1/4% Tax on all stock trades pushed in NY Times today

Does anyone know if they are talking about 0.005% or 0.05%? I've seen it both ways. I think the french mentioned 0.005% but the germans mentioned 0.05%... That extra decimal point would make a huge difference...

I also read something about Germany instituting a stock market transaction tax (in Germany) possibly in addition to a global transaction tax. Thats the problem here. If this were ever to happen they would just keep cranking it up... But I still think this ain't happening...

Also this article mentions some countries who are for and against the tax. But it does mention Sweden being for the tax but I don't believe that is the case:

http://www.globalpolicy.org/component/content/article/216-global-taxes/45919.html

-Guru
 
Guru, this article is really old. Chirac was still president.

If it passes, I guess it would be 0.005 % ( or 0.05 % with retail exemptions...LOL )
 
Sweden was against or is against, he is chair of the EU- the Swede Presidnet that is and he says it doesnt work. He should know cause it killed his countries financial stature whebn they implemented it years ago
 
Quote from listedguru:

Does anyone know if they are talking about 0.005% or 0.05%? I've seen it both ways. I think the french mentioned 0.005% but the germans mentioned 0.05%... That extra decimal point would make a huge difference...
More...

The 0.005% was an idea by the french centre right government (for Africa aid), while the 0.05% was the idea by the German SocialDemocrats.

The current debate is at 0.05% per side, totalling 0.1% for a roundtrip, naturally, this would decimates futures trading, so in the unfortunate case this goes through, it couldn't happen, in my opinion, on futures. just as Larry Sumners said last time he was asked about it.
 
Quote from zdreg:

have you ever day traded in any other country?

"if tax ever does go through, US govt will be watching our money transfer to Canada or other countries and we will continue to day trade as if nothing has happened"
sound like u are not experienced.
More...

I have traded only thru US, but have bought foreign stocks.
I have no experience of opening an foreign account to trade stocks and that is why I was asking. I mainly trade futures and when comparing costs, it is far cheaper to trade Eurex than CME.
 
Quote from NielsenDK:

...

The current debate is at 0.05% per side, totalling 0.1% for a roundtrip, naturally, this would decimates futures trading, so in the unfortunate case this goes through, it couldn't happen, in my opinion, on futures. just as Larry Sumners said last time he was asked about it.
More...

Completely agree.
 
Quote from NielsenDK:

A global financial-transaction tax, applied uniformly across the G20 countries, is the obvious instrument to ensure that all financial-market participants contribute equally. German Foreign Minister Frank-Walter Steinmeier and I suggest the G20 take concrete steps toward implementing a tax of 0.05 per cent on all trades of financial products within their jurisdictions, regardless of whether these trades occur on an exchange. Retail investors could be exempt.

http://www.ft.com/cms/s/0/25afd1d4-a905-11de-b8bd-00144feabdc0.html
More...
"Retail investors could be exempt"

do u think goldman or the prop industry in the US would allow it. they will turn it on its head to their advantage.
 
Quote from NielsenDK:

The 0.005% was an idea by the french centre right government (for Africa aid), while the 0.05% was the idea by the German SocialDemocrats.

The current debate is at 0.05% per side, totalling 0.1% for a roundtrip, naturally, this would decimates futures trading, so in the unfortunate case this goes through, it couldn't happen, in my opinion, on futures. just as Larry Sumners said last time he was asked about it.
More...

Are you referring to the quotes from Summers in the Conde Naste Portfilio magazine article from last year? I haven't heard him comment on it since. It sure would be nice to have him (or even Geithner come out against this thing).

-Guru
 
Quote from NielsenDK:


The current debate is at 0.05% per side, totalling 0.1% for a roundtrip, naturally, this would decimates futures trading, so in the unfortunate case this goes through, it couldn't happen, in my opinion, on futures. just as Larry Sumners said last time he was asked about it.
More...

Completely disagree. So what if it will hurt highly leveraged traders.
 
You must log in or register to reply here.
Back
Top