La Taxe sur les Transactions Financières: Dissiper les idées fausses

!
La#Taxe#sur#les#Transactions#Financières:#
Dissiper#les#idées#fausses#
Mars#20121
"#$%#&'$()*$+'($%*#,(#-%./,($0.,#,-.1*'($23345$'(%$#)6/)*789).$),'$/:%./,$:/+.%.;)'$+#*<'=',%$7>?#%%)'@$;).$
:'*='%%*#.%$7'$<>,>*'*$7'($*'A',)($()?(%#,%.'+($B$:#*%.*$7)$('-%')*$0.,#,-.'*C$$"#$-*.('$#$')$),$-/D%$
-/,(.7>*#?+'$E$',$7#%'$7'$+#$0.,$7)$=/.($7'$7>-'=?*'$FGGH@$+'($>-/,/=.'($#A#,->'($7)$IFG$#A#.',%$7>?/)*(>$
+8>;).A#+',%$7'$J@F$K$7)$LMN$=/,7.#+$O$(/.%$!@HPJ$=.++.#*7$7'$7/++#*($QCORC$O$7#,($+'($/:>*#%./,($7'$(#)A'%#<'$
7'($?#,;)'($24SM@$FG!G5C$Q,$Q)*/:'$'%$#)&$T%#%(OR,.(@$-'$(/,%$:/)*%#,%$7'($-.%/U',($/*7.,#.*'(@$(#,($+.',$
#)-),$#A'-$+8>-+#%'=',%$7'$-'%%'$-*.('@$;).$',$/,%$:#U>$+'$%*.?)%$#)$%*#A'*($7'($:'*%'($78'=:+/.($'%$7'($
-/):'($?)7<>%#.*'($7#,($+'($('*A.-'($:)?+.-(C$$"'($:#U($',$7>A'+/::'=',%@$;).$,8/,%$*.',$B$A/.*$,/,$:+)($
#A'-$+8'00/,7*'=',%$7'($=#*-9>(@$',$:#.',%$')&$#)((.$+'$:*.&$+/)*7$#A'-$+'($?#.(('(@$A/.*'$+'($()(:',(./,(@$
7'($0.,#,-'=',%($7#,($+'$7/=#.,'$7'$+#$(#,%>@$7)$7>A'+/::'=',%@$7'$+8.,0*#(%*)-%)*'$'%$7)$-9#,<'=',%$
-+.=#%.;)'C$$
$
"'($334$-/=:%',%$#)$,/=?*'$7'($*#*'($/:%./,($()(-':%.?+'($7'$<>,>*'*$7'($*'((/)*-'($0.,#,-.1*'($
()00.(#,%'($:/)*$-/=:',('*$),'$:#*%$(.<,.0.-#%.A'$7'($-/D%($:'*=#,',%($.,7).%($:#*$+#$-*.('$>-/,/=.;)'$
=/,7.#+'C$V.,(.$+'$('-%')*$0.,#,-.'*@$;).$,8'(%$:#($#(('W$.=:/(>$:/)*$+'$=/=',%@$-/)A*.*#.%$#+/*($),'$:#*%$
:+)($.=:/*%#,%'$'%$:+)($6)(%'$7'($-/D%($7/,%$.+$'(%$*'(:/,(#?+'C$$M+$'(%$.=:/*%#,%$7'$,/%'*$;)'$+#$334$
-/,%*.?)'*#.%$7)$*'(%'$B$*><)+'*$+'($=#*-9>($'%$B$6)<)+'*$+'($:*#%.;)'($(:>-)+#%.A'($B$-/)*%$%'*='@$:/)*$
',-/)*#<'*$),'$-*/.((#,-'$>-/,/=.;)'$:+)($7)*#?+'$'%$>;).%#?+'$B$+/,<$%'*='C$
$
Q,$7>:.%$7'$%/)($-'($#*<)=',%($'%$7)$(/)%.',$-*/.((#,%$7/,%$?>,>0.-.'$+#$334$()*$+#$(-1,'$.,%'*,#%./,#+'@$('($
/::/(#,%($-/,%.,)',%$B$0#.*'$A#+/.*$),'$(>*.'$78.7>'($*'X)'($#)$()6'%$7'$(/,$.=:#-%C$$Y/)($:/)A/,($
7>=/,%*'*$;)'$-'($.7>'($*'X)'($,8/,%$#)-),$0/,7'=',%$'%$-8'(%$6)(%'=',%$+'$?)%$7)$:*>(',%$7/-)=',%$Z$
7.((.:'*$+'($.7>'($0#)(('($#)%/)*$7'$+#$%#&'$()*$+'($%*#,(#-%./,($0.,#,-.1*'(C$$
$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
!$V)%')*($Z$[#A.7$\.++=#,$'%$]9*.(%.,#$V(90/*7$2^%#=:$_)%$L/A'*%U5C$Q,$*'='*-.#,%$\'*,`,$]/*%'($2R?),%)5@$^#*#9$
V,7'*(/,2M,(%.%)%'$0/*$L/+.-U$^%)7.'(5$'%$L.'**'$\#??#*7$2]/==.((./,$(U,7.-#+'$-/,()+%#%.A'5$:/)*$+')*($-/,%*.?)%./,(C
F
#
Qu’est>ce#que#la#taxe#sur#les#transactions#financières#?#
"#$334$'(%$),'$:'%.%'$%#&'$:*>+'A>'$()*$+8#-9#%a+#$A',%'$/)$+'$%*#,(0'*%$7'($;)#%*'$<*#,7'($-#%></*.'($78#-%.0($
0.,#,-.'*(@$B$(#A/.*$+'($#-%./,($'%$+'($/?+.<#%./,(@$+'($%*#,(#-%./,($7'$-9#,<'$'%$+'($:*/7).%($7>*.A>(C$"#$
]/==.((./,$$')*/:>',,'$2FG!!5$:*/:/('$),$%#)&$78.=:/(.%./,$7'$G@!$K$:/)*$+'($#-%./,($'%$/?+.<#%./,($'%$
G@G!$K$:/)*$+'($:*/7).%($7>*.A>(C$$"'$"'#7.,<$I*/):2$2FG!G5$()<<1*'$),$%#)&$7'$G@GGb$K$()*$+'($
%*#,(#-%./,($7'$-9#,<'C$"#$334$:'*='%%*#.%$7'$+'A'*$7'($*'-'%%'($-/,(.7>*#?+'($Z$),'$334$B$+8>-9'++'$
')*/:>',,'$29/*($%*#,(#-%./,($7'$-9#,<'5$<>,>*'*#.%$#.,(.$bP$=.++.#*7($78')*/($2]/==.((./,$')*/:>',,'@$
FG!!5$:#*$#,$'%$),'$334$B$<*#,7'$>-9'++'$2.,-+)#,%$+'($%*#,(#-%./,($7'$-9#,<'5$7>:+/U>'$B$%*#A'*($%/)($+'($
:#U($7>A'+/::>($<>,>*'*#.%$;)'+;)'$cGG$=.++.#*7($7'$7/++#*($QCORC$:#*$#,$2^:*#%%$d$V(90/*7@$FG!!5C$$
M+$'(%$)%.+'$#)$7>?)%$7'$*#%%#-9'*$+#$334$B$78#)%*'($0*#.($7'$,></-.#%./,(C$Q)$><#*7$B$),'$334$7'$G@!$K@$'++'$
*':*>(',%'*#.%$=/.,($7'$!G$K$7'($-/D%($%/%#)&$7'$%*#,(#-%./,$'%$-'*%#.,'=',%$:#($:+)($;)'$+'($#)%*'($-/D%($
e$%'+($;)'$+'($-/==.((./,($()*$+'($/:>*#%./,($7'$%*#7.,<@$+'($-/D%($78>-#*%($'%$78.=:#-%@$+#$-/=:',(#%./,@$+'$
*1<+'=',%@$+'$%*#,(0'*%$7'$-/==.((./,($'%$7'$-/D%($78#7=.,.(%*#%./,$f$2L'*(#)7@$FG!F@$:CF5C$R,'$334$7'$-'%%'$
%#.++'$:'*='%%*#.%$',$0#.%$(.=:+'=',%$7'$*#=','*$+'($-/D%($7'$%*#,(#-%./,$B$+')*$,.A'#)$7'$!G$#,($
#):#*#A#,%@$+/*(;)'$+'($=#*-9>($>%#.',%$:+)($*/?)(%'(C
Idée#fausse#n°#1#:#Pour#fonctionner,#les#TTF#doivent#être#appliquées#à#l’échelle#internationale
]'%%'$#00.*=#%./,$'(%$%/)%$(.=:+'=',%$'**/,>'C$"8'&:>*.',-'$7'($334$B$%*#A'*($+'$<+/?'$'(%@$',$0#.%@$%/)%$(#)0$
=/,7.#+'$E$'++'($/,%$>%>$=.('($',$g)A*'$#A'-$()--1($()*$),$:+#,$),.+#%>*#+$2A/.*$#,,'&'$!5C$e$"'($334$(/,%$
=/,,#.'$-/)*#,%'$#)6/)*789).$'%$/,%$>%>$.,%*/7).%'($()*$),'$?#('$:'*=#,',%'$/)$%'=:/*#.*'$7':).($
:+)(.')*($7.W#.,'($78#,,>'($7#,($:+)($7'$hG$:#U($f$2N'.%+'*@$FG!G53C$$"#$334$?*.%#,,.;)'$()*$+'($%*#,(#-%./,($
()*$%.%*'($',$'(%$),$?/,$'&'=:+'$:).(;)8'++'$:'*='%$-9#;)'$#,,>'$#)$=.,.(%1*'$7'($4.,#,-'($7'$+'A'*$
b$=.++.#*7($7'$7/++#*($QCORC$7#,($+#$*><./,@$(#,($%*/:$7'$:'*%'($-/=='*-.#+'($:/)*$+'$i/U#)='OR,.C$"'($334$
(/,%$),'$(/)*-'$7'$*'A',)($()?(%#,%.'++'$:/)*$7'$,/=?*')&$:#U($-/=='$+#$]/*>'$7)$^)7@$+8V0*.;)'$7)$^)7@$
+8M,7'@$\/,<$j/,<@$+'$i/U#)='OR,.$'%$+'$N*>(.+C$V-%)'++'=',%@$+'$N*>(.+$:*>+1A'$7'($%#&'($B$%#)&$A#*.#?+'($()*$
7'($%*#,(#-%./,($7'$7.A'*($#-%.0(@$<>,>*#,%$!b$=.++.#*7($7'$7/++#*($QCORC$',$FG!G$2S.,.(%1*'$7'($4.,#,-'(@$
N*>(.+@$FG!!5C$$"'$()--1($7'$-'($334$7>=/,%*'$-+#.*'=',%$;)'$+')*$?/,$0/,-%./,,'=',%$,'$*';).'*%$:#($
,>-'((#.*'=',%$),'$=.('$',$g)A*'$B$+8>-9'++'$=/,7.#+'C$['$=k='@$+8#00.*=#%./,$('+/,$+#;)'++'$+'($
.,(%.%)%./,($0.,#,-.1*'($0.,.*/,%$:#($*'+/-#+.('*$+')*($%*#,(#-%./,($:/)*$>A.%'*$7'$:#U'*$+#$%#&'$(.$-'++'O-.$,8'(%$
:#($#::+.;)>'$=/,7.#+'=',%@$'(%$'++'$#)((.$'**/,>'C$"'$4SM$-/,0.*='$;)'$+'($334$e$,'$*'(%*'.<,',%$:#($
#)%/=#%.;)'=',%$+8#-%.A.%>$0.,#,-.1*'$B$),$,.A'#)$.,#--':%#?+'$f$24SM@$FG!!5C$"'$()--1($7'$+')*$=.('$',$
g)A*'$7>:',7$7'$+#$;)#+.%>$7'$+')*$-/,-':%./,C
Idée#fausse#n°#2#:#Le#paiement#des#TTF#peut#être#aisément#évité
"'$,/,$:#.'=',%$7'$-'($%#&'($:')%$k%*'$#.(>=',%$=.,.=.(>$(.$+#$%#&'$#$>%>$?.',$-/,X)'$l$',$0#.(#,%$78),'$
',%*':*.('$B$9#)%$*',7'=',%$'%$0#.?+'$*.(;)'$),'$',%*':*.('$B$0#.?+'$*',7'=',%$'%$9#)%$*.(;)'C$Q,$78#)%*'($
%'*='(@$+8.,-.%#%./,$#)$,/,$:#.'=',%$:')%$k%*'$*>7).%'$7'$=#,.1*'$(.<,.0.-#%.A'$',$0.&#,%$+'$%#)&$7'$%#&#%./,$B$
),$,.A'#)$0#.?+'$'%$+'($-/D%($7'$,/,$-/,0/*=.%>$B$),$,.A'#)$>+'A>C$"#$?/,,'$=.('$',$g)A*'$78),'$334$
()::/('$),$(U(%1='$7'$:*>+1A'=',%$'00.-#-'C$M+$'(%$:/((.?+'$7'$=.,.=.('*$+'$*.(;)'$7'$,/,$:#.'=',%$',$
-/=?.,#,%$+'($7')&$:*.,-.:'($7'$-/,-':%./,$-.O#:*1($:).(;)'$+'($-/,7.%./,($<>/<*#:9.;)'($7'$+8/:>*#%./,$,'$
(/,%$:#($-/,(.7>*>'(@$'=:k-9#,%$#.,(.$7'$*'+/-#+.('*$+#$%*#,(#-%./,$:/)*$>A.%'*$7'$:#U($+#$%#&'C$
Le#«"principe"de"la"résidence#proposé#par#la#Commission#européenne#(2011)
"'($*'-'%%'($7'$+#$%#&'$('*#.',%$:*>+'A>'($()*$+#$?#('$7)$:*.,-.:'$7'$*>(.7',-'$7'$+8.,(%.%)%./,$0.,#,-.1*'$/)$
7'$+8/:>*#%')*C$"#$-/++'-%'$7>:',7$7'($#-%')*($.=:+.;)>($'%$,/,$:#($7)$+.')$/m$+#$%*#,(#-%./,$'(%$*>#+.(>'C$
V.,(.@$(.$),$T%#%$')*/:>',$-/=='$+#$4*#,-'$:*>+1A'$),'$334@$%/)%'$',%*':*.('$/)$%/)%$.,7.A.7)$',*'<.(%*>2'5$
$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
F$"'$"'#7.,<$I*/):$2"I5$/,$M,,/A#%.A'$^/)*-'($/0$4.,#,-'$/0$['A'+/:=',%@$<*/):'$-/=:/(>$7'$:+)($7'$JG$:#U(@$#$=',>$:#*$
+n.,%'*=>7.#.*'$7n),$I*/):'$7n'&:'*%($),'$>%)7'$#::*/0/,7.'$()*$+'$:/%',%.'+$7'($334@$%/)%$:#*%.-)+.1*'=',%$',$%.*#,%$:#*%.$7)$:+)($
.=:/*%#,%$7'$-'($=#*-9>(@$+'$=#*-9>$7'($-9#,<'(C$
3$]'($:#U($(/,%$+'($().A#,%($Z$V++'=#<,'@$V*<',%.,'@$V)(%*#+.'@$V)%*.-9'@$N'+<.;)'@$N*>(.+@$]9.+.@$]9.,'@$]/+/=?.'@$]/*>'$7)$^)7@$
[#,'=#*o@$T;)#%')*@$QR@$4.,+#,7'@$4*#,-'@$I*1-'@$I)#%'=#+#@$\/,<$j/,<@$M,7'@$M,7/,>(.'@$M*+#,7'@$M%#+.'@$p#:/,@$S#+#.(.'@$S#*/-@$
Y/)A'++'Oq>+#,7'@$L#o.(%#,@$L#,#=#@$L#U(ON#(@$L>*/)@$L9.+.::.,'(@$L/*%)<#+@$iR@$i)((.'@$^.,<#:/)*@$^)17'@$^).(('@$3#rs#,@$
t','W)'+#@$q.=?#?s'C$
c
-/=='$-/,%*.?)#?+'$',$4*#,-'@$;)8.+a'++'$*>(.7'$/)$,/,$7#,($+'$:#U(@$'(%$#+/*($*'7'A#?+'$7'$+#$%#&'$;)'+$;)'$
(/.%$+'$+.')$7'$+8/:>*#%./,C$$
$
Le#«"principe"du"transfert"de"propriété#(parfois#aussi#appelé#droit#de#timbre)
"/*(;)8),$#-%.0$'(%$,></-.>@$+'$%*#,(0'*%$7'$:*/:*.>%>$6)*.7.;)'$,8#$:#($+.')$%#,%$;)'$+#$%#&'$,8'(%$:#($
#-;).%%>'$B$+8#)%/*.%>$-/,-'*,>'C$R,'$%*#,(#-%./,$0.,#,-.1*'$,/,$%#&>'$,'$:')%$k%*'$#::+.-#?+'$6)*.7.;)'=',%C$
"#$,/,$#::+.-#?.+.%>$78),$-/,%*#%$'(%$),'$-/,(>;)',-'$-/)*#,%'$7)$,/,$:#.'=',%$7'$+#$%#&'$:).(;)'$
+8#-9'%')*$,'$*'X/.%$:#($+'$%.%*'$+><#+$7'$:*/:*.>%>$7'$+8#-%.0$,.$+'($?>,>0.-'($#.,(.$<>,>*>($%'+($;)'$+'($
7.A.7',7'($/)$+#$-#:#-.%>$B$6/).*$7'$+8#-%.0$B$%.%*'$7'$<#*#,%.'C$
«"Les"instruments"qui"ne"sont"pas"taxés"et"sont"donc"non"applicables"sur"le"plan"juridique"ne"sont"pas"
admissibles"dans"le"cadre"d’une"compensation"centrale"par"une"chambre"de"compensation."Il"s’agit"ici"d’un"fait"
décisif"qui"rend"la"taxe"encore"plus"réalisable"que"jamais,"y"compris"pour"les""instruments"dérivés..."Une"
exigence"d’adéquation"des"fonds"propres"supérieure"au"coût"d’une"TTF"s’appliquera"pour"les"instruments"
détenus"qui"n’auront"pas"été"compensés"via"des"chambres"de"compensation"centrales"»"2I*.00.%9Op/,'($d$
L'*(#)7@$FG!F@$:C$H5C$
$
L/)*$+'($.,A'(%.((')*(@$-'($0#-%')*($*':*>(',%',%$),$*.(;)'$%*/:$>+'A>$;).$7.(()#7'$+#*<'=',%$7'$,'$:#($
#-;).%%'*$+#$%#&'C$
Q,0.,@$+'($7>%*#-%')*($7'($334$(/,%$,'%%'=',%$:+)($(>A1*'($B$+8',-/,%*'$7'$+#$334$;)'$7'($#)%*'($%#&'($$O$
%/)%'($+'($%#&'($(/,%@$7#,($),'$-'*%#.,'$='()*'@$-/,%/)*,>'(C$M+$'(%$.=:/((.?+'$7'$*'-/)A*.*$+#$%/%#+.%>$7'($
=/,%#,%$7)($#)$%.%*'$7'$-'%%'$%#&'$E$:*',/,($+8'&'=:+'$7'$+8.=:u%$()*$+'$*'A',)$#)&$T%#%(OR,.(@$;).$'(%$+#$
:*.,-.:#+'$(/)*-'$7'$*'A',)($7)$</)A'*,'=',%$#=>*.-#.,C$R,'$*>-',%'$>%)7'$=',>'$:#*$+8Mi^$#$=/,%*>$;)'$
+#$,/,$-/,0/*=.%>$>%#.%$78',A.*/,$!H$K@$(/.%$),$=/,%#,%$(%):>0.#,%$7'$chb$=.++.#*7($7'$7/++#*($QCORC$:/)*$-'%$
'&'*-.-'$0.,#,-.'*C$"'($*'A',)($#,,)'+($<>,>*>($:#*$+8.=:u%$('$=/,%#.',%$%/)%'0/.($B$FGGG$=.++.#*7($7'$
7/++#*($QCORCC$Y)+$,'$(#)*#.%$:*>%',7*'$;)'$-'%$.=:u%$,8'(%$:#($.,%>*'((#,%$:#*-'$;)'$:*1($78),$%.'*($7'($
*'A',)($,8/,%$:#($>%>$:'*X)($2.?.7CFG!F5C$3/)%'$='()*'$0.(-#+'$7/.%$k%*'$-/,X)'$7'$=#,.1*'$B$=.,.=.('*$
+8>A#(./,$'%$+#$0*#)7'$0.(-#+'(@$-'$B$;)/.$-/,%*.?)',%$+'($7')&$:*.,-.:'($()(=',%./,,>(@$=#.($.+$7'=')*'$
.=:/((.?+'$78>A.%'*$%/%#+'=',%$-'($:*/?+1='(C$
Idée#fausse#n°#3#:#Ce#sont#les#citoyens#ordinaires#qui#vont#supporter#le#coût#des#TTF
]'%%'$#00.*=#%./,$'(%$'**/,>'C$"#$334$('*#$#A#,%$%/)%$#-;).%%>'$:#*$+'($:*.,-.:#)&$#-9'%')*(aA',7')*($
78#-%.0($0.,#,-.'*(C$vb$Kh$7'($/:>*#%./,($.=:/(#?+'($(/,%$',$0#.%$=',>'($:#*$7'($?#,;)'($'%$78#)%*'($
.,(%.%)%./,($0.,#,-.1*'($%'++'($;)'$+'($9'7<'$0),7(@$7/,%$+'($-+.',%($(/,%$(/)A',%$0/*%),>(C$Q,$*1<+'$<>,>*#+'@$
+'($-.%/U',($/*7.,#.*'($,'$,></-.',%$:#($7'($#-%.0($%'+($;)'$7'($/?+.<#%./,($/)$7'($.,(%*)=',%($7>*.A>(C$"'$
4SM$#$-9'*-9>$B$7>0.,.*$;).$('*#.%$0.,#+'=',%$*'7'A#?+'$7)$:#.'=',%$0.,#+$7'$+#$%#&'@$-/,-+)#,%$B$),'$
e$:*/<*'((.A.%>$*'+#%.A'$f$24SM@$FG!!@$:Ccb5C$$Q,$78#)%*'($%'*='(@$+'$:#.'=',%$('$*>:'*-)%'*#.%$()*$+'($
.,(%.%)%./,($'%$.,7.A.7)($+'($:+)($*.-9'($7'$+#$(/-.>%>@$7#,($+'$=k='$'(:*.%$;)'$+8.=:u%$()*$+'($:+)(OA#+)'(C$$]'$
%#?+'#)$-/,%*#(%'$%/%#+'=',%$#A'-$+#$3tV@$/)$+#$%#&'$()*$+'($A',%'(@$;).$('$*>:'*-)%'$7'$=#,.1*'$
7.(:*/:/*%./,,>'$()*$+'($.,7.A.7)($+'($:+)($:#)A*'(C$
S#.($()*%/)%@$-'$(/,%$+'($',%*':*.('($:+)%u%$;)'$+'($.,7.A.7)(@$;).$*>#+.(',%$7'($/:>*#%./,($-/,(%#,%'($'%$,/,$
:#($7'($#-;).(.%./,($),.;)'($(/)($0/*='$78.,A'(%.(('=',%@$;).$:#.'*/,%$+'($=/,%#,%($+'($:+)($>+'A>(C$$L+)($+#$
0*>;)',-'$7'($%*#,(#-%./,($('*#$>+'A>'@$:+)($+#$,/%'$('*#$(#+>'C$S#.($+#$334$#)*#$#A#,%$%/)%$),$.=:#-%$()*$+'$
3*#7.,<$B$9#)%'$0*>;)',-'$2/)$%*#,(#-%./,($B$9#)%'$0*>;)',-'@$3\455@$(/.%$),$*>()+%#%$:/(.%.0$:/)*$7'$
$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
h$]/==.((#.*'$')*/:>',$-9#*<>$7'$+#$0.(-#+.%>@$V+<.*7#($^'='%#$2FG!F5$
5$"'$%*#7.,<$B$9#)%'$0*>;)',-'@$/)$%*#,(#-%./,($B$9#)%'$0*>;)',-'$23\4$/)$\43@$7'$+n#,<+#.($\.<9O0*';)',-U$%*#7.,<5@$('$*#::/*%'$B$
+n'&>-)%./,$7'$%*#,(#-%./,($7'$%.%*'($%'+($;)'$7'($#-%./,($/)$7'($/:%./,(@$',$*'-/)*#,%$B$7'($%'-9,/+/<.'($(/:9.(%.;)>'(C$"'($
%*#,(#-%./,($(/,%$'&>-)%>'($B$<*#,7'$A.%'(('$<*w-'$B$7'($#+</*.%9='($.,0/*=#%.;)'($:'*='%%#,%$7n#,#+U('*$+'($7/,,>'($*'X)'($()*$
+'($=#*-9>($'%$='%%*'$',$g)A*'$7'($(%*#%><.'($7'$,></-.#%./,$:/)*$-/=:%'$:*/:*'C$"'($:+#-'=',%($(/,%$*>#+.(>($()*$7'($+#:($7'$
%'=:($%*1($-/)*%($O$=k='$;)'+;)'($('-/,7'($(')+'=',%$O$.+($(/,%$'00'-%)>($'%$*'%.*>($%*1($*#:.7'=',%@$:#*0/.($7'($=.++.'*($/)$7'($
-',%#.,'($7'$=.++.'*($7'$0/.($',$),'$6/)*,>'C$Q,$FG!G@$+'$%*#7.,<$B$9#)%'$0*>;)',-'$*':*>(',%#.%$:+)($7'$PG$K$7)$=#*-9>$7'($#-%./,($
#)&$T%#%(OR,.($'%$#$*#:.7'=',%$<#<,>$',$:/:)+#*.%>$',$Q)*/:'$'%$',$V(.'$2(/)*-'$Z$x.o.:'7.#5C$['($'&:'*%($'(%.=',%$;)'$+'$
7>A'+/::'=',%$7)$3\4$'(%$=#+(#.,$'%$:/%',%.'++'=',%$7>(%#?.+.(#,%C$y"#$:*/<*'((./,$*#:.7'$7)$3\4$#$.,(%#)*>$),$*>('#)$.,(%#?+'$'%$
7#,<'*')&$7n/:>*#%./,($.,0/*=#%.;)'($-/)A*#,%$+'($=#*-9>($=/,7.#)&@$;).$+'($'&:/('$B$),$*.(;)'$7'$zo*#-9$>-+#.*8$=',#X#,%$+'$
h
,/=?*')&$>-/,/=.(%'($;).$-/,(.71*',%$+'$3\4$-/=='$),'$:*#%.;)'$:'*%)*?#%*.-'$'%$*.(;)>'@$;)8.+$
-/,A.',7*#.%$7'$*><)+'*$/)$7'$+.=.%'*$7'$=#,.1*'$(.<,.0.-#%.A'C$
Les#institutions#financières,#et#notamment#les#banques,#peuvent>elles#répercuter#le#coût#de#
la#TTF#indirectement#sur#les#clients#ordinaires#en#augmentant#les#commissions#prélevées#
sur#les#services#financiers#tels#que#retraits#DAB,#prêts#ou#hypothèques#?#
]'-.$'(%$%*1($:')$:*/?#?+'C$[#,($),$:*'=.'*$%'=:(@$+'$+><.(+#%')*$:')%$+><.0>*'*$-/,%*'$-'($:*#%.;)'($',$
.,%'*7.(#,%$(.=:+'=',%$#)&$.,(%.%)%./,($0.,#,-.1*'($7'$*>:'*-)%'*$#.,(.$-'($-/D%(C$Q,$('-/,7$+.')@$+'$('-%')*$
0.,#,-.'*$-/,,#{%$),'$%*1($0/*%'$-/=:>%.%.A.%>$;).$+.=.%'$+'$*.(;)'$7'$A/.*$+'($.,(%.%)%./,($*>:'*-)%'*$+'($-/D%($
()*$+'($-+.',%($-#*$'++'($:'*7*#.',%$#+/*($),'$:#*%.'$7'$+')*$-+.',%1+'$#)$:*/0.%$78#)%*'($.,(%.%)%./,($/:>*#,%$
7.00>*'==',%C$['$:#*$+')*($#-%.A.%>($0.,#,-.1*'(@$-'*%#.,'($?#,;)'($(/,%$#.,(.$,'%%'=',%$:+)($'&:/(>'($;)'$
78#)%*'($B$+#$334C$['($?#,;)'($;).$7>-.7',%$:#*$'&C$7'$*>:'*-)%'*$-'($-/D%($',$.=:)%#,%$),'$-/==.((./,$#)$
,.A'#)$7'($[VN$/)$',$#)<=',%#,%$+'($-/==.((./,($+.>'($#)&$9U:/%91;)'(@$#+/*($;)'$78#)%*'($()::/*%',%$
'++'(O=k='($-'($-/D%(@$(8'&:/(',%$B$),$7>(#A#,%#<'$-/,-)**',%.'+$;).$:/)**#.%$+')*$0#.*'$:'*7*'$7'($:#*%($7'$
=#*-9>C$"'$='((#<'$7'$-'*%#.,($7>%*#-%')*($#00.*=#,%$;)'$+'($?#,;)'($0.,.*/,%$%/)6/)*($:#*$*>:'*-)%'*$-'($
-/D%($()*$+#$-+.',%1+'$,8#$:#($78#)%*'$?)%$;)'$78'00*#U'*@$=#.($.+$-/,A.',%$7'$(/)+.<,'*$;)'$+#$(.%)#%./,$()*$),$
=#*-9>$-/,-)**',%.'+$,8'(%$:#($%/)6/)*($#)((.$(.=:+'$;)8.+$,8U$:#*#{%$/)$;)'$+'($('-%')*($0.,#,-.'*($
A/)7*#.',%$+'$0#.*'$-*/.*'C$
Idée#fausse#n°#4#:#Ce#sont#les#retraités#qui#supporteront#le#coût#de#la#taxe#
]'%%'$#00.*=#%./,$'(%$'**/,>'C$L#*$*#::/*%$#)&$#)%*'($.,A'(%.((')*($2%'+($;)'$9'7<'$0),7($/)$/:>*#%')*($B$
9#)%'$0*>;)',-'5@$+'($0/,7($7'$:',(./,$2()*$+8',('=?+'$7)$<+/?'5$*':*>(',%',%$7'($.,A'(%.((')*($;).$/:1*',%$
('+/,$7'($(%*#%><.'($78#-9#%$B$+/,<$%'*='C$"8'((',%.'+$7'$+')*($-#:.%#)&$(/,%$.,A'(%.($:/)*$7'$+/,<)'($7)*>'(@$
#);)'+$-#($),'$=.-*/O%#&'$#::+.;)>'$B$+8',%*>'$'%$B$+#$(/*%.'$7)$=#*-9>$('*#.%$,><+.<'#?+'$#)$*'<#*7$7'($
#)%*'($-/D%($'%$?>,>0.-'($<>,>*>(C
L/)*$-'$;).$-/,-'*,'$+8.=:#-%$7'$+#$334@$+'$:*.,-.:#+$:#*#=1%*'$B$-/,(.7>*'*$'(%$+#$7)*>'$7'$7>%',%./,C$"'$
-/D%$7'$+#$334$'(%$7>='()*>=',%$>+'A>$:/)*$+'($/:>*#%./,($7'$-/)*%'$7)*>'$2#-9#%$'%$A',%'$7'$%.%*'($%/)%'($
+'($9')*'(@$%/)($+'($6/)*($:',7#,%$),$#,5@$=#*<.,#+$:/)*$+'($/:>*#%./,($B$=/U',$%'*='$2#-9#%$'%$A',%'$
78#-%./,($()*$),'$:>*./7'$78),$#,5$'%$.+$7'A.',%$,><+.<'#?+'$:/)*$+'($/:>*#%./,($B$+/,<$%'*='$2#-9#%$'%$A',%'$
78),'$/?+.<#%./,$7'$!G$#,($6)(;)8B$=#%)*.%>5C$
"'($0/,7($7'$:',(./,$*',/)A'++',%$+')*$:/*%'0').++'$%/)($+'($7')&$#,($(')+'=',%$%#,7.($;)8),$/:>*#%')*$B$
9#)%'$0*>;)',-'$*',/)A'++'$+#$%/%#+.%>$7'$(/,$:/*%'0').++'$',$),'$6/)*,>'$'%$:#.'*#$7/,-$!JJJ$0/.($:+)($',$
%#&'($7'$%*#,(#-%./,$;)'$+'$0/,7($7'$:',(./,$=/U',$2L'*(#)7@$FG!F5C$
M+$-/,A.',%$78'&:+.;)'*$),'$#)%*'$7.(%.,-%./,C#M+$'&.(%'$<+/?#+'=',%$7')&$(U(%1='($7'$*'%*#.%'$Z$+'($(U(%1='($
0.,#,->($:#*$+'($%*#,(0'*%($:)?+.-($2*><.='$7'$*'%*#.%'$:#*$*>:#*%.%./,@$0.,#,->$:#*$A/.'$0.(-#+'5$'%$+'($
(U(%1='($0.,#,->($#)$=/U',$78.,A'(%.(('=',%($',$-#:.%#)&$:*>0.,#,->($20/,7($7'$:',(./,5C$Seuls$-'($
7'*,.'*($(/,%$-/,-'*,>($:#*$+#$334@$71($+/*($;)'$+'($(U(%1='($0.,#,->($:#*$+'($%*#,(0'*%($:)?+.-($,'$(/,%$:#($
.,A'(%.($()*$+'($=#*-9>($0.,#,-.'*($'%@$:#*$-/,(>;)',%@$,/,$(/)=.($B$+8.=:u%C$
$
"'($%*#,(0'*%($:)?+.-($*':*>(',%',%$?.',$:+)($7'$bG$K$7'($*'A',)($7'($*'%*#.%>($7#,($%/)($+'($:#U($78Q)*/:'$
2',$(/)+.<,#,%$%/)%'0/.($+8'&-':%./,$78#-%')*($,/%#?+'($-/=='$+'($L#U(ON#(@$+'$i/U#)='OR,.$'%$+#$4.,+#,7'5C$
"'($*><.='($:*>0.,#,->($*':*>(',%',%$;)#,%$B$')&$=/.,($7'$!G$K$7#,($!!$:#U($78Q)*/:'$24*#,-'@$I*1-'@$
N'+<.;)'@$Q(:#<,'@$L/*%)<#+@$M%#+.'@$\/,<*.'@$V)%*.-9'@$L/+/<,'@$^+/A#;).'$d$i>:C$%-91;)'5@$!b$K$',$
V++'=#<,'@$'%$.+($(/,%$),'$(/)*-'$7'$*'A',)($()?(%#,%.'++'$2:+)($7'$FG$K5$:/)*$J$:#U($24.,+#,7'@$L#U(ON#(@$
i/U#)='OR,.@$[#,'=#*o@$M*+#,7'@$^)17'5C$M+$,8'(%$:#($()*:*',#,%$78/?('*A'*$;)'$7'($:*>/--):#%./,($',$+#$
=#%.1*'$/,%$>%>$(/)+'A>'($7#,($-'($7'*,.'*($:#U($:#*$7'($<*/):'($78',%*':*.('$'%$+'$+/??U$7'$+8.,7)(%*.'$
0.,#,-.1*'C
$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
(U(%1='$%/)%$',%.'*C|$t/.*$Z$4.,#,-.#+$]*.(.($FZ$The"Rise"of"the"Machines@$2iC$I/s'*@$FG!!5Z$
9%%:ZaasssC)?),%)C):-C'7)a7/-)(ai/?.,}\//7}3#&}i.('}/0}%9'}S#-9.,'C:70$$
b
Q,0.,@$',$*>7).(#,%$+'($*.(;)'($(U(%>=.;)'($#((/-.>($#)$%*#7.,<$B$9#)%'$0*>;)',-'@$+#$334$-/,%*.?)'*#$B$+#$
(%#?.+.%>$7)$=#*-9>@$',$#=>+./*#,%$+#$A#+')*$B$+/,<$%'*='$7'($*'%*#.%'(C$N#,;)'($'%$9'7<'$0),7($%',7',%$B$
?>,>0.-.'*$7'$=#,.1*'$7.(:*/:/*%./,,>'$7'($=#*-9>($9#)%'=',%$A/+#%.+'($'%$7)$A/+)='$>+'A>$7'($#-%.A.%>($
7'$,></-.#%./,$l$',$:*>+'A#,%$+'($0*#.($7'$%*#,(#-%./,$'%$+'($?>,>0.-'($()*$+'($/:>*#%./,(@$7'$=k='$;)8',$
'&:+/.%#,%$+')*($-#:#-.%>($.,0/*=#%.;)'($'%$%'-9,.;)'($%/)%$',$%*#,(0>*#,%$+8'((',%.'+@$A/.*'$+#$%/%#+.%>@$7)$
*.(;)'$()*$+')*($-+.',%(C$R,'$334$:/)**#.%$*>7).*'$+'($-9#,-'($7'($?#,;)'($7'$:*/0.%'*$#.,(.$#)$7>%*.=',%$7'($
>:#*<,#,%(C
Idée#fausse#n°#5#:#Une#TTF#va#réduire#la#croissance#économique,#en#entraînant#du#chômage#et#en#
nuisant#à#l’économie
N.',$#)$-/,%*#.*'@$),'$334$7'A*#.%$7>A'+/::'*$+#$-*/.((#,-'$>-/,/=.;)'$'%$-/,%*.?)'*$B$+#$-*>#%./,$
78'=:+/.(C$V)$i/U#)='OR,.@$),'$334$B$+#*<'$>-9'++'$2%'++'$;)'$:*/:/(>'$:#*$+#$]Q5$:'*='%%*#.%$7'$<>,>*'*$
v@h$=.++.#*7($7'$+.A*'($:#*$#,$'%$(%.=)+'*$+'$LMN$7'$G@Fb$K@$/)$+8>;).A#+',%$7'$Pb$GGG$,/)A'#)&$'=:+/.($
2L'*(#)7@$FG!F5C$$
$
Q,$/)%*'@$,/=?*'$7'$:#U($='%%#,%$7>6B$',$g)A*'$7'($334$#00.-9',%$),'$0/*%'$-*/.((#,-'@$:#*$'&C$Z$]/*>'$7)$
^)7@$\/,<$j/,<@$M,7'@$N*>(.+@$3#.s#,@$V0*.;)'$7)$^)7$'%$^).(('C$M+$(8#<.%$=k='$7'($>-/,/=.'($-/,,#.((#,%$+#$
:+)($*#:.7'$-*/.((#,-'$B$%*#A'*($+'$=/,7'C$
L/)*$+#$-*/.((#,-'$B$+/,<$%'*='@$+#$=',#-'$+#$:+)($<*#A'$,8'(%$:#($+#$334$=#.($+#$:'*%'$7'$-/,%*u+'$7)$('-%')*$
0.,#,-.'*C$Q,$0.,$78#,,>'$FGGH@$+#$-*.('$#A#.%$-/D%>$J@F$K$7'$+')*$LMN$#)&$:#U($+'($:+)($#A#,->($7)$IFG$O$(/.%$
!HPJ$=.++.#*7($7'$7/++#*($QCORC$24SM@$FG!G5C$$
"#$334$#$0#.%$+8/?6'%$78#--)(#%./,($;).$(8#::)U#.',%$()*$+'($7/,,>'($7'$+#$7'*,.1*'$>A#+)#%./,$78.=:#-%$2QM5$
=',>'$:#*$+#$]/==.((./,$')*/:>',,'@$:/)*%#,%$(/*%.'($7'$+')*$-/,%'&%'$:).(;)8'++'($-.%#.',%$),$
:/)*-',%#<'$7'$!@PJ$K$7'$?#.(('$7)$LMNC$_*$-'$-9.00*'$'(%$.,7.;)>$7#,($+8QM$-/=='$+'$e$(->,#*./$:/%',%.'+$+'$
:+)($:'((.=.(%'$f$'%$,'$-/**'(:/,7$:#($#)$-9.00*'$0.,#+$=',%./,,>$7#,($+'$*#::/*%C$M+$'(%$(/)%',)$;)'$(.$+#$
334$'(%$-/,X)'$-/,0/*=>=',%$B$+#$:*/:/(.%./,$7'$+#$]/==.((./,@$+8.=:#-%$()*$+'$LMN$('*#$),'$:'*%'$%/%#+'$B$
+/,<$%'*='$7'$G@bc$K@$(/.%$),$-9.00*'$.,0.='$()*$),'$#,,>'C$"'($7>%*#-%')*($7'$+#$%#&'$/,%$:/)*%#,%$)%.+.(>$-'$
-9.00*'$:/)*$'&%*#:/+'*$'**/,>=',%$7'($*>:'*-)((./,($-/=='$+#$:'*%'$7'$-',%#.,'($7'$=.++.'*($78'=:+/.(C$$$
$
Sk='$+'$:/)*-',%#<'$7'$G@bc$K$'(%$()*'(%.=>C$i>-'==',%@$+'$=/71+'$#::+.;)>$:#*$+#$]/==.((./,$#$>%>$=.($
B$6/)*$:#*$+'($=k='($#)%')*($;)'$-')&$7'$+#$A'*(./,$/*.<.,#+'$2"',7A#.$d$i#-.?/*o.@$FG!!5C$]'%%'$=.('$B$6/)*$
',%',7$*'0+>%'*$7'$=#,.1*'$:+)($*>#+.(%'$+'$=/7'$7'$0.,#,-'=',%$7'($.,A'(%.(('=',%($'%$-/,-+)%$B$),$*'-)+$
(.<,.0.-#%.0$7'$OG@F$K$7'$+8.=:#-%$,><#%.0$7'$+#$334$()*$+'$LMNC$$
$
"'($'(%.=#%./,($7'$+#$]/==.((./,$(8#::).',%$-':',7#,%$()*$),$=/71+'$.,-/=:+'%@$=k='$(8.+$#$>%>$*>A.(>@$-#*$
+8QM$%.',%$),.;)'=',%$-/=:%'$7'($.=:+.-#%./,($,><#%.A'($7'$+#$334$'%$B$#)-),$=/=',%$'++'$,'$=',%./,,'$7'($
'00'%($:/(.%.0(C$R,'$7'($7/,,>'($'((',%.'++'($0#.(#,%$7>0#)%$7#,($-'%%'$#,#+U('$('$*#::/*%'$B$+8.,A'(%.(('=',%$
;).$:/)**#.%$k%*'$0#.%$B$:#*%.*$7'($*'-'%%'($<>,>*>'($:#*$+#$%#&'@$7#,($7'($='()*'($()(-':%.?+'($7'$('$
*>:'*-)%'*$7'$=#,.1*'$?>,>0.;)'$()*$+#$-*/.((#,-'@$:#*$'&C$+#$-*>#%./,$78'=:+/.(@$+8.,A'(%.(('=',%$7#,($
+8.,0*#(%*)-%)*'$'%$+#$*>7)-%./,$7'$+#$:#)A*'%>C$_,$,'$(#)*#.%$(8#::)U'*$()*$),'$#,#+U('$;).$(8.,%>*'(('$
),.;)'=',%$#)$-/D%$78),'$%#&'$()*$+8>-/,/=.'@$(#,($:*',7*'$',$-/=:%'$('($?>,>0.-'($:/%',%.'+(C$$"'$
]/==.((#.*'$-9#*<>$7'$+#$0.(-#+.%>$~'='%#$#$*'-/,,)$;)'$+8QM$>%#.%$0#)((>'@$',$-/,->7#,%$;)8.+$(8#<.((#.%$78),'$
:*'=.1*'$%',%#%.A'$7'$=/7>+.(#%./,$7'($.=:#-%($78),'$334$B$+#*<'$>-9'++'$()*$%/)%'$$),'$*><./,$7)$=/,7'@$'%$
;)'$7'($%*#A#)&$.=:/*%#,%($(/,%$',$-/)*($7#,($-'$-/,%'&%'C$"#$]Q$=1,'$#-%)'++'=',%$78#)%*'($#,#+U('($()*$
+#$;)'(%./,$'%$:*/7).*#$(/)($:')$),$7/-)=',%$:*>(',%#,%$+'($'00'%($:/(.%.0($7'($*'A',)($<>,>*>($:#*$+#$334$
()*$+#$-*/.((#,-'C$$
$
R,'$*>-',%'$>%)7'$7'$I*.00.%9Op/,'($d$L'*(#)7$2FG!F5$#$-.?+>$+8.=:#-%$7'($334$',$%'*='($7'$*>7)-%./,$7'$+#$
:*/?#?.+.%>$7'($-*.('($>-/,/=.;)'(C$"'($#)%')*($-/,-+)',%$;)'$+8.=:#-%$78),'$334$()*$+'$,.A'#)$7)$LMN$('*#$
:/(.%.0@$ ('$ =/,%#,%$ B$ ',A.*/,$ •G@Fb$K$ 2#)$ =.,.=)=5C$ ]'%$ .=:#-%$ <+/?#+'=',%$ :/(.%.0$ ('*#$ =k='$ :+)($
.=:/*%#,%$',-/*'$(8.+$'(%$#((/-.>$B$),'$)%.+.(#%./,$*>0+>-9.'$'%$:*/<*'((.A'$7'($*'-'%%'($<>,>*>'($:#*$+#$334@$
-'$;).$:/)**#.%$-/,%*.?)'*$B$(%.=)+'*$+8'=:+/.$'%$*>>;).+.?*'*$+8>-/,/=.'$A'*($),'$-*/.((#,-'$:+)($7)*#?+'$'%$
>;).%#?+'C$$
$
#
1 / 15 100%

La Taxe sur les Transactions Financières: Dissiper les idées fausses

La catégorie de ce document est-elle correcte?
Merci pour votre participation!

Faire une suggestion

Avez-vous trouvé des erreurs dans linterface ou les textes ? Ou savez-vous comment améliorer linterface utilisateur de StudyLib ? Nhésitez pas à envoyer vos suggestions. Cest très important pour nous !