But banks are taxed on their net interest margin at the corporate tax rate. Its the same argument as for the 'dividend tax credit' system which Australia has an

But banks are taxed on their net interest margin at the corporate tax rate. Its the same argument as for the 'dividend tax credit' system which Australia has and the UK had 20+ years ago (which used to be called 'Advance Corporation Tax'), ie tax capital returns only once and in the hands of the investor not the payer where possible.