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Are we on the verge of a Europe wide taxation system?

The recent appointment of the first European president has brought about the potential for a European wide taxation system to come into play in the short to medium term. Despite the fact that the European Union will hold massive of power over European member states, there was no vote and none of the parties who have been appointed into the top positions were in anyway accountable to any voters across the European Union. So what can we expect?

There are fears that a number of "backdoor deals" have been done over the last few weeks which has seen various key positions allocated to various member states in Europe. The UK has gained the high-profile foreign office position while the former Belgian PM Herman Van Rompuy has been appointed as Europe's first president. However, it is the vital role of finance minister which has caught the eye of many in UK with rumours that a deal has been done to install a French representative into the position.

It is also believed that many in the European Union have their eyes set on a "federal Europe" where taxes are collected in member states on behalf of the European Union and placed into a central pot which is used for the "good of the whole of Europe". This is most certainly a nightmare scenario for many in the UK and other member states.

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