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

Quote from listedguru:

I didn't catch this. What did they have to say regarding the ftt?

-Guru
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They talked about the OWS wanting a global FTT that is administrated by a global guberment (socialist liberals at their worst).

Max Ferris (maxfunds.com) was for it and the other libtard democrat strategist (forgot his name) was talking about using it for climate change and hiring teachers in 3rd world Countries.....same ole same ole liberal spew.

All others against it, saying how bad it is for the economy...but they really didn't go into why, like we do here. We need more of a presence that highlights the disaster this is in the media...with examples.

If the average Joe understands who pays this tax and how it will possibly enriched the banks and destroy markets, they would stop this FTT madness.

BTW, maybe we should send ole Max at maxfunds.com some emails highlighting how bad this really is...I mean, he is in the fund business...I guess he wants to kill himself with the FTT.
 
I recently received an email from someone asking what I was saying to my congressional representatives when writing them regarding the FTT.

Below is the letter I'm sending to my congressional representatives in California, and also to representatives in the key states of Illinois and New York.

Feel free to copy or change it any way you feel is appropriate. I'm not a great writer, so I'm sure some of you will find ways to improve what I've written. If so, please share your ideas here so we all can benefit.

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Dear Senator (or Congressional Representative) [fill in name here],

I am writing to express my opposition to financial transaction taxes (FTT) that I believe will do irreparable harm to the American economy.

The FTT has destroyed jobs and been a net loss to the national treasury everywhere it’s been tried. Sweden’s FTT was repealed because it collected only 3% of the projected revenues and resulted in severe job losses after over 50% of their investment/trading industry left the country to avoid the tax. Today Sweden is one of the FTT’s strongest opponents. The “Impact Assessment Report” for the proposed European Union FTT showed that it would reduce EU GDP by 0.5%, cost over 500,000 lost jobs, and reduce net tax revenues by 1.8% (i.e., the taxes collected from the FTT would be less than the income and capital gains taxes lost from the contraction of GDP and resulting job losses).

Introducing the FTT into our economic system would cause thousands of American finance industry jobs to be “offshored” to Switzerland, Hong Kong, Canada, Australia, Russia and other countries that have firmly rejected the FTT as destructive economic policy. Schwabish (2005) estimated in his study that the introduction of an FTT in the US “would cause the loss of 150,000-210,000 private-sector jobs in New York alone.” In addition, the FTT will destroy the livelihoods of thousands of independent traders like myself who support our families and collectively pay millions of dollars in local, state and federal taxes every year.

Sincerely,


[Your name here]

P.S.: Supporters of the FTT often tout the success of the UK “stamp tax,” but fail to disclose that most banks and investment firms do not pay the tax. Over 70% of all London Exchange transactions pay no stamp tax, and 100% of all other transactions (e.g., trades on the CME or NYSE) are also exempt. Of all the transactions that originate in the UK, fewer than 3% are subject to the stamp tax. The UK stands firmly against the EU FTT because they know it would decimate London’s economy as investment firms relocate to Switzerland, Hong Kong and other non-FTT jurisdictions.

 
Quote from tomdavis:



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Dear Senator (or Congressional Representative) [fill in name here],

I am writing to express my opposition to financial transaction taxes (FTT) that I believe will do irreparable harm to the American economy.

The FTT has destroyed jobs and been a net loss to the national treasury everywhere it’s been tried. Sweden’s FTT was repealed because it collected only 3% of the projected revenues and resulted in severe job losses after over 50% of their investment/trading industry left the country to avoid the tax. Today Sweden is one of the FTT’s strongest opponents. The “Impact Assessment Report” for the proposed European Union FTT showed that it would reduce EU GDP by 0.5%, cost over 500,000 lost jobs, and reduce net tax revenues by 1.8% (i.e., the taxes collected from the FTT would be less than the income and capital gains taxes lost from the contraction of GDP and resulting job losses).

Introducing the FTT into our economic system would cause thousands of American finance industry jobs to be “offshored” to Switzerland, Hong Kong, Canada, Australia, Russia and other countries that have firmly rejected the FTT as destructive economic policy. Schwabish (2005) estimated in his study that the introduction of an FTT in the US “would cause the loss of 150,000-210,000 private-sector jobs in New York alone.” In addition, the FTT will destroy the livelihoods of thousands of independent traders like myself who support our families and collectively pay millions of dollars in local, state and federal taxes every year.

Sincerely,


[Your name here]

P.S.: Supporters of the FTT often tout the success of the UK “stamp tax,” but fail to disclose that most banks and investment firms do not pay the tax. Over 70% of all London Exchange transactions pay no stamp tax, and 100% of all other transactions (e.g., trades on the CME or NYSE) are also exempt. Of all the transactions that originate in the UK, fewer than 3% are subject to the stamp tax. The UK stands firmly against the EU FTT because they know it would decimate London’s economy as investment firms relocate to Switzerland, Hong Kong and other non-FTT jurisdictions.
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That's an outstanding letter. Factual and to the point. Thanks for sharing.
 
Quote from tomdavis:


Introducing the FTT into our economic system would cause thousands of American finance industry jobs to be “offshored” to Switzerland, Hong Kong, Canada, Australia, Russia and other countries that have firmly rejected the FTT as destructive economic policy.
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Very good letter but I think you can add Singapore to that list. No one can touch Singapore! Maybe add Malta too... I doubt the Chinese will join the FTT party either.

Great work Tom.

I think the recent European Commission report (that one that says GDP will drop by 1.8%) and the Swedish experience in 1984-90 are two of the most compelling and factual arguments against FTT.
 
http://dcist.com/2011/10/occupy_dc_to_march_for_robin_hood_t.php

Occupy D.C. to March for Robin Hood Tax

"At 2:00 pm this afternoon, Occupy D.C. protesters will march from McPherson Square to the Treasury Department"

"Wall Street’s reckless trading of risky financial products like mortgage-backed securities, credit default swaps, and derivatives helped redistribute wealth to the rich and wreck the global economy."
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So the solution is to tax Apple and Google shares.......
 
http://www.ft.com/cms/s/0/e1a2c6b2-02fe-11e1-899a-00144feabdc0.html#ixzz1cJySQ7WQ

Wolfgang Schäuble, Germany’s finance minister, wants the European Union to take the global lead in introducing a financial transaction tax to curb speculative trading, along with tougher regulation of big banks and the “shadow” banking sector, such as hedge funds.
If the UK blocked agreement on such a tax in the full EU, he said in an interview with the Financial Times, the eurozone should press ahead on its own.
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Seems they are hell bent on going it alone.
 
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