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

Quote from listedguru:

EU Leaders Reject Idea of Global Transaction Tax (for now):

http://www.monstersandcritics.com/n...-idea-of-global-transaction-tax-for-now-Extra

Kind of mixed messages coming out thats for sure...

-Guru
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Sounds like they are divided on it.

Divided means it ain't gonna happen. Hell, they can't even get NECESSARY reforms passed to limit wall street's risk orgy - how are they gonna pass this?

Right now the only people pushing for this are lunatics like DeFazio and a few of his European counter-parts, socialist groups like the AFL-CIO, and self-interested people like Warren Buffet.

It has no real support, and likely won't get it.
 
Quote from FB123:

Sounds like they are divided on it.

Divided means it ain't gonna happen. Hell, they can't even get NECESSARY reforms passed to limit wall street's risk orgy - how are they gonna pass this?

Right now the only people pushing for this are lunatics like DeFazio and a few of his European counter-parts, socialist groups like the AFL-CIO, and self-interested people like Warren Buffet.

It has no real support, and likely won't get it.
More...

It also seems like .005 what was being discussed. 0.005 would change trading, make it more difficult definitely, but it would not eliminate the daytrading career other than the absolutely extreme microscalpers. Let's just continue to hope this doesn't go through because once a .005 tax is passed, the next discussions will be raising it.
 
Quote from drukes1234:

It also seems like .005 what was being discussed. 0.005 would change trading, make it more difficult definitely, but it would not eliminate the daytrading career other than the absolutely extreme microscalpers. Let's just continue to hope this doesn't go through because once a .005 tax is passed, the next discussions will be raising it.
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I resemble that (extreme micro scalper)!
---
Cheers!
 
Quote from drukes1234:

It also seems like .005 what was being discussed. 0.005 would change trading, make it more difficult definitely, but it would not eliminate the daytrading career other than the absolutely extreme microscalpers. Let's just continue to hope this doesn't go through because once a .005 tax is passed, the next discussions will be raising it.
More...

.005 = .5%

This would decimate daytrading
 
Its been in terms of .005% which is 5 bucks per 100,000 dollars. Now the .005% is thrown out there by some Europeans, Bernard Koucher from France. Here in the us it is much higher which would ruin daytrrading. The .005% would not
 
The German finance minister also announced his intention to promote his and Steinmeier's vision of a Tobin-style tax in Pittsburgh. This is surprising, because there has been no mention whatsoever of the Steinmeier/Steinbrück proposal in the preparatory sessions leading up to the G-20 meeting.

Interestingly, Steinbrück was always opposed to such a tax in the past. It is seen as detrimental to growth, because it increases the cost of financial transactions across the board, even those that are economically indispensable and not in the least bit speculative. Besides, the tax only makes sense if it is introduced everywhere in the world, otherwise the entire market for financial products would migrate to non-participating countries. Hence the chances of it ever being implemented are next to zero.
http://www.spiegel.de/international/business/0,1518,649430-2,00.html
 
Here is a very interesting piece. It keeps mentioning this Global tax as a CTT (currency transaction tax). It sounds like this will be floated at the G20 but quickly dismissed. Maybe they've decided to push for it on just currencies (as Tobin had originally intended) and leave the rest of us alone... I'm sure we'll get some news on it out of Pittburgh this week. Hopefully the US will come out and crush it:)


http://news.independentminds.livejournal.com/4099391.html

-Guru
 
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