1/4% Tax on all stock trades pushed in NY Times today
- Thread starter seasideheights
- Start date
Here is a link to sign a petition against the proposed tax...(I also left it back on page 12 of this thread)...
http://no2tradertax.rallycongress.com/1536/tell-congres-to-block-trader-tax/
http://no2tradertax.rallycongress.com/1536/tell-congres-to-block-trader-tax/
Republicans own the U.S. House Of Representatives. This proposal isn't going anywhere. The only FTT bill I would have concern over is the one in Illinois, where the Democrats control everything. But I don't think that one will pass either, because if it did, the CME/CBOT would leave Illinois.
Just an FYI this HR 1068 died with the last session of congress at the end of last year. ASAIK Defazio hasn't introduced a new FTT bill in the new session of congress. I think the only FTT bill introduced so far this congress is Pete Stark's call for a currency transaction tax (HR 755)
http://www.opencongress.org/bill/112-h755/show
Plus we are keeping a close eye on the FTT bill in Illinois:
http://www.ilga.gov/legislation/Bil...1&DocTypeID=HB&LegId=60916&SessionID=84&GA=97
The other thing I'm watching for is how they are going to fund a new long term surface transportation bill. The FTT has been talked about as a funding mechanism for a long term transportation bill on and off for some time (a non starter IMHO). Obama is calling for a new (6) year $550+ billion transportation bill in his new FY 2012 budget but he mentions no way of how to fund it. It seems as though the admin doesn't support a hike in the gas tax so it could be interesting.
It doesn't help that Defazio is a ranking member of the House Subcommittee on Highways and Transit and the Barbara Boxer is working on a markup of the forthcoming transportation bill. I guess we'll see what they come up with for funding.
-Guru
http://www.nlc.org/articles/articleItems/NCW03072011/transportationupdate.aspx
On the Int'l front Tuesday is a vote on a FTT proposal in the European Parliament. I believe others have said that this vote really doesn't mean much even if it passes correct?
Moment of truth for the Financial Transaction Tax:
http://www.emf-fem.org/Areas-of-wor...nt-of-truth-for-the-Financial-Transaction-Tax
"A crunch vote in the European Parliament next week will put pressure on the Commission and the Council to propose a financial transaction tax (FTT) at EU and global level."
"Ms Podimata's report on innovative financing is to be debated on Monday afternoon with a vote on Tuesday."
Said S&D spokesman for economic and monetary affairs Udo Bullmann: "The failure of conservative and liberal MEPs to provide enough support for the proposal led to a tied vote by 21 to 21 in committee, as a result of which it was lost."
"We hope that the vote in plenary will be more consistent. It is high time to show leadership. We have to give Parliament a voice. The EU will have no international credibility if it doesn't signal its determination to introduce it in Europe."
"Claims that an FTT imposed in the EU alone would result in severe market distortions and a lack of competitiveness are simply cock-and-bull. Investors will not ignore the biggest financial market in the world because of 0.05% tax".
-Guru
Moment of truth for the Financial Transaction Tax:
http://www.emf-fem.org/Areas-of-wor...nt-of-truth-for-the-Financial-Transaction-Tax
"A crunch vote in the European Parliament next week will put pressure on the Commission and the Council to propose a financial transaction tax (FTT) at EU and global level."
"Ms Podimata's report on innovative financing is to be debated on Monday afternoon with a vote on Tuesday."
Said S&D spokesman for economic and monetary affairs Udo Bullmann: "The failure of conservative and liberal MEPs to provide enough support for the proposal led to a tied vote by 21 to 21 in committee, as a result of which it was lost."
"We hope that the vote in plenary will be more consistent. It is high time to show leadership. We have to give Parliament a voice. The EU will have no international credibility if it doesn't signal its determination to introduce it in Europe."
"Claims that an FTT imposed in the EU alone would result in severe market distortions and a lack of competitiveness are simply cock-and-bull. Investors will not ignore the biggest financial market in the world because of 0.05% tax".
-Guru
Here's a little more info on the FTT vote in Europe from the BBC:
http://news.bbc.co.uk/democracylive/hi/europe/newsid_9404000/9404550.stm
They mention that EU members are broadly in agreement that there should be a small tax on each int'l financial transaction (this is false as there is no agreement whatsoever).
-Guru
http://news.bbc.co.uk/democracylive/hi/europe/newsid_9404000/9404550.stm
They mention that EU members are broadly in agreement that there should be a small tax on each int'l financial transaction (this is false as there is no agreement whatsoever).
-Guru
Let's just say for the sake of argument, the WH and Congress begin to get soft on this issue and gravitate toward the "yea" crowd. How long do you think would we have to figure a way around this? 2 yrs? 3 yrs? 5 yrs? (figuring approval, logistics, etc)
Again, never mind Republican this or Democrat that, this is just a hypothetical question about how long we would have if this were to happen.
Again, never mind Republican this or Democrat that, this is just a hypothetical question about how long we would have if this were to happen.
EU assembly backs euro zone bank transaction tax:
(Reuters) - European Union lawmakers overwhelingly backed a call to tax financial transactions on Tuesday to make banks pay up to 200 billion euros ($278.3 billion) for damage they caused to the economy:
http://www.reuters.com/article/2011/03/08/eu-banks-tax-idUSLDE7260LI20110308
"The 529-to-127 vote is non-binding but its call for legislation will be hard for the EU's executive Commission to ignore."
"The EU should push for a global transaction tax but, "failing that, the EU should implement a financial transaction tax at the European level as a first step", the resolution said."
"The Commission should swiftly produce a feasibility study and come forward with concrete legislative proposals, it added."
"A 0.05 percent tax would bring in nearly 200 billion euros in the EU, rising to 650 billion at the global level."
"France and Germany have already pushed for a global transaction tax at the Group of 20 (G20) level, but faced opposition from the United States and Canada."
"A less ambitious push for an EU-level transaction tax has made little headway so far and German Chancellor Angela Merkel's party has suggested a transaction tax for some or all of the 17 euro zone countries as a starting point."
"EU Tax Commissioner Algirdas Semeta has already said the best way to tax banks is with a global transaction tax and, failing that, a financial activities tax at the EU level."
"Britain, which has introduced what is effectively an activities tax levied on a bank's balance sheet, is against an EU Tobin tax."
"Imposing a tax of this nature without a global agreement would cause some of our financial services sector to relocate, losing the UK billions in tax revenues and costing untold jobs," said Vicky Ford, a Conservative UK member of the EU assembly.
So where do we go from here?
-Guru
(Reuters) - European Union lawmakers overwhelingly backed a call to tax financial transactions on Tuesday to make banks pay up to 200 billion euros ($278.3 billion) for damage they caused to the economy:
http://www.reuters.com/article/2011/03/08/eu-banks-tax-idUSLDE7260LI20110308
"The 529-to-127 vote is non-binding but its call for legislation will be hard for the EU's executive Commission to ignore."
"The EU should push for a global transaction tax but, "failing that, the EU should implement a financial transaction tax at the European level as a first step", the resolution said."
"The Commission should swiftly produce a feasibility study and come forward with concrete legislative proposals, it added."
"A 0.05 percent tax would bring in nearly 200 billion euros in the EU, rising to 650 billion at the global level."
"France and Germany have already pushed for a global transaction tax at the Group of 20 (G20) level, but faced opposition from the United States and Canada."
"A less ambitious push for an EU-level transaction tax has made little headway so far and German Chancellor Angela Merkel's party has suggested a transaction tax for some or all of the 17 euro zone countries as a starting point."
"EU Tax Commissioner Algirdas Semeta has already said the best way to tax banks is with a global transaction tax and, failing that, a financial activities tax at the EU level."
"Britain, which has introduced what is effectively an activities tax levied on a bank's balance sheet, is against an EU Tobin tax."
"Imposing a tax of this nature without a global agreement would cause some of our financial services sector to relocate, losing the UK billions in tax revenues and costing untold jobs," said Vicky Ford, a Conservative UK member of the EU assembly.
So where do we go from here?
-Guru