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

Quote from seasideheights:

"She said that other governments had shown “broad support” for Germany's idea of introducing a tax on financial transactions (ie, Tobin tax). She said that, because of the limited time available for discussion at the meeting, the Swedish presidency had been asked to hold further discussions on whether the issue should be raised by the EU in Pittsburgh."


http://www.europeanvoice.com/article/2009/09/reinfeldt-bankers-bonus-bubble-has-burst/65922.aspx
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At the end of this piece the Swedesh Prime Minister comes out against the tax:

http://www.google.com/hostednews/afp/article/ALeqM5inS7ur4iyq2DHwnhqeUQNs75tNiA


Here's a quote someone posted from Merkel earlier in the thread:

A spokesman for Ms Merkel told the Financial Times that the chancellor was willing to discuss an international tax on transactions but said it had close to no chance of being agreed. “You cannot float ideas like that two weeks before a summit,” he said. “I suspect this is mainly electioneering on the part of Mr Steinbrück.”


-Guru
 
Quote from TraDaToR:

They are talking the 0.005 % one. There would still be liquidity around.
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Get their foot in with a small tax and crank it. Social Insecurity tax started out at 2% on the first $3K of income. Now it's 15.3% on $94K. Income tax started around 2% with only about 10,000 of the wealthiest paying at first.

Kouchner is talking of a voluntary tax, whatever that means, proposing a small tax and calling it voluntary to get the debate going.

The current talk is a tax on international financial transactions. If enacted, they would claim it was a success. I'm sure it would evolve and be applied to every financial transaction of all sorts.
 
Quote from seasideheights:

"Indeed, support for an international financial transactions tax is growing rapidly. The UK has confirmed its agreement in principle to the proposed new levy, and offered to work alongside France to progress the idea from next month. The French Foreign Minister has also recently received backing from the President of the European Commission, José Manuel Barroso."

http://www.tax-news.com/asp/story/F...bal_Financial_Transactions_Tax_xxxx39166.html
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Do you seriously believe that people in the United States are going to agree to pay any kind of tax where the money will be sent overseas, in THIS type of economic environment? In a more socialist country you can get away with that type of proposal, but not in the US, and sure as hell not now when the average person is hurting. "Sure - just tax my pension funds and send the money away to other countries, I don't mind!". This will never fly.
 
Well, if what they are trying to do is go where the money is... Why don't they do just that. Go to where the money *is*!

If they imposed a 1% tax per year on net worth they could even eliminate income tax completely and still come out ahead. Then they could leave the rest of us alone to get on with our lives...

It doesn't take a genius to see why they wouldn't pass that law... they are the ones with the money!

Think of all the money they would save on the overhead of all their other schemes though...

Hey guys, they are already collecting income tax on the money you make. Are we saying that they aren't getting enough?

How is it that people with insanely high incomes manage to pay less percentage tax than the middle class (in spite of the brackets)?

Am I missing something somewhere?

You already have transaction "taxes" on trades. Many people add liquidity to get rebates because they have to offset *that* expense. You used to be able to make money just off of the rebates...

Are we saying that only Goldman Sachs should be allowed to make money adding liquidity to the markets?

You want it, go for it. Just remember tho, once you let the gov't find another way into your wallet, you will never get them back out again.

How many toll roads have you seen that were established on the promise of a limited timeframe to pay for the contruction costs actually become toll free? The one by where I used to live was funding a new govt building last I checked...

Currently I'm trading a country with no such fees at all, not even the type that exists in America today. Interestingly, outside investors make up a large percentage of that market. Lots of big USA money is there too.

The markets are there to help businesses. Commodity futures help them take the risk out of setting prices. Equity markets help them raise capitol. Options markets help them compensate hard working employees.

Giving investors incentive to go elsewhere is like pulling the rug out from under USA business and screw the employees.

An additional transaction tax is a definite step in the wrong direction on so many levels...

<end of rant>
 
On google news and blog search this morning, there are a lot of conflicting reports of who and how much support there is.

Reminds me of what they call intelligence reports of terrorists and their "chatter".

Should call the reports as "financial terrorists and their chatter".


Very unlikely a global tax would pass now. Yet with creeping global socialism, someday....
 
Indeed. ANY international taxing authority would be a *disaster* as it would only lead to more & higher taxes down the road!


Quote from FightTheFuture:

Get their foot in with a small tax and crank it. Social Insecurity tax started out at 2% on the first $3K of income. Now it's 15.3% on $94K. Income tax started around 2% with only about 10,000 of the wealthiest paying at first.

Kouchner is talking of a voluntary tax, whatever that means, proposing a small tax and calling it voluntary to get the debate going.

The current talk is a tax on international financial transactions. If enacted, they would claim it was a success. I'm sure it would evolve and be applied to every financial transaction of all sorts.
More...
 
G20 leaders to discuss "Tobin tax": sources

(Reuters) - A so-called "Tobin tax" on global financial transactions will be discussed and is likely to be reflected in the final communique at next week's G20 summit, G20 sources preparing the meeting in Pittsburgh said on Friday.

"It will be reflected upon seriously and plans are to have it mentioned," one source told Reuters.

"The most likely outcome seen is for the international financial institutions to carry out an analysis on this and report back to the G20 finance ministers."

http://www.reuters.com/article/reutersComService4/idUSTRE58H5AG20090918
 
Quote from seasideheights:

G20 leaders to discuss "Tobin tax": sources

(Reuters) - A so-called "Tobin tax" on global financial transactions will be discussed and is likely to be reflected in the final communique at next week's G20 summit, G20 sources preparing the meeting in Pittsburgh said on Friday.

"It will be reflected upon seriously and plans are to have it mentioned," one source told Reuters.

"The most likely outcome seen is for the international financial institutions to carry out an analysis on this and report back to the G20 finance ministers."

http://www.reuters.com/article/reutersComService4/idUSTRE58H5AG20090918
More...

They can discuss it all they want but there is no way this would ever fly on an international level. It will be interesting to see what kind of comments come out of the summit regarding this tax. I'm very interested in seeing what happens when they carry out their analysis on it.

Maybe someone like Summers will come out and speak against it at the summit:)



-Guru
 
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