Already watered down to “ not exceed 0.1% of each bank’s total assets”<p><a href="https://www.theguardian.com/business/live/2023/aug/09/italy-revises-bank-windfall-tax-uk-five-years-lost-economic-growth-mortgages-interest-rates-business-live" rel="nofollow noreferrer">https://www.theguardian.com/business/live/2023/aug/09/italy-...</a>
The idea that banks are private companies in any country is not entirely true. Everyone knows that if a reasonably big bank fails, governments will intervene to protect people's money.<p>Banks are technically private but won't be valued as much without government protection. So, to some extent, it's not wrong for the government to tax them more than other private companies.<p>However, a negative consequence of this tax it reduces the bank's incentive to lend money to small and risky companies/startups. This is equivalent to increasing capital gains to 40% - why invest in risky assets if I know I will ever only receive a small percentage of my profits (if any)?
I see some mentions of Spain and Hungary, what are the chances of contagion across governments?<p>What about contagion to other sectors Oil & Gas?<p>Retail players (P&G, Unilever, Nestle, Etc.)?
so.... if banks make "super profit", doesnt that imply they managed to gouge customers by charging them excess % on their loans and fucked depositors by giving them less % on their deposits?
Ah well if Italy is doing it, we all should. They manage their economy famously well.<p>Do the banks get a "windfall subsidy" when they have bad years?