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

An interesting recent response from Semeta to a new "written question" of the pro-FTT MEPs :http://www.europarl.europa.eu/sides/getAllAnswers.do?reference=E-2010-010243&language=FR

"In addition, recent publications on the reasons for the current crisis did not identify trading activity as such as a root of the crisis.(2)"

European Parliament will apparently vote tomorrow to choose if they want a FTT now in Europe or wait for a global consensus. The European Commission has the last word for this, right?
 
Quote from TraDaToR:

An interesting recent response from Semeta to a new "written question" of the pro-FTT MEPs :http://www.europarl.europa.eu/sides/getAllAnswers.do?reference=E-2010-010243&language=FR

"In addition, recent publications on the reasons for the current crisis did not identify trading activity as such as a root of the crisis.(2)"

European Parliament will apparently vote tomorrow to choose if they want a FTT now in Europe or wait for a global consensus. The European Commission has the last word for this, right?
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Fortunately, the last word really lies with each European country as tax raising powers remain firmly at national level, not EU level. It isn't currently possible for the EU to raise taxes, much as they'd like to. Neither the European Parliament or the EU Commission has the power to make any country raise taxes that they don't want.

So even if the commission does come out in favour of a Euro-wide FTT, no country is obliged to take any notice.
 
Barnier urges France to push through global transaction tax:

"I personally consider this to be the right idea," he said in comments to be published in Tuesday's edition of the Sueddeutsche Zeitung."

"Only once there is consensus about the principle can we then talk about the size," the financial services chief noted, adding any such tax would have to be implemented worldwide."

http://www.reuters.com/article/2011/02/01/g20-france-barnier-idINLDE70U2OE20110201

-Guru
 
"... adding that any such tax would have to be implemented worldwide" is really an admission that it can't be done.

Barnier is giving the masses the words they want to hear, while at the same time saying he's not so stupid as to think it's really going to happen.



Quote from listedguru:

Barnier urges France to push through global transaction tax:

"I personally consider this to be the right idea," he said in comments to be published in Tuesday's edition of the Sueddeutsche Zeitung."

"Only once there is consensus about the principle can we then talk about the size," the financial services chief noted, adding any such tax would have to be implemented worldwide."

http://www.reuters.com/article/2011/02/01/g20-france-barnier-idINLDE70U2OE20110201

-Guru
More...
 
Quote from Explorer:

EU Parliament Approves Report On Financial Transaction Tax.

http://online.wsj.com/article/BT-CO-20110201-713215.html

Thankfully it's meaningless.
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"The report argues that increasing existing taxes and additional cuts in public budgets isn't a sufficient or sustainable answer to Europe's budget and market woes. However, a tax on transactions would help stabilize markets by curbing speculative and high-frequency trading and reducing price volatility, as well as offer significant revenues. The parliament estimates potential returns of up to EUR200 billion a year at an EU level and $650 billion at the global level."

LOL so the report says that increasing existing taxes isn't a sustainable answer so they propose to create new taxes. What a mess. The good news is that the parliament doesn't have the power to propose legislation in the EU and has no authority over financial transaction taxes according to a spokesman from the commission.

-Guru
 
(BR) Brazil Trade Minister: Govt may raise import taxes on selected products to protect markets- Brazil Senator: Govt could reinstate financial transactions tax but nothing has been decided yet
 
Quote from listedguru:

"The report argues that increasing existing taxes and additional cuts in public budgets isn't a sufficient or sustainable answer to Europe's budget and market woes. However, a tax on transactions would help stabilize markets by curbing speculative and high-frequency trading and reducing price volatility, as well as offer significant revenues. The parliament estimates potential returns of up to EUR200 billion a year at an EU level and $650 billion at the global level."

LOL so the report says that increasing existing taxes isn't a sustainable answer so they propose to create new taxes. What a mess. The good news is that the parliament doesn't have the power to propose legislation in the EU and has no authority over financial transaction taxes according to a spokesman from the commission.

-Guru
More...
$650 billion.....

Millionaire CEOs of charities are salivating and looking forward to huge salary increases.

They are delusional or evil or both if they think they are going to confiscate 1.1% of world GDP.

You could say that the proposed rate of 0.005% tax on transactions increases 220 times to a 1.1% tax that everyone pays...just to start.
 
Lagarde Says Trading Tax Needs ‘Coalition of Willing’

http://www.bloomberg.com/news/2011-...-tax-needs-coalition-of-willing-update1-.html

France is looking increasingly desperate. 'Coalition of the Suicidal' would be be a better description.

Meanwhile another charity has upped the estimate to $700bn a year. Completely ridiculous. In a year we've gone from an already wildly unrealistic $400bn to $650bn to $700bn! The protaganists for this tax are the most shameless propagandists and utterly disconnected from reality.
 
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