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

[tomdavis]

Malta rejects latest EU FTT proposal

http://www.timesofmalta.com/article...-EU-levy-would-punish-us-ministry-says.414678

The Finance Ministry has dismissed claims by the European Commission that Malta's contribution to the EU budget would be cut by 27 million if a financial transaction tax were introduced.

In fact, the ministry insisted, Malta will be putting more money in the EU coffers with an inefficient tax like the FTT.

 

[FightTheFuture]

What Hungary mulls is not a transaction tax but a new VAT

"According to different press reports, Hungary’s government is up to something...it is apparently nurturing some "interesting" (scary) tax plans. A new financial transaction tax would be slapped on cash withdrawal from ATMs, the transfer of the monthly salary onto a bank account, direct debit and utility fee clearance by payment slips ..."

http://www.portfolio.hu/en/economy/...ot_a_transaction_tax_but_a_new_vat.24091.html

 

[FightTheFuture]

Good video.

http://www.egovmonitor.com/node/49130

George Lyon, Liberal Democrat MEP, speaks to The Information Daily about the proposed Financial Transaction Tax. He argues that an FTT would make the EU far less competitive on the global stage, and be particularly damaging to the UK as the majority of financial transactions take place in the city of London.

 

[TraDaToR]

http://www.thetradenews.com/news/Regions/Europe/Credit_Suisse_warns_on_French_FTT_costs.aspx

 

[Lamar95]

Is Hungary introducing a FTT?

"The plan outlines the introduction of five new taxes: a 0.1% tax on financial transactions that is seen raising HUF 130 billion-228 billion from its introduction in 2013"
http://www.bbj.hu/economy/govt-unveils-_63268

"Bank Transaction Tax
Hungary will levy a 0.1 percent tax on bank transactions from 2013, yielding between 130 billion forint and 228 billion forint of revenue a year. The tax will apply to private and corporate bank transactions, including cash deposits and withdrawals, bank card transactions as well as financial transactions carried out at post offices.
The limit will be 30,000 forint per transaction with the possibility of turning it into a progressive tax or levying a higher rate on cash withdrawal, according to the plan."
http://www.businessweek.com/news/20...new-taxes-spending-cuts-to-meet-deficit-goals

 

[sheda]

On Wednesday the European Parliament’s economic and monetary affairs committee will vote on a package of amendments to the EC’s proposal which, if ratified later by a vote of all MEPs, will form the parliament’s official position on the FTT in any negotiations over a final text.

Speaking at a Centre for Policy Studies event on the FTT in London this morning, Swinburne, a member of the Econ committee, said the committee is unlikely to back proposals put forward to exempt long-term investors from the tax, despite pressure from the UK.

http://www.moneymarketing.co.uk/pen...t-carve-out-unlikely-says-mep/1050147.article Yawns.

 

[zdreg]

Quote from sheda:

http://www.moneymarketing.co.uk/pen...t-carve-out-unlikely-says-mep/1050147.article Yawns.

you may be right this time but the ftt solution is too attractive for desperate governments to die a natural death.

 

[listedguru]

Quote from sheda:

http://www.moneymarketing.co.uk/pen...t-carve-out-unlikely-says-mep/1050147.article Yawns.

I thought this nugget was interesting:

Speaking at the event, Roger Liddle, an ex-adviser to European Commission president Jose Manuel Barroso and Tony Blair, said upcoming elections in Europe could make an FTT more likely.

He said: “It has a lot of political traction and the momentum behind it is quite strong on the continent. It will be strengthened if Francois Hollande becomes French president next month and if the German SDLP enter the Government in Berlin, which I think is quite likely, even if Mrs Merkel remains Chancellor.”

He added that those arguing, as Chancellor George Osborne does, that an FTT should only be introduced at a global level do not take into account the “global clout” of the EU. He said if the EU implemented the levy, it would “pressure” other jurisdictions to follow suit.


I still find it highly unlikely that an EU or EZ FTT is going to happen. Whats more likely is a hodge podge of member states doing their own thing when it comes to the ftt so to speak. The EZ might not be around that much longer (LOL).

-Guru

 

[listedguru]

Any thoughts on this in regards to the ftt?

Dutch Cabinet Collapse Shows Folly of Merkel Fiscal Pact:

http://www.bloomberg.com/news/2012-...llapse-shows-folly-of-merkel-fiscal-pact.html

 

[sheda]

It has a lot of political traction and the momentum behind it is quite strong on the continent. It will be strengthened if Francois Hollande becomes French president next month and if the German SDLP enter the Government in Berlin, which I think is quite likely, even if Mrs Merkel remains Chancellor.

Wow - So the election of pro FTT officials in the two country's that already have the most political support for this idea will strengthen its case in country's that have none?

Its all hot air yet again, the more the pact comes apart there more they will scream about this..