Italy approves 40% windfall tax on banks for 2023 as profits soar
1–10 of 193 posts
Re: Italy approves 40% windfall tax on banks for 2023 as profits soar
#2More of this please!
Re: Italy approves 40% windfall tax on banks for 2023 as profits soar
#3Unsurprisingly, highly regulated sectors like banking where entering is extremely hard display cartel like behaviors. There is no incentive coming from the competition so why would anyone lower the net interest margin. In this context, I think a windfall tax somehow makes sense. Then again, I'm pretty sure it's going to be misused by the government. I would much rather see regulation forcing banks to raise interest rate on deposits but well at least this goes somewhat in the right direction.
Re: Italy approves 40% windfall tax on banks for 2023 as profits soar
#4Canada need to do the same!
Re: Italy approves 40% windfall tax on banks for 2023 as profits soar
#5Unsurprisingly, highly regulated sectors like banking where entering is extremely hard display cartel like behaviors. There is no incentive coming from the competition so why would anyone lower the net interest margin. In this context, I think a windfall tax somehow makes sense. Then again, I'm pretty sure it's going to be misused by the government. I would much rather see regulation forcing banks to raise interest r…
> I would much rather see regulation forcing banks to raise interest rate on deposits
Regulation that increases competition would be even better. It seems like that would be the underlying problem.
Re: Italy approves 40% windfall tax on banks for 2023 as profits soar
#6I dislike banks as much as anyone else. But does it bother anyone else to see rules changed around? Wouldn't it be a better approach to tell people/corporations how they're gonna be taxed?
Re: Italy approves 40% windfall tax on banks for 2023 as profits soar
#7Unsurprisingly, highly regulated sectors like banking where entering is extremely hard display cartel like behaviors. There is no incentive coming from the competition so why would anyone lower the net interest margin. In this context, I think a windfall tax somehow makes sense. Then again, I'm pretty sure it's going to be misused by the government. I would much rather see regulation forcing banks to raise interest r…
> I would much rather see regulation forcing banks to raise interest rate on deposits Regulation that increases competition would be even better. It seems like that would be the underlying problem.
Regulation is what prevents competition so...
Re: Italy approves 40% windfall tax on banks for 2023 as profits soar
#8Unsurprisingly, highly regulated sectors like banking where entering is extremely hard display cartel like behaviors. There is no incentive coming from the competition so why would anyone lower the net interest margin. In this context, I think a windfall tax somehow makes sense. Then again, I'm pretty sure it's going to be misused by the government. I would much rather see regulation forcing banks to raise interest r…
I trust governments more than banks and the people who run banks. More regulation is welcome, and occasionally, one off policy hacks are needed vs slowly tightening the regulatory regime (which gives banks time to adapt and avoid or evade; not good!). Move fast and regulate systemic systems.
Re: Italy approves 40% windfall tax on banks for 2023 as profits soar
#9Can we have energy companies next?
Pocketing record profits during this situation is just disgusting.
Re: Italy approves 40% windfall tax on banks for 2023 as profits soar
#10I dislike banks as much as anyone else. But does it bother anyone else to see rules changed around? Wouldn't it be a better approach to tell people/corporations how they're gonna be taxed?
It does not bother me. But I think there should be a min/max for how much wealth a person has. No one suffers from taxing windfall profits. Windfall , by definition, being unexpectedly high profits.