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

bullmarket79 · Oct 26, 2011

we have already seen signs of liquidity drying up, if the republicants get 0% on capital gains then I suppose a ftt would be in order to generate that $18 billion that cap gains bring the treasury yearly. 0% cap gains is attractive

lindq · Oct 26, 2011

Quote from bullmarket79:

we have already seen signs of liquidity drying up, if the republicants get 0% on capital gains then I suppose a ftt would be in order to generate that $18 billion that cap gains bring the treasury yearly. 0% cap gains is attractive

Oh, sure, that makes a lot of sense. Under that scenario, you pay the government on your losses as well as your gains.

TraDaToR · Oct 27, 2011

Quote from listedguru:

"If the EU were to implement a tax, then [Wall Street traders] basically would ... have nowhere to go but Third World countries. Or maybe they want to go live in China," said DeFazio.

There are only 4 places in this world : The US, The Old European Country, The bad China and The 3rd World...

benwm · Oct 27, 2011

A lot of these protesters don't have American ascents if you at look at the youtube videos.

Sounds like quite a few Canadians might be involved?

Maybe that will be the loophole for the police to start some arrests...if they don't have American ID on them...

andohmeeta · Oct 27, 2011

Osborne says UK is opposed to a FTT. (The usual G20 refusers should save him from politically imposed FTT lethargy next week. But this statement provides more certainty).

http://www.bloomberg.com/news/2011-...-opposed-to-eu-financial-transaction-tax.html

FTT threatens HFT in Europe:-

http://www.waterstechnology.com/wat...inancial-transaction-tax-threatens-hft-europe

cstfx · Oct 27, 2011

Quote from benwm:

A lot of these protesters don't have American ascents if you at look at the youtube videos.

Sounds like quite a few Canadians might be involved?

Maybe that will be the loophole for the police to start some arrests...if they don't have American ID on them...

How much different is a Canadian accent from an American accent, eh?

southall · Oct 27, 2011

âThe euro zone is determined to pursue a financial- transaction tax,â Osborne told lawmakers

It is looking more and more like the fools in the eurozone might actually go it alone. Germany,france and the others. ireland and malta will try their best to hold out.. seems to be a high chance Eurex will be a ghost town in 2014. 80%+ fall in volumes of the most liquid contracts if the germans introduce a 0.01% ftt.

Stok · Oct 27, 2011

Quote from southall:

It is looking more and more like the fools in the eurozone might actually go it alone. Germany,france and the others. ireland and malta will try their best to hold out.. seems to be a high chance Eurex will be a ghost town in 2014. 80%+ fall in volumes of the most liquid contracts if the germans introduce a 0.01% ftt.

These fools are doing this thinking that the US will change it's mind and go along. Now OWS hype makes them feel better about it and defagio bill is coming. You can read in the defagio article above that the goal is to get rid of hft. This is also the goal of the EU.

Also, this is a liberal socialists movement to destroy markets. Don't be fooled and I know we here aren't, it's the dumb masses sold on taxing wall st. banks when they have no idea the banks will never pay this tax. Investors and traders do.

Robert A. Green · Oct 27, 2011

Quote from tomdavis:

.

I also think it would be a good idea for everyone on ET to call their brokers, talk to management and find out what they're doing to fight the FTT. After all, they have as much at stake here (or more) than we do.

I called two of my three brokers about a year ago. One was only vaguely familiar with the FTT. The other seemed remarkably unconcerned, saying the FTT wasn't going to happen in the US. I think it's time to turn up the heat on our brokers and express our concerns.

If large numbers of clients call (emails are too easy to ignore) their brokers, maybe we can:

(a) Educate them, if necessary.
(b) Put some pressure on them to fight the FTT. (e.g., contribute to political candidates who oppose the FTT, particularly if they're running against a pro-FTT candidate.)

I'm not sure what else the brokers can do, but we need to enlist them in this fight with us.

I sent the below email to a few brokers and trading education sites. Please consider sending it to brokers you know well too. With sponsorship dollars and members supporting Traders Advocacy ($50 each), we can do an international press release and some TV and print ads.

Dear

Regards and hope all is well.

Please consider a sponsorship role in our Traders Advocacy organization at http://www.tradersadvocacy.org. Itâs a new site, separate and distinct from our business GreenTraderTax.com.

We are adding a Sponsors page to our main navigation, and hope we can list your company and logo prominently on that Sponsors page.

Kindly tell us what you think of our mission, and any suggestions that you have as well.

Traders need and will value your role as a sponsor.

A financial-transaction tax will put most of your active trader customers out of business, so itâs a huge risk to your business and ours too. FTT bills are expected in Congress next week from Rep. DeFazio and Senator Harkin. FTT proponents - France, Germany, other EU members, Robin Hood Tax, Oxfam, Bill Gates, Nurses, and unions - are pushing FTT at the G-20 next week on 11/3. So FTTâs going to be very visible in the news and with politicians. Online traders are very afraid of FTT and they want to know that their industry participants and leaders are helping to fight-off this destructive tax.

Thanks for your consideration of this proposal. Your sponsorship should be good for business.

All the best.

Robert A. Green
Leader of TradersAdvocacy.Org.

tomdavis · Oct 27, 2011

The UK, Sweden and the Czech Republic seem to be a firm 'no' on the FTT (for now), but they're not Eurozone countries.

The most interesting Eurozone country to watch is Malta. The financial sector is the fastest growing segment of Malta's economy and is currently over 12% of GDP. And they've just passed a series of new tax laws to attract investment firms. What's most interesting about Malta's approach is that they rarely mention the FTT. They simply say they won't accept any EU tax because they see taxation as strictly a "national matter."

Malta is also unique in that it's the only EU country where the FTT doesn't have popular support.

-----------------------------------------
Maltese least enthusiastic about financial transaction tax
by John Paul Cordina
Current Affairs -- 27 June 2011

A significant majority of EU citizens favour the introduction of a tax on financial transactions, a survey shows, but Malta is the only country to buck the trend.

The Eurobarometer opinion poll carried out for the European Parliament showed that in all, 61% supported the principle, 26% opposed it and 13% expressed no opinion.

The Austrians are the most enthusiastic about such a tax, with 80% expressing themselves in favour, followed by the Germans (71%).

In every other country, more respondents backed the tax than opposed it, except in Malta, where just 30% favoured it and 44% opposed it.

Quote from southall:

It is looking more and more like the fools in the eurozone might actually go it alone. Germany,france and the others. ireland and malta will try their best to hold out.. seems to be a high chance Eurex will be a ghost town in 2014. 80%+ fall in volumes of the most liquid contracts if the germans introduce a 0.01% ftt.