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

Ok Guru I found out more about that meeting in Paris, it was scheduled way before the g20. It meets a few times a year. It has 58 countries, US is not in this group. It also is made up of NGO'S like ATTAC and Halifax Initiative, which are both pro transaction taxes big time. This is mainly made up of lots of 3rd world countries and France Germany and UK: Below are all teh country members:

Algeria, Bangladesh, Burkina Faso, Belgium, Benin, Burundi, Brazil, Cambodia, Cameroun, Cap Verde, Chile, Cyprus, Congo, Cote d’Ivoire, South Korea, Djibouti, Ethiopia, Finland, France, Gabon, Germany, Guatemala, Guinea, Guinea-Bissau, Haiti, India, Italy, Japan, Jordan, Lebanon, Liberia, Luxembourg, Madagascar, Mali, Morocco, Mauritius, Mauritania, Mexico, Mozambique, Namibia, Nicaragua, Niger, Nigeria, Norway, Poland, Central African Republic, United Kingdom, Saudi Arabia, Senegal, Sao Tome and Principe, Sierra Leone, South Africa, Spain, Togo, Uruguay

Also the name of this meeting Is Leading Group on Innovative Financing for Development www.leadinggroup.org

They have had this transaction tax on their agenda for years as a way to give to less developed countries. and they have had meetings on this before for countries to take part and talk about this levy as you can see on there website from sept 21st


The current financial and economic crisis gives a particular context to the idea of a contribution on international financial transactions to fund development. The Sixth plenary session of the Leading Group on innovative financing, held on May 28th and 29th in Paris, opened this debate before last summer, in continuation of the works started since the Group’s foundation in 2006. Ever since, several high-level interventions in the world press have underlines the important potential of this idea.

Interested countries will meet in october in Paris to assess the technical and legal feasibility of a currency transaction levy and voluntary contributions based on international financial transactions, and to explore all options in that regard.

At the opening session of the Sixth plenery meeting of the Leading Group on innovative financing to fund development, Mr Bernard Kouchner, Minister of Foreign and European Affairs, wished the Leading Group studied new forms of financing development on the basis of innovative financing mechanisms.

Citing projects such as the Currency Transaction Levy (CTL), he said France was ready to accompany a "pioneer group of states" to study the feasability of such a contribution.

During the works of the conference, David Hillman, director of Stamp Out Poverty, a UK-based NGO, greeted the progress made by innovative financing during the past years and insisted on the potential of a light levy on financial transactions.

Moreover, several participants marked their interest for this opportunity, and called a study on the feasability at a global level of this model.

The conclusions of the Paris Declaration:

«v) A working group has been set up to assess the technical and legal feasibility of a currency transaction levy and voluntary contributions based on international financial transactions, and to explore all options in that regard.»




So Guru you see basically this is for Europe and other countries who want to try and get money by taxing transactions to do what they like, US is not a member of this group nor do they have any representation at the meetings. This if you read thru and see is more for really far left people and more socialist types plus all the NGO'S that have been clamouring how a transaction tax is such an amaxing thing are members of this group as well. So its not anything different then this group has been doing for years, they always have these meetings over the same things if you look back on there website.
 
One proposal, popular at the United Nations for decades and long-advocated by Fidel Castro, is the Tobin Tax, named after Yale University economist James Tobin
More...
so you got people in congress,who support Castro's ideas..good job USA!
global taxes! even better!
 
Its funny, the article is a little out there, the ones that show support in the article are out there. IT made it seem like Obama supports it which so far he doesnt becuase if he did, it would have explicitly been in the g20 communique not an offshoot for the IMF to look at , which the IMF has dimissed the Tobin Tax. While I do not like Obama, so far no government support where it counts, even if Obama wanted it, doesnt make it a done deal. There are some, well atleast a few smart people left in Congress who wouldnt pass it:) Defazio, -radical, American Prospect- radical, Castro- idiot
 
There is a quote in this piece from a US offical regarding a tax on banks:

But officials in Istanbul played down the idea. A US official told the Financial Times: “This came up in Pittsburgh and the US is not favourably inclined.”

Also this quote from the UK Chancellor Darling:

Alistair Darling, UK chancellor, said Britain would not agree to any global agreement that undermined its sovereignty on tax.


http://www.ft.com/cms/s/0/89e10600-b0da-11de-b06b-00144feabdc0.html?nclick_check=1

It's just nice to read that the US us not in support of this:)

-Guru
 
http://blogs.wsj.com/washwire/2009/10/08/turning-to-wall-street-to-fund-a-new-stimulus-package/

The proposals came at a House Ways and Means subcommittee hearing on how to strengthen the nation’s tattered safety net.

The financial-transactions tax, to take effect two years from now, “would apply as broadly as possible, [on] everything you can,” including all sorts of stock, bond and derivative transactions, said EPI President Lawrence Mishel. It would not apply to day-to-day consumer financial transactions, however, he said.

The tax – between 0.1% to 0.25% of the transaction’s value – could raise between $100 billion and $150 billion a year. In addition to covering the cost of a new recovery package, it could contribute to deficit reduction in coming years, advocates say.
 
Thank Guru for the Articles, good find. The one I dont like is from NelsonDK below you that article is not good:) I dont worry about the IMF but when someone is testifying in front of the House Ways and Means Committe( where Defazio's bill is) that I do not like. But when I looked up who was testifyin its a liberal thjink tank so we shall see, but he is also respected. I will keep looking at the committees schedule to see if they look at it at all, I mean Defazios bill.
 
A recent House of Representatives' bill that many on Wall Street believe would destroy liquidity will never pass, according to industry experts.

The bill-H.R. 1068: Let Wall Street Pay for Wall Street's Bailout Act of 2009-is heavily flawed, lacks sufficient support on the Hill and has already failed in an earlier incarnation, they added. As written, the bill would tax each buy and sell transaction for equities, options and futures by up to 25 basis points.

"I can't believe [a transaction tax] will get any traction," Duncan Niederauer, chief executive of NYSE Euronext, told an audience on Tuesday at the Museum of American Finance. "I can't believe that would find its way to even a vote."

If it passes, the transaction tax would kill the thin-margin high-frequency trading business, which many say represents an estimated two-thirds of the daily volume in equities.

Rep. Peter DeFazio, D-Ore., introduced the bill on Feb. 13. It has since been referred to the House Committee on Ways and Means, where it sits, according to the House of Representatives' Web site.

The committee has yet to address the bill because it's too soon, said John Giesea, president and chief executive of the Security Traders Association.

"By word of mouth, it's not given great chance of passage," he said. "But we've taken the conservative approach that it's so outrageous that we thought we'd speak up, and speak loudly, to ensure it's not going to get passed."

Another industry source, who declined to give his name, said the transaction tax bill lacks momentum because DeFazio sits on the wrong committees to move the bill forward. He added that such a bill has been introduced before and rejected.



This passage is from about march but still rings nice, even since march the economy is getting better.
 
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