1/4% Tax on all stock trades pushed in NY Times today
- Thread starter seasideheights
- Start date
The tax will be hit at the exchange during the transaction...no matter where you trade from.
The only good thing out of the possible dire scenarios is this:
Singapore, Australia, Canada, Russia and Switzerland will setup exchanges with no FTT and all the trading will flock there.
Russia finance guy said in an article posted here yesterday they would love to see the FTT implemented, because all the trading would go to them and everyone will be happy.
If you are talking about the current EC proposal, the tax would be based on residence, not on the trading center. If I am right, an american trading with a japanese on Eurex wouldn't be taxed.So if he creates an offshore structure outside the EU, logically its transactions wouldn't be taxed.
However, in most countries there are special powers given to the fiscal authority to sue the owner of the offshore structure based on his individual residence. It is the case in France for example, all french professional traders will have to relocate physically in 2014 if they want to continue.
To answer your question Peternam -
If Merkel and Sarkozy are successful there will be FTT in 2014 globally, but at the very least within the EU. We are obviously hoping this does not happen. Sarkozy and others are hoping that Obama will sign up once it is established within Europe...
Please do some background research and join us in opposing this idea. One of the best arguments against a FTT is the negative experience of FTT in Sweden in 1984-90 so that might be a good place to start.
Several traders on this thread (and Robert Green!) have made excellent contributions fighting back the FTT propaganda machine...responding to FTT news stories in comment sections, writing to politicians, debating on the internet, contributing to Wikipedia etc.
However small such contributions may seen individually, collectively I feel we have a difference to the debate. I have seen the "Swedish experience" cited in news articles a lot more than when this thread first started, for instance.
It is the only the EU head-in-the-sand bureaucrats that we cannot yet "get to"
Have you read "Day of the Jackal"? That might give you some ideas as to how to personally contribute...
If Merkel and Sarkozy are successful there will be FTT in 2014 globally, but at the very least within the EU. We are obviously hoping this does not happen. Sarkozy and others are hoping that Obama will sign up once it is established within Europe...
Please do some background research and join us in opposing this idea. One of the best arguments against a FTT is the negative experience of FTT in Sweden in 1984-90 so that might be a good place to start.
Several traders on this thread (and Robert Green!) have made excellent contributions fighting back the FTT propaganda machine...responding to FTT news stories in comment sections, writing to politicians, debating on the internet, contributing to Wikipedia etc.
However small such contributions may seen individually, collectively I feel we have a difference to the debate. I have seen the "Swedish experience" cited in news articles a lot more than when this thread first started, for instance.
It is the only the EU head-in-the-sand bureaucrats that we cannot yet "get to"
Have you read "Day of the Jackal"? That might give you some ideas as to how to personally contribute...Contact your Congessional representatives. We must do this in every state.
Below is the response I received from California Senator Dianne Feinstein. It's obviously an off-the-mark response from a lowly member of her staff, but at least my point of view is on the radar with someone in her office. She will be hearing from me again in a couple of months, as will Senator Boxer and my local House Represenative (both of whom are yet to respond to my most recent emails).
EVERYONE ON ET SHOULD CONTACT HIS/HER CONGESSIONAL REPRESENTATIVES IMMEDIATELY. DON'T LET THEM THINK THAT OWS IS THE ONLY POINT OF VIEW.
Write a clear, concise and polite email expressing your concerns. Tell them why you think the FTT is bad idea, and how it will affect you personally. Do not engage in hyperbole, threats, name-calling or any other behavior that will cause them to dismiss us as uninformed or a radical fringe group. Be professional in every way.
It would be interesting for us to post the responses we get from our representatives.
New York, Illinois and California are key players in the finance industry. They also happen to be Democratic party strongholds. Their votes could, at some point, be critical to the passage of any FTT legislation. Let's find out where they stand. This process will probably take several months. There's no better time to start than today.
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The following was received from California Senator Feinstein via email 10/28/11:
Thank you for contacting me to express your concern about proposals to impose fees on financial transactions. I appreciate the time you took to write and welcome the opportunity to respond.
On March 16, 2011, Representative Chaka Fattah (D-PA) introduced the "Debt Free America Act" (H.R. 1125), which proposes to eliminate the national debt within seven years by imposing a one percent fee on all financial transactions. This would include all payments made via check, cash, or credit card, as well as the transfer of all stocks, bonds, or other financial instruments. The bill also proposes to repeal the individual income tax, refundable and nonrefundable personal tax credits, and the alternative minimum tax (AMT) on individuals effective in 2021.
I understand you are concerned about the idea of imposing a tax on financial transactions. This bill is currently awaiting consideration by the House Committee on Ways and Means, and there is no companion legislation currently introduced in the Senate. Please be assured, however, that I have noted your concern regarding this legislation and will be sure to keep your comments in mind should this legislation come before the full Senate.
Once again, thank you for writing. If you have any additional questions or concerns, please do not hesitate to contact my Washington, D.C. office at (202) 224-3841. Best regards.
Sincerely yours,
Dianne Feinstein
United States Senator
Below is the response I received from California Senator Dianne Feinstein. It's obviously an off-the-mark response from a lowly member of her staff, but at least my point of view is on the radar with someone in her office. She will be hearing from me again in a couple of months, as will Senator Boxer and my local House Represenative (both of whom are yet to respond to my most recent emails).
EVERYONE ON ET SHOULD CONTACT HIS/HER CONGESSIONAL REPRESENTATIVES IMMEDIATELY. DON'T LET THEM THINK THAT OWS IS THE ONLY POINT OF VIEW.
Write a clear, concise and polite email expressing your concerns. Tell them why you think the FTT is bad idea, and how it will affect you personally. Do not engage in hyperbole, threats, name-calling or any other behavior that will cause them to dismiss us as uninformed or a radical fringe group. Be professional in every way.
It would be interesting for us to post the responses we get from our representatives.
New York, Illinois and California are key players in the finance industry. They also happen to be Democratic party strongholds. Their votes could, at some point, be critical to the passage of any FTT legislation. Let's find out where they stand. This process will probably take several months. There's no better time to start than today.
--------------------------------------------
--------------------------------------------
The following was received from California Senator Feinstein via email 10/28/11:
Thank you for contacting me to express your concern about proposals to impose fees on financial transactions. I appreciate the time you took to write and welcome the opportunity to respond.
On March 16, 2011, Representative Chaka Fattah (D-PA) introduced the "Debt Free America Act" (H.R. 1125), which proposes to eliminate the national debt within seven years by imposing a one percent fee on all financial transactions. This would include all payments made via check, cash, or credit card, as well as the transfer of all stocks, bonds, or other financial instruments. The bill also proposes to repeal the individual income tax, refundable and nonrefundable personal tax credits, and the alternative minimum tax (AMT) on individuals effective in 2021.
I understand you are concerned about the idea of imposing a tax on financial transactions. This bill is currently awaiting consideration by the House Committee on Ways and Means, and there is no companion legislation currently introduced in the Senate. Please be assured, however, that I have noted your concern regarding this legislation and will be sure to keep your comments in mind should this legislation come before the full Senate.
Once again, thank you for writing. If you have any additional questions or concerns, please do not hesitate to contact my Washington, D.C. office at (202) 224-3841. Best regards.
Sincerely yours,
Dianne Feinstein
United States Senator
0xfam and victim of 0xfam settle in court.
http://www.thisissomerset.co.uk/Oxf...ood-8217-row/story-13688646-detail/story.html
http://www.thisissomerset.co.uk/Oxf...ood-8217-row/story-13688646-detail/story.html