1/4% Tax on all stock trades pushed in NY Times today
- Thread starter seasideheights
- Start date
No mention of number of shares traded. Old data, too. I've bookmarked hundreds of sites and I think this might be the only one referring much to the UK.
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http://www.lowtax.net/lowtax/html/offon/uk/uk_gotaway.html
Outgoing chairman of the LSE, Don Cruikshank, predicted in 2003 that if changes weren't made to stamp duty legislation, total losses of trading could be as much as GBP1tn.
He was quickly proved right, when in May 2004 Inland Revenue figures showed that revenues from the tax on share trading fell from GBP4.5bn in the 2000/2001 tax year to GBP2.6bn in 2003/2004.
Anyone have any idea what this may mean? Hopefully just shoddy reporting:
<b>"Amid signs that key opponents of a transaction tax in Obama's administration have been sidelined . . . "</b>
Who in the heck would that be?
From today's article:
http://www.guardian.co.uk/business/2010/jan/22/gordon-brown-tobin-tax-banking
<b>"Amid signs that key opponents of a transaction tax in Obama's administration have been sidelined . . . "</b>
Who in the heck would that be?
From today's article:
http://www.guardian.co.uk/business/2010/jan/22/gordon-brown-tobin-tax-banking
I would think he was talking about Summers and Geithner, since from all the reporting they were against this new bank levy and bank reform this week. He then went to Volcker for support and got the support he wanted. Vlovker is on Obamas Eco team along with Summers. So the paper figures that Summers and Geithner have been sidelined, they were both against this tranny tax. Vlocker was more apt to hear studies on the TAX. So I assume thats what the Guardian means but the Guardian is heavily in favor of this tax anyways. They always try to skew it there direction.
Well first lets look at the source (the guardian isn't exactly on our side). Anyway I think they are probably referring to Obama using Volcker's ideas for his latest industry crackdown. I read a couple of articles that made it sound like Obama chose Volcker's advice over that of Geithner's and Summers. Although the articles did indicate that both Geithner and Summers signed off on the 'Volcker rules.'
Anyway I'm sure Geithner and Summers are still directly in the mix and so all is well. On a sidenote Volcker said he was opposed to a TT back in December. To sum it all up this is just the Guardian putting a lot of spin on this. It will be interesting to see what comes out of the mini summit that Britain is hosting on Monday. It sounds like the US is going to present their 'Volcker rules' for debate. Let's hope when Brown brings up the TT they laugh him out of the room.
-Guru
Last paragraph sounds good. Mathew Beck, Ways and Means spokesman says no plans to hold hearings. Yet, what they say and do are totally different.
Trading Tax Proposal in Congress Rankles Street
http://www.tradersmagazine.com/issues/20_302/-104935-1.html?pg=2
Trading Tax Proposal in Congress Rankles Street
http://www.tradersmagazine.com/issues/20_302/-104935-1.html?pg=2
"A-listers call for extra bank tax to pay for charity"
http://news.bbc.co.uk/2/hi/business/8476013.stm
"Madonna and Gwyneth Paltrow are set to front a worldwide campaign by some of the largest aid groups in calling on banks to pay a new levy of 0.005% on the value of every transaction that they make on international markets."
"The celebrities are working with a group of high profile aid organisations, including the Unicef, Oxfam and Cafod, with the stated aim of "re-writing the contract between bankers and ordinary people", creating a so-called "Robin Hood" tax."
"The campaign, which is expected to be launched next month, is just the latest to be orchestrated by Richard Curtis - the film-maker behind Notting Hill and Love Actually."
"The group behind the campaign says half the money raised would be spent on home projects including helping to pay for the banking bail-out and the resulting recession.
The rest of the money would be shared with overseas aid budgets and climate change projects.
Oxfam admits that a transaction tax would need global agreement, which would be difficult."
The Canadians may still be resisting any transaction tax but the American position is almost unrecognisable.
US President Barack Obama's radical call on Thursday, for the effective break-up of America's largest banks, may lead to dramatic changes to the banking environment all over the world.
Ironically, this could damage the charities' plan for a global transaction tax, as slimmed down banks may not be willing or able to trade as they have done before.
It could take months before we know what the international banking system will look like after the kind of fundamental overhaul many senior politicians are calling for.
In the meantime, the publicity train for a transaction tax will roll on - coming soon to a cinema, advertising billboard or website near you.
This just keeps getting better
-Guru
http://news.bbc.co.uk/2/hi/business/8476013.stm
"Madonna and Gwyneth Paltrow are set to front a worldwide campaign by some of the largest aid groups in calling on banks to pay a new levy of 0.005% on the value of every transaction that they make on international markets."
"The celebrities are working with a group of high profile aid organisations, including the Unicef, Oxfam and Cafod, with the stated aim of "re-writing the contract between bankers and ordinary people", creating a so-called "Robin Hood" tax."
"The campaign, which is expected to be launched next month, is just the latest to be orchestrated by Richard Curtis - the film-maker behind Notting Hill and Love Actually."
"The group behind the campaign says half the money raised would be spent on home projects including helping to pay for the banking bail-out and the resulting recession.
The rest of the money would be shared with overseas aid budgets and climate change projects.
Oxfam admits that a transaction tax would need global agreement, which would be difficult."
The Canadians may still be resisting any transaction tax but the American position is almost unrecognisable.
US President Barack Obama's radical call on Thursday, for the effective break-up of America's largest banks, may lead to dramatic changes to the banking environment all over the world.
Ironically, this could damage the charities' plan for a global transaction tax, as slimmed down banks may not be willing or able to trade as they have done before.
It could take months before we know what the international banking system will look like after the kind of fundamental overhaul many senior politicians are calling for.
In the meantime, the publicity train for a transaction tax will roll on - coming soon to a cinema, advertising billboard or website near you.
This just keeps getting better
-Guru
Quote from listedguru:
"A-listers call for extra bank tax to pay for charity"
http://news.bbc.co.uk/2/hi/business/8476013.stm
"Madonna and Gwyneth Paltrow are set to front a worldwide campaign by some of the largest aid groups in calling on banks to pay a new levy of 0.005% on the value of every transaction that they make on international markets."
"The celebrities are working with a group of high profile aid organisations, including the Unicef, Oxfam and Cafod, with the stated aim of "re-writing the contract between bankers and ordinary people", creating a so-called "Robin Hood" tax."
"The campaign, which is expected to be launched next month, is just the latest to be orchestrated by Richard Curtis - the film-maker behind Notting Hill and Love Actually."
"The group behind the campaign says half the money raised would be spent on home projects including helping to pay for the banking bail-out and the resulting recession.
The rest of the money would be shared with overseas aid budgets and climate change projects.
Oxfam admits that a transaction tax would need global agreement, which would be difficult."
The Canadians may still be resisting any transaction tax but the American position is almost unrecognisable.
US President Barack Obama's radical call on Thursday, for the effective break-up of America's largest banks, may lead to dramatic changes to the banking environment all over the world.
Ironically, this could damage the charities' plan for a global transaction tax, as slimmed down banks may not be willing or able to trade as they have done before.
It could take months before we know what the international banking system will look like after the kind of fundamental overhaul many senior politicians are calling for.
In the meantime, the publicity train for a transaction tax will roll on - coming soon to a cinema, advertising billboard or website near you.
This just keeps getting better
-Guru
This stinks becuase we do not need it mainstream like this, however wrong it is this could stir up a lot of support by people who are simply fans of the celebrities
"Don't Tax the Recovery, Says Nasdaq OMX Chief"
http://www.tradersmagazine.com/news...r-defazio-tom-harkin-jack-bogle-104991-1.html
A proposed securities transaction tax hurts the recovery, ignores history and will have unintended consequences, Nasdaq OMX chief executive Robert Greifeld said yesterday in his first public comments on the plan.
An attitude of disdain for the securities industry is understandable, Greifeld said. But a transaction tax "will miss the intended victim and hit the American investor and worker at the wrong time," said Greifeld, in comments he made at the National Press Club, in Washington, D.C. He added that the proposed measure would be a "tax on liquidity."
-Guru
http://www.tradersmagazine.com/news...r-defazio-tom-harkin-jack-bogle-104991-1.html
A proposed securities transaction tax hurts the recovery, ignores history and will have unintended consequences, Nasdaq OMX chief executive Robert Greifeld said yesterday in his first public comments on the plan.
An attitude of disdain for the securities industry is understandable, Greifeld said. But a transaction tax "will miss the intended victim and hit the American investor and worker at the wrong time," said Greifeld, in comments he made at the National Press Club, in Washington, D.C. He added that the proposed measure would be a "tax on liquidity."
-Guru
"Don't tax the recovery"
This has some good stats on the tax when Sweden implemented it. Futures volume dropped by 98% (yikes)....
http://www.securitiesindustry.com/blogs/-24554-1.html
-Guru
This has some good stats on the tax when Sweden implemented it. Futures volume dropped by 98% (yikes)....
http://www.securitiesindustry.com/blogs/-24554-1.html
-Guru