Sounds like prohibition is back. Where will the short term investors go? If you read the reports about this it is aimed purely at eliminating day trading, not at generating revenue.
1/4% Tax on all stock trades pushed in NY Times today
- Thread starter seasideheights
- Start date
your analysis is correct. in their heart of hearts these legislators know that little revenue will be raised. but those headlines and the temporary limelight make it worthwhile: get those dirty speculators and gamblers who are interfering with the god fearing long term investors.
will the LastTrader turn the lights off?
Canada's Flaherty Discusses Financial Transaction Tax: Video
from March 15.
http://www.youtube.com/watch?v=lqXjsyf7RDY
from March 15.
http://www.youtube.com/watch?v=lqXjsyf7RDY
The European Unionâs commissioner for the internal market and services, Michel Barnier, sets out his new agenda for Europe:
http://www.efinancialnews.com/story/2010-03-29/barnier-sets-out-his-new-agenda-for-europe
[...]
FN: What is your view on trying to shrink the banks, for example by applying a sort of Tobin tax to financial transactions?
MB: The IMF is studying various proposals on a Tobin tax and will come forward with a report next month. I am looking forward to it.
It makes sense to move in the direction of some form of tax on financial transactions, although this would trigger a number of complex issues: what to tax, how, and how much. Weâd also need to discuss what we use such a new resource for, but one option could clearly be to help us tackle the big world challenges we face, from climate change to food security, for example.
[...]
http://www.efinancialnews.com/story/2010-03-29/barnier-sets-out-his-new-agenda-for-europe
[...]
FN: What is your view on trying to shrink the banks, for example by applying a sort of Tobin tax to financial transactions?
MB: The IMF is studying various proposals on a Tobin tax and will come forward with a report next month. I am looking forward to it.
It makes sense to move in the direction of some form of tax on financial transactions, although this would trigger a number of complex issues: what to tax, how, and how much. Weâd also need to discuss what we use such a new resource for, but one option could clearly be to help us tackle the big world challenges we face, from climate change to food security, for example.
[...]
I still don't see a Tobin Tax happening (at least not on a G20 level). If some in Europe want to go it alone then maybe they will but you can already see Gordon Brown backing off as well as Germany. I would think France will cave also once the IMF report is released. You notice how most of these reports out of Europe are now calling for a Tobin Tax to to pay for Climate chance, etc - that just isn't going to happen
-Guru
Bank-Tax Concept Gains Momentum:
http://online.wsj.com/article/SB10001424052702304434404575149992229061962.html
WASHINGTONâ"The U.S. and European governments are moving toward a consensus on taxing large banks to cover the cost of any future bailouts rather than asking taxpayers to foot the bill, as happened regularly in past banking crises."
"The IMF plans to recommend a bank tax when global economic officials convene in Washington in April and is leaning toward a fee in advance to fund a resolution authority, said officials involved with the IMF effort. That recommendation is likely to be influential with other countries."
The above article makes no mention of a Tobin Tax so that is good news for us
-Guru
http://online.wsj.com/article/SB10001424052702304434404575149992229061962.html
WASHINGTONâ"The U.S. and European governments are moving toward a consensus on taxing large banks to cover the cost of any future bailouts rather than asking taxpayers to foot the bill, as happened regularly in past banking crises."
"The IMF plans to recommend a bank tax when global economic officials convene in Washington in April and is leaning toward a fee in advance to fund a resolution authority, said officials involved with the IMF effort. That recommendation is likely to be influential with other countries."
The above article makes no mention of a Tobin Tax so that is good news for us
-Guru
Quote from listedguru:
I still don't see a Tobin Tax happening (at least not on a G20 level). If some in Europe want to go it alone then maybe they will but you can already see Gordon Brown backing off as well as Germany. I would think France will cave also once the IMF report is released. You notice how most of these reports out of Europe are now calling for a Tobin Tax to to pay for Climate chance, etc - that just isn't going to happen
-Guru
I agree. What comes out of Europe at the European Parliament level tends to be more 'aspirational' in content than what comes from the individual countries. Fortunately, it is still the individual countries that actually call the shots in terms of tax law.
Basically the momentum internationally is for some form of bank levy (although Canada oppose any sort of reform).
Also Germany and France now seem to want to work together to expand a bank levy across Europe suggesting France has already caved even before the IMF report. http://www.channelnewsasia.com/stories/afp_world_business/view/1046331/1/.html .
Well at least no mention of the Tobin Tax in that article. Hopefully he didn't bring it up in his speech. I see he is meeting with Obama this week also.
-Guru
They are not friends and it's working for us.
Sarko was dreamin' about being best pals with the first black US president but Obama doesn't give a shit about him, he just relegated him where he belongs and started giving more attention to the big boys like China and India instead of old Europe. That's bright.
Sarko is still obfuscated from Obama refusing his invitation to dine at the elysée in June.
Sarko was dreamin' about being best pals with the first black US president but Obama doesn't give a shit about him, he just relegated him where he belongs and started giving more attention to the big boys like China and India instead of old Europe. That's bright.
Sarko is still obfuscated from Obama refusing his invitation to dine at the elysée in June.