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

Quote from MrPowerBallad:

Does anyone know how to find out if this issue is actually on the agenda for this weekend's g20 meeting, or does that info not come out until after the meeting? I looked at g20 website, but didn't see anything.
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We will most likely have to wait until the official G20 Communique is published at the conclusion of the G20 Finance Ministers meeting. I haven't been able to find that it is on the agenda (but who knows).

That letter signed by 1000 economists was sent to the finance ministers but hopefully it was quickly put into the paper shredder (LOL). Anyway I guess we'll see if it made the official agenda (doubtful). We should also keep an eye out for the comments from the fin mins as well.

-Guru
 
Quote from MrPowerBallad:

Does anyone know how to find out if this issue is actually on the agenda for this weekend's g20 meeting, or does that info not come out until after the meeting? I looked at g20 website, but didn't see anything.
More...

G20 Text:- http://www.reuters.com/article/2011/04/15/g20-communique-idUSN1528616320110415

Polls predict Canada's Harper conservatives will likely be re-elected on the back of its economic stability. That'sjust one of most G20 refusers.

G20 leaderships have far more to concern themselves than divesting vital sovereign powers to any European devised tax-collecting agency. Not one finance minister outside Europe has indicated a smidgeon of interest in their tiresome demands. G20 is a culturally and economically wired disparate group. I don't believe the remaining 18 will ever dispossess their nations of sovereign rights. Costly re-alignment of complex internal tax systems is just one disincentive. Independent nations no longer want to lock themselves into troublesome 'coalitions' so they are certainly not going to surrender their ever-changing financial powers.
A small number of transient European politicians are playing Russian roulette.
It's a self-defeating proposition and high level governmental decision-makers have known exactly that since the IMF delivered its verdict April 2010.
 
Well I can't find anything indicating that the G20 even talked about the FTT at all (although if you read the statements from Oxfam and the Robin Hoodies it was front and center lol.) It sounds like the IMF and World Bank countries are meeting in Washington today as well so we'll keep an eye on that.

I guess no news is good news:)

-Guru
 
Well, it seems that the "Progressive Congressional Caucus" made up of mainly the Democrats in the House, have come up with their own plan to counter the Ryan one. In it, they've included a tax on derivatives/futures/forex/options dubbed the "Wall Street Gaming Tax."

http://grijalva.house.gov/uploads/The CPC FY2012 Budget.pdf

While I doubt, especially given they are the minority right now, that their budget would pass. The fact that this damn idea won't die and keeps rearing it's ugly head is troubling. What has me concerned is that there could be populist elements in the Republican party that may go along with this "gaming tax" to placate opposition for other tax cuts. Also, if the Dems are bringing this up now, what happens if they retake the House in 2012?
 
Quote from traderjb:

Well, it seems that the "Progressive Congressional Caucus" made up of mainly the Democrats in the House, have come up with their own plan to counter the Ryan one. In it, they've included a tax on derivatives/futures/forex/options dubbed the "Wall Street Gaming Tax."

http://grijalva.house.gov/uploads/The CPC FY2012 Budget.pdf

While I doubt, especially given they are the minority right now, that their budget would pass. The fact that this damn idea won't die and keeps rearing it's ugly head is troubling. What has me concerned is that there could be populist elements in the Republican party that may go along with this "gaming tax" to placate opposition for other tax cuts. Also, if the Dems are bringing this up now, what happens if they retake the House in 2012?
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It's interesting that they seem to be excluding equities:


"Wall Street gaming tax A tax on credit default swaps, both sides of futures and forwards, option
premiums and foreign exchange spot transactions. This is a tax levied directly against the
manipulators who caused the financial crisis."


Also this so called "Peoples Budget" was recently voted down with 108 dems voting against it in the house:

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=439x899976

-Guru
 
Probably for now....but it wouldn't take much once they ensnared the others like futures and options. If they could, they would tax oxygen and say it's for greening the planet.
 
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