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Are we sure how an EC-9 FTT would work? I don't trust the prior linked Brazilian media report alone on this crucial question. Can someone pin this down? Can just one member country of the EU 27 vote no to block EC-9 FTT? That doesn't sound like what we were thinking was the case before, and it...

Progress Seen on EU Transaction Tax - WSJ.com http://online.wsj.com/article/SB10000872396390443768804578038483868259290.html It seems like France and Germany are close to EC 9 for FTT. Finland is probably going to be be a no vote, and Hungary just said no on Friday. But, the needed 4...

Like the broad criticism points in this article. http://www.hs.fi/english/article/Proposal+for+joining+proposed+EU+financial+transactions+tax+sparks+criticism/1329104867569 Even the True Finn's leader says FTT will decimate banking. If the ruling National Coalition Party pre-conditions...

I'm in Finland helping my wife with family stuff. Saw the FM on TV Saturday push a scheduled FTT vote this Friday in parliament, for Finns to join France and Germany on pushing FTT EC-9. The TV news reporter interviewed the PM who outranks the FM and he said he was not sure of FTT. He looked...

Mixed reports. Read an article this morning that said Spain's PM was presenting a new budget, austerity and tax increase plan that would include FTT. I think it was bad reporting because FTT is not included. I don't see FTT in the articles about the plan announced later in day. Spain...

Just guessing that Spain and Italy may be holding EC-9 FTT hostage for more ESM and ECB bailouts, with less EU and IMF-imposed austerity measures. FTT is a side show for Spain and Italy and they are more focused on their short-term survival. FTT would hurt Spanish and Italian banks who are...

Germany Moves to Brake High-Speed Trading - WSJ.com http://online.wsj.com/article/SB10000872396390444813104578018292059338944.html Seems like a fairly reasonable approach to reining in HFT. A limit on quote stuffing, and perhaps higher fees for using markets for unexecuted trade orders. I...

How many Elite Traders are trading swaps these days? Or instruments like ETFs or options on ETFs that include swap contracts? How many are interested in swap futures coming from CME soon? Here's our new draft blog article on tax treatment for swaps. Any one have questions on tax treatment for...

Thanks Tom. Wow, that's scary. Main Street is hurt when financial markets are in disarray, liquidity dries up, and prices are distorted against their favor. Proponents claim FTT improves markets, but the unintended consequence is it makes markets worse, which hurts all users of financial...

Nice letter Tom Davis to send to Congressmen, thanks. I suggest one more bullet point about how FTT damages markets, jobs and economic activity, when government is supposed to be stimulating such activity. Studies indicate (cite them) that FTT disrupts financial markets in a negative way...

We issued this update. An update note to tax preparers and traders about incorrect 1099-Bs and 2011 tax filings http://www.greencompany.com/blog/index.php?postid=163 And, use this footnote with the return if you are using TradeLog. Tax Return Footnote: 2011 Form 8949 and Cost-Basis...

It seems the German court's decision today enabling the bazooka bailout funds to proceed put FTT EC9 back in forward motion. Lot's of Google alerts tonight. Financial Transaction Taxes: Pros and Cons | Business Finance...

Regards. I got this answer from one of our CPAs. "I don’t believe that would ever happen, but in the perfect world he describes the total adjustments on the F8949 would be equal to the amount on the 1099 since it does include the amounts deferred to next year. The total adjustments are...

It's going to be extra hard to reconcile wash sales, as there are many known reasons why they won't match. Brokers often report potential wash sales, not actual wash sales. Brokers didn't do the cut-offs right at the beginning or end of year. Brokers report wash sales between identical positions...

Good post on Bloomberg and the AMT-patch portion of the fiscal cliff. I agree that the bi-partisan willingness to do an annual AMT patch - which is not yet done for 2012 - might usher in a broader deal. Fiscally-conservative Democrats want "pay go" and Republicans are harping about...

Disagree. The CFTC enforcement attorney said Americans couldn't use offshore dummy corps to evade the CFTC forex trading rules for retail accounts. You are correct that they are more focused on the intermediaries. Americans can only get some deferral of income offshore if they have real...

If they don't extend the Bush-era tax cuts in the lame-duck session early on, then yes, tax advisors are suggesting to their clients to sell positions to realize capital gains taxes at 15% in 2012, rather than 23.8% in 2013. (The long-term cap gains rate rises to 20% plus the 3.8% Medicare tax...

Your still reading me wrong. I wrote in other blogs that I supported Bowles Simpson and like one rate for all income, making things simpler and doing away with lots of excess baggage in the code. I liked the Bowles Simpson top rate of 23% and pointed out that is like the futures 60/40 rate now...

Both parties have played chicken, held the other hostage and fiddled too much. Read a blog I wrote In Nov. 2011. Republicans And Democrats Dicker While The Deficit Yawns And Rome Burns - Forbes...

Wrote this piece from the heart after watching the conventions and right after Obama's speech. Most speakers shared their feelings, so I shared mine. I didn't have my personal editor review it, and my Forbes editor always changes the title. It's not right or wrong, but how I feel. Others...