It looks like zdreg is right on this one, the article says .125 percent is the india tax, which is .00125* 100k in trading value which would mean 125 bucks tax per every 100k traded, so it would be a 250 tax round turn which would kill any and all day trading. I guess the news articles sometimes get it wrong, becuase I would say if it was .00125% then it would be fine to daytrade, but not at the levels zdreg mentioned and after looking at the article it says .125 %
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an alternative browser.
You should upgrade or use an alternative browser.
1/4% Tax on all stock trades pushed in NY Times today
- Thread starter seasideheights
- Start date
It looks like zdreg is right on this one, the article says .125 percent is the india tax, which is .00125* 100k in trading value which would mean 125 bucks tax per every 100k traded, so it would be a 250 tax round turn which would kill any and all day trading. I guess the news articles sometimes get it wrong, becuase I would say if it was .00125% then it would be fine to daytrade, but not at the levels zdreg mentioned and after looking at the article it says .125 %
Quote from hermit:
I am not arguing in favor of a TT but India has a tax of 0.0017% on transactions and it doesn't seem to have killed day trading there, infact there were articles recently on how algo trading was picking up there with international firms setting up bases.
India abolished the commodities transaction tax in 2009 and is in the process of removing the securities transaction tax for 2010.
Quote from listedguru:
So it sounds like they plan on doing the same thing that the IMF is going to release in a couple of weeks ( a study of options of how to best pay for this mess). Seems kind of redundant to me. We all know the IMF is going to come out against a Tobin Tax and instead favor a direct levy on the banks (liabilities, profits, assets or whatever). That should help put an end to this madness.
-Guru
It looks as if the European Parliament resolution additionally intends to look at the tax from the point of view of financing various good causes which the IMF isn't doing.
From the European Parliament resolution http://www.europarl.europa.eu/sides/getDoc.do?type=MOTION&reference=B7-2010-0133&language=EN :
7. Calls on the Commission and the Council to assess to which extent the options under consideration could also be used as innovative financial mechanisms to provide support for adaptation to and mitigation of climate change for developing countries, as well as for financing development cooperation;
From an interview ith John Lipsky who is heading the IMF report http://www.imf.org/external/pubs/ft/survey/so/2010/int011110a.htm :
IMF Survey online: What about the idea of a Tobin tax on foreign currency transactions, or a more general financial transactions tax, which some have proposed?
John Lipsky: Of course we will examine all worthwhile proposals. However, the original âTobin taxâ proposalâfirst suggested by the late Nobel laureate James Tobinâwas limited to foreign exchange transactions, and was intended to reduce the volume of such transactions, not to raise revenue. While some contemporary advocates of a transaction tax view it as a means to shrink the size of the financial sector, others are looking to such a measure as a possible source of finance for development purposes. Whatever the merits of this approach, and the worthiness of the overall goal, this is not exactly the issue that the G-20 Leaders asked us to analyze.
*************************************************
Regardless of the the proposed purpose of the FTT, the IMF is very likely to come down firmly against it, which will hopefully take the wind out of the sails of the Euro resolution.
Let's hope the IMF report is going to be sufficiently damning and detailed that it will help kill off optimism in the pro tax camp.
Quote from FightTheFuture:
India abolished the commodities transaction tax in 2009 and is in the process of removing the securities transaction tax for 2010.
Thanks thats good to know. I also agree with Guru, I think the IMF report will have a dramatic affect on all this FTT talk, while I dont think it will kill peoples thinking, especially the NGO'S whom I am sure will still fight full steam ahead on this, it will take some wind out of the sails of other governments. A lot of time we do not listen to the IMF here in the states unless it agrees with our position , which this time so far it does, we do hold overall control of IMF voting as well. We will have to fight this as well even after the report becuase of the looming debt we have here but little steps at a time certainly help.
^^I hope that it doesn't take one country to try it and fail in order to stop and talks of this for at least another 20 years.
http://online.wsj.com/article/SB126715722509852065.html?mod=googlenews_wsj
If I remember, in mid 2009 they were even looking at paying back the STT to certain people if they created enough volume.
"The Securities Transaction Tax is likely to be abolished under the new Direct Tax Code regime which may push up volumes in the equity markets. "Quote from hermit:
I am not arguing in favor of a TT but India has a tax of 0.0017% on transactions and it doesn't seem to have killed day trading there, infact there were articles recently on how algo trading was picking up there with international firms setting up bases.
http://online.wsj.com/article/SB126715722509852065.html?mod=googlenews_wsj
If I remember, in mid 2009 they were even looking at paying back the STT to certain people if they created enough volume.
There is an article in favour of the Robin Hood tax here:
http://www.timesonline.co.uk/tol/news/uk/article7061026.ece
Pour cold water on it in the comments section.
http://www.timesonline.co.uk/tol/news/uk/article7061026.ece
Pour cold water on it in the comments section.
A very frightening article about the demise of the US Dollar and the loss of US sovereignty as a nation.
A single world currency or only a virtual one (SDR) and forced globalization by the G20 would level the way for a global transaction tax and many other global taxes.
http://www.shtfplan.com/headline-ne...while-global-governance-is-organized_03122010
Since the âGreat Recessionâ began, economic forums and conferences such as the G20, and the annual World Economic Forum (WEF) in Davos, Switzerland have spoken of little else except the formation of a centralized world economy and the establishment of a legal body that has the power to run it. At the Davos âworkshops,â economists and others present ideas for world governance as if they were the originators of the concept. It may not be surprising to most of us that there is rarely if ever anyone who participates in the WEF meetings that supports the restoration of national sovereignty.
In a sudden breakdown, our time will be cut short, and the public will be distracted and fearful, desperate for an organized authority to offer any semblance of âorder.â A slow collapse allows for the Liberty Movement to work peacefully within the system to build a third party capable of dethroning the current two party farce. A sudden collapse erases all political activity and opens the door to martial law and illegitimate government. And finally, a fast moving meltdown leaves a much stronger psychological impression; a catastrophic waking nightmare, instead of a slow grinding depression. A world government could never be brought about due to the âmonotonyâ of a long slow economic burnout. Too many factors could present themselves in such an extended period that might interfere with the desired end result. Too many variables to calculate. In an abrupt collapse, the Globalists would need only to gage and influence the amount of fear in the populace to a sufficient boiling point then leap in with their intended solution to the problem; centralized global governance.
A single world currency or only a virtual one (SDR) and forced globalization by the G20 would level the way for a global transaction tax and many other global taxes.
http://www.shtfplan.com/headline-ne...while-global-governance-is-organized_03122010
Since the âGreat Recessionâ began, economic forums and conferences such as the G20, and the annual World Economic Forum (WEF) in Davos, Switzerland have spoken of little else except the formation of a centralized world economy and the establishment of a legal body that has the power to run it. At the Davos âworkshops,â economists and others present ideas for world governance as if they were the originators of the concept. It may not be surprising to most of us that there is rarely if ever anyone who participates in the WEF meetings that supports the restoration of national sovereignty.
In a sudden breakdown, our time will be cut short, and the public will be distracted and fearful, desperate for an organized authority to offer any semblance of âorder.â A slow collapse allows for the Liberty Movement to work peacefully within the system to build a third party capable of dethroning the current two party farce. A sudden collapse erases all political activity and opens the door to martial law and illegitimate government. And finally, a fast moving meltdown leaves a much stronger psychological impression; a catastrophic waking nightmare, instead of a slow grinding depression. A world government could never be brought about due to the âmonotonyâ of a long slow economic burnout. Too many factors could present themselves in such an extended period that might interfere with the desired end result. Too many variables to calculate. In an abrupt collapse, the Globalists would need only to gage and influence the amount of fear in the populace to a sufficient boiling point then leap in with their intended solution to the problem; centralized global governance.
Here goes the sadly misinformed Erin Burnett, yet again. The FTT affects EVERY trader and investor. It is not a "small tax".
The concern is that it will be snuck into legislation at the last minute. I really hope that is not the case...
The concern is that it will be snuck into legislation at the last minute. I really hope that is not the case...
Quote from Wayne Gibbous:
Here goes the sadly misinformed Erin Burnett, yet again. The FTT affects EVERY trader and investor. It is not a "small tax".
The concern is that it will be snuck into legislation at the last minute. I really hope that is not the case...
What was said? I missed it.
This was what I got. I wasn't paying close attention, so others may have heard more clearly.
The interviewed commentor (I forgot who - one of their regular guys from one of the trading floors) mentioned that it would kill volumes and be very destructive to markets.
Then her comment to Haynes was that "There were two sides to every story..." And something like "Some people say it would have no effect on regular investors, just daytraders..."
The interviewed commentor (I forgot who - one of their regular guys from one of the trading floors) mentioned that it would kill volumes and be very destructive to markets.
Then her comment to Haynes was that "There were two sides to every story..." And something like "Some people say it would have no effect on regular investors, just daytraders..."
Quote from seasideheights:
What was said? I missed it.