4% that becomes $12,100. At 0.5%, it's $10,250.
They have a statue of a hand flipping the bird in front of their stock exchange?!
Looks like they do. Wtf.
i'm italian and wtf now i want to go see it
The question is which direction is it facing?
the plebs otherwise it wouldn't be there
lmao that’s amazing.
They have since announced that it will be capped at 0.1% of a bank's assets: https://edition.cnn.com/2023/08/09/business/italy-bank-windfall-tax-change/index.html
It should be noted that this was in response to bank stocks rapidly collapsing. It seems pretty doubtful that this was planned or they would have included it in the original announcement.
Or they wanted the headlines for people who will never read the update.
Nah, it didn't even last a blink of an eye
https://www.ft.com/content/4db1e071-9ff1-44f1-a92a-c01a048aad17
Now do tech companies.
Hellllll yes
They will increase all wages thanks to that extra money. It's a joke, a joke gov that should be either upgraded or removed 🥳
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