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

tomdavis · Dec 9, 2011

Quote from Rantany:

Too bad that here in The Netherlands almost nobody cares about a FTT. It's becoming a crucial item at the EU summit and the media here doesn't even mention it, nor there is discussion about it on local fora. Even active investors don't seem to understand how dangerous a FTT is for their business. Very frustrating.

The Dutch government sends mixed messages about the FTT. A few months ago the Finance Minister, Jan Kees de Jager, made several very strong statements against the FTT. Then he completely changed his position and said that the Netherlands "wouldn't block it." Then, at ECOFIN, he seemed to change his position again when he said the Netherlands would have a difficult time supporting a tax that hits pensioners so hard.

What is the official Dutch position on the FTT?

jackpearson · Dec 9, 2011

"The text of the new agreement and conditions will be drafted for March 2012, the French President said and a possible financial transaction tax proposed by the European Commission will be discussed in January."

http://www.cnbc.com/id/45608707

Rantany · Dec 9, 2011

Quote from tomdavis:

The Dutch government sends mixed messages about the FTT. A few months ago the Finance Minister, Jan Kees de Jager, made several very strong statements against the FTT. Then he completely changed his position and said that the Netherlands "wouldn't block it." Then, at ECOFIN, he seemed to change his position again when he said the Netherlands would have a difficult time supporting a tax that hits pensioners so hard.

What is the official Dutch position on the FTT?

There is none (at least none reliable)

Well, as a conservative-liberal/centre-right coalition they are actually against it, but officially they are awaiting the results of an investigation about the effects of a FTT, and until then they have no official opinion.
The position of the Dutch government is difficult. They have no majority in the parliament, and are dependent of the support from the Freedom Party of Geert Wilders (the 3rd largest party in parliament). But Wilders hates the EU, and will not support any proposal about it (except leaving

. So for EU affairs to pass, the government needs the support from the Labour Party, which is pro Europe and pro FTT. But the Labour Party already said they will not give their support unconditionally, they want
something in return for it. So to please all parties involved the government can not firmly reject or support a FTT.
It's a thorny situation which I'm very unhappy with, because with also the tremendous pressure of Merkel, I'm afraid it could go easily the wrong way.

Rantany · Dec 9, 2011

It's odd anyway. The UK is 'out', because 'Europe' wouldn't give Cameron an exemption for the FTT. Dutch PM Mark Rutte said 'it would be a danger for the Dutch financial sector'. But if the Eurozone now decides to go on with the FTT anyway, technically speaking the UK would still have this exemption, as the UK is no longer part of it. So interpreting the words of Mark Rutte, the Dutch financial sector would still be in danger if they agree with an EZ-FTT in the near future. Then it seems logic to me not to agree with it. But maybe I'm just too positive.

Rantany · Dec 9, 2011

(sorry couldn't edit no longer)

...And if the Eurozone lastly decides NOT to go on with the FTT, then the UK could have stay 'in', and the EU wouldn't be 'split', which now has happened. And all this because Merkel wants to push this to the end.

Lamar95 · Dec 9, 2011

Quote from Rantany:

It's odd anyway. The UK is 'out', because 'Europe' wouldn't give Cameron an exemption for the FTT. Dutch PM Mark Rutte said 'it would be a danger for the Dutch financial sector'. But if the Eurozone now decides to go on with the FTT anyway, technically speaking the UK would still have this exemption, as the UK is no longer part of it. So interpreting the words of Mark Rutte, the Dutch financial sector would still be in danger if they agree with an EZ-FTT in the near future. Then it seems logic to me not to agree with it. But maybe I'm just too positive.

I think what the UK wanted is to have an exemption if, for example, a Dutch trader, traded in UK, that trader should not be taxed even if he reside in Netherlands. Or maybe it was not about the FTT at all. They discussed a lot of other financial measures I suppose. It doesn't seem that FTT was an important subject.

jackpearson · Dec 9, 2011

when does david cameron's term expire?

Rantany · Dec 9, 2011

Quote from Lamar95:

I think what the UK wanted is to have an exemption if, for example, a Dutch trader, traded in UK, that trader should not be taxed even if he reside in Netherlands. Or maybe it was not about the FTT at all. They discussed a lot of other financial measures I suppose. It doesn't seem that FTT was an important subject.

According to this article, the FTT was the (main) reason for Cameron:

It seems that any possibility of the UK agreeing to the new proposals fell down over the UK insisting that it would opt out of any financial transactions tax or Tobin Tax.

http://www.myfinances.co.uk/investm...s-eu-treaty-changes-over-tobin-tax-safeguards

Quote from jackpearson:

when does david cameron's term expire?

I believe 2015.

listedguru · Dec 9, 2011

Quote from jackpearson:

"The text of the new agreement and conditions will be drafted for March 2012, the French President said and a possible financial transaction tax proposed by the European Commission will be discussed in January."

http://www.cnbc.com/id/45608707

So basically nothing has been resolved with the ftt issue? I guess just more arm twisting and 'talk's trying to get the EZ countries on board. It's good that the UK held strong in their no position. It will be interesting to see what the conditions of the new agreement end up being.

I would still be surprised if they got the entire 17 nation Eurozone on board with the ftt though.

-Guru

Stok · Dec 9, 2011

Quote from jackpearson:

HARTFORD â Susan Bysiewicz laid out her foremost initiatives â if she wins the U.S. Senate seat for which she is running â during a press conference Thursday.

Among the points she details in a 35-page plan, the former secretary of the state is proposing a transaction tax on all stock trades. The tax â 0.25 percent for the seller and 0.25 percent for the buyer â would generate, she said, $150 billion.

http://www.registercitizen.com/articles/2011/12/08/news/doc4ee166193e8f0836275245.txt

This is the shit we have to fight with the out of control liberal democrats and how they bribe for votes!! She said she will use 90% of the funds to give to underwater homeowners!! LOL!! What else? We hear climate change, feed the kids...blah blah blah...now bailouts for VOTES!!

People, the democrat party is all about one thing: power and bribes & lies for votes. When the end is written about the USA, it will all point to democrat policies that doomed us all. Please, for the sake of this Country and our livelihoods, vote these pigs out of office and don't let any in!!

I am convinced that liberalism is a mental disease and obamacare was invented to cover it