You know, you might just be right on that one. If for example Italy unilaterally imposes FTT it will fail miserably (like it did in Sweden, who now oppose it). Then perhaps the layman will clue into the fact that it's a terrible idea, particularly at percentages so high that they effectively kill the viability of intraday and swing trading.
1/4% Tax on all stock trades pushed in NY Times today
- Thread starter seasideheights
- Start date
You know, you might just be right on that one. If for example Italy unilaterally imposes FTT it will fail miserably (like it did in Sweden, who now oppose it). Then perhaps the layman will clue into the fact that it's a terrible idea, particularly at percentages so high that they effectively kill the viability of intraday and swing trading.
That's what happens when you have a middle finger statue in front of your stock exchange:http://news.nationalpost.com/2010/09/27/middle-finger-sculpture-in-milan-sends-strong-message/
35% on top of normal corp taxes? Holy shit...That's a tragicomedy, roman Empire remake...Stay tuned...
35% on top of normal corp taxes? Holy shit...That's a tragicomedy, roman Empire remake...Stay tuned...
Only 35% ?
If 35% is only applicable to BANKS then not a problem for independent traders or prop houses.
I don't have a problem stopping deposit taking banks from "doing a XXXXman". Deposit taking institutions where mom and pop keep their savings should basically be risk free, and prop trading changes that.
But I guess that's another thread.
Best to keep this to FTT..
It could be an FAT proposed after all...
[...]A proposal will be made by the Commission to scrap the current own-resource decision, dating from 2007. Two or three new own resources will be put on the table. According to a draft seen by Europolitics, a financial sector tax, either a financial activities tax (FAT) or a financial transaction tax (FTT), a new EU VAT resource to replace the current VAT-based one, and potentially a resource based on the EUâs Emission Trading Scheme (ETS) should be put forward. So-called âdouble unanimityâ is needed for this: unanimity in Council and unanimous ratification in the member states. As a revealed by a recent Europoliticsinvestigation (4178), the Council is divided on this issue. Parliament will only be consulted. [...]
http://www.europolitics.info/europo...n-commitments-for-2014-2020-art308444-46.html
[...]A proposal will be made by the Commission to scrap the current own-resource decision, dating from 2007. Two or three new own resources will be put on the table. According to a draft seen by Europolitics, a financial sector tax, either a financial activities tax (FAT) or a financial transaction tax (FTT), a new EU VAT resource to replace the current VAT-based one, and potentially a resource based on the EUâs Emission Trading Scheme (ETS) should be put forward. So-called âdouble unanimityâ is needed for this: unanimity in Council and unanimous ratification in the member states. As a revealed by a recent Europoliticsinvestigation (4178), the Council is divided on this issue. Parliament will only be consulted. [...]
http://www.europolitics.info/europo...n-commitments-for-2014-2020-art308444-46.html
I would be surprised to see them propose a fat over the ftt at this point but one can hope. It just seems like every article that comes out seems to indicate the ftt is going to be proposed.
-Guru
A FTT it is:
http://finance.yahoo.com/news/EU-proposes-148-trillion-apf-2136785.html?x=0&.v=4
"Among the most controversial items in the seven-year budget is a tax on financial transactions, through which the EU hopes to lower contributions from member states. The commission only gave a broad outline for a financial transaction tax, but Budget Commissioner Janusz Lewandowski said such a levy could raise up to euro30 billion a year."
"Until plans for a financial transaction tax were revealed earlier this week, the EU had opposed its introduction in the EU only, saying that it could push banks and investment funds to move to financial hubs outside the bloc. Now, the bloc hopes to encourage other states to opt for the tax by leading the way."
"Let's create our own and then see if we can create better conditions for a financial transaction tax on a global level," Barroso said.
-Guru
http://finance.yahoo.com/news/EU-proposes-148-trillion-apf-2136785.html?x=0&.v=4
"Among the most controversial items in the seven-year budget is a tax on financial transactions, through which the EU hopes to lower contributions from member states. The commission only gave a broad outline for a financial transaction tax, but Budget Commissioner Janusz Lewandowski said such a levy could raise up to euro30 billion a year."
"Until plans for a financial transaction tax were revealed earlier this week, the EU had opposed its introduction in the EU only, saying that it could push banks and investment funds to move to financial hubs outside the bloc. Now, the bloc hopes to encourage other states to opt for the tax by leading the way."
"Let's create our own and then see if we can create better conditions for a financial transaction tax on a global level," Barroso said.
-Guru