1/4% Tax on all stock trades pushed in NY Times today
- Thread starter seasideheights
- Start date
maybe if are freakin gov't stopped printing $'s like stiken candy which is causing massive world wide bubbles as we speak we wouldn't have had a massive collapse last year. heres the world talking about taxing people to pay for the popping bubbles and yet they're creating another one
Quote from TraDaToR:
Where are guru and seasideheights? They will collapse seeing the news...
Hey guys I'm here - I've been too busy celebrating (LOL)...
I found this little tidbit:
Officials said Mr Brown favoured a levy, effectively a "Tobin tax" imposed on banks' transactions such as equities, derivatives and currency trades.
"Last night that goal appeared to be in disarray, as Mr Brown had pledged that "Britain will not move unless others move with us". However, some officials attending the meeting said the US and others might adopt a hostile stance to the tax as a negotiating tactic."
http://business.timesonline.co.uk/t...ectors/banking_and_finance/article6907857.ece
Anyone know what they mean by a negotiating tactic? I mean if they oppose it they oppose it I would think. We also had the IMF come out against in so it should be dead?
-Guru
Officials said Mr Brown favoured a levy, effectively a "Tobin tax" imposed on banks' transactions such as equities, derivatives and currency trades.
"Last night that goal appeared to be in disarray, as Mr Brown had pledged that "Britain will not move unless others move with us". However, some officials attending the meeting said the US and others might adopt a hostile stance to the tax as a negotiating tactic."
http://business.timesonline.co.uk/t...ectors/banking_and_finance/article6907857.ece
Anyone know what they mean by a negotiating tactic? I mean if they oppose it they oppose it I would think. We also had the IMF come out against in so it should be dead?
-Guru
Here are a few more comments from Geithner:
Mr Geithner told Sky News: "That's not something that we're prepared to support." He later told a news conference: "This is an idea that has been around for a long time. Many countries have a lot of experience with the design of these kinds of taxes. I think, frankly, the experience has been mixed."
And Mr Flaherty said: "We are not in the business of raising taxes, we are in the business of lowering taxes in Canada. It is not an idea we would look at."
The head of the IMF, Dominique Strauss-Khan, said he believed a transaction tax was unlikely to be adopted as "transactions" were difficult to measure.
http://www.google.com/hostednews/ukpress/article/ALeqM5jjXEOQz0uW5p2Ji7DakUVK12cvCQ
-Guru
Mr Geithner told Sky News: "That's not something that we're prepared to support." He later told a news conference: "This is an idea that has been around for a long time. Many countries have a lot of experience with the design of these kinds of taxes. I think, frankly, the experience has been mixed."
And Mr Flaherty said: "We are not in the business of raising taxes, we are in the business of lowering taxes in Canada. It is not an idea we would look at."
The head of the IMF, Dominique Strauss-Khan, said he believed a transaction tax was unlikely to be adopted as "transactions" were difficult to measure.
http://www.google.com/hostednews/ukpress/article/ALeqM5jjXEOQz0uW5p2Ji7DakUVK12cvCQ
-Guru
Britain and U.S. Clash at G-20 on Tax to Insure Against Crises
http://www.nytimes.com/2009/11/08/business/global/08bank.html?hpw
The United States and Britain voiced disagreement Saturday over a proposal that would impose a new tax on financial transactions to support future bank rescues.
Prime Minister Gordon Brown of Britain, leading a meeting here of finance ministers from the Group of 20 rich and developing countries, said such a tax on banks should be considered as a way to take the burden off taxpayers during periods of financial crisis. His comments pre-empted the International Monetary Fund, which is set to present a range of options next spring to ensure financial stability.
But the proposal was met with little enthusiasm by the United States Treasury secretary, Timothy F. Geithner, who told Sky News in an interview that he would not support a tax on everyday financial transactions. Later he seemed to soften his position, saying it would be up to the I.M.F. to present a range of possible measures.
âWe want to make sure that we donât put the taxpayer in a position of having to absorb the costs of a crisis in the future,â Mr. Geithner said after the Sky News interview. âIâm sure the I.M.F. will come up with some proposals.â
http://www.nytimes.com/2009/11/08/business/global/08bank.html?hpw
The United States and Britain voiced disagreement Saturday over a proposal that would impose a new tax on financial transactions to support future bank rescues.
Prime Minister Gordon Brown of Britain, leading a meeting here of finance ministers from the Group of 20 rich and developing countries, said such a tax on banks should be considered as a way to take the burden off taxpayers during periods of financial crisis. His comments pre-empted the International Monetary Fund, which is set to present a range of options next spring to ensure financial stability.
But the proposal was met with little enthusiasm by the United States Treasury secretary, Timothy F. Geithner, who told Sky News in an interview that he would not support a tax on everyday financial transactions. Later he seemed to soften his position, saying it would be up to the I.M.F. to present a range of possible measures.
âWe want to make sure that we donât put the taxpayer in a position of having to absorb the costs of a crisis in the future,â Mr. Geithner said after the Sky News interview. âIâm sure the I.M.F. will come up with some proposals.â
And after Geitner said this the IMF came out and said they were not going to say anything but since Gordon Brown brought this all up, Dominic Strauss Kahn the head of the IMF cam out today and said they are looking at 2 options to help fund future crisis, and they were not based whatso ever on transactions, one might be a windfall one time tax on banks and the other migh be some fee on assets or something of that nature on banks. So Gordon Brown probably thought he would have some allies after today and bolster his failing politca; position, but all he did is make the US, Canada, Russia, Sweden and the IMF come out and flately reject the idea of any taxes on transaction. Tried to be a hero that Brown but ended up a zero today
Revshark on the transaction tax
Transaction Tax Is an Ugly Idea
11/06/2009 2:00 PM
The state of politics is in a bigger mess than usual, but one of the ugliest and most significant things for investors that keeps popping up is the idea of a transaction tax on "Wall Street."
Over on Politico.com, there is a discussion of how Democrats are having difficulty funding a highway bill. House Majority Whip Jim Clyburn suggests that it may be a good idea to levy a securities transaction tax on the financial community. He is quoted as saying:
"There are some painless ways to fund the highway bill. Transaction taxes, that's a painless way; that's a painless way. ... Where are the shared contributions to all this? If you're sitting there on Wall Street, if you're Goldman Sachs, if you're making all this money, if you got all this federal money [in a] bailout, and you are paying all these big bonuses to your folks, where is your contribution to this recovery? That's why it's painless."
What I found amazingly irksome is how everyone who is engaged in the financial markets in any way is always lumped in with the likes of Goldman (GS - commentary - Trade Now) and AIG (AIG - commentary - Trade Now). The millions of people who look to the market as a way to build capital and help secure the future of their families are treated as if they are greedy crooks who caused our financial crisis. A transaction tax will hurt small investors far more than it hurts some firm like Goldman.
If Congress really wants the folks who were responsible for our economic problems to pay, than it should quit giving money to the likes of GM, AGI, Fannie Mae (FNM - commentary - Trade Now), Bank of America (BAC - commentary - Trade Now), Goldman and Citigroup (C - commentary - Trade Now). Unfortunately, the way politicians such as Clyburn operate is that they generalize and produce legislation while conveniently ignoring all sorts of repercussions.
The mythical beast known as "Wall Street" is such an easy target for politicians that I'm greatly concerned that this transaction-tax idea will gain traction. So far only one bill has actually been proposed, and it went nowhere, but it is the next one, attached to health care or highways, that I fear.
I prepared a petition against the DeFazio bill, and it has over 29,000 signatures so far. If you haven't signed it already, please do so. I'll keep you informed of what is happening, and should another bill be written, I'll be aggressively organizing opposition among small investors.
http://revshark.rmblogs.thestreet.com/entry.aspx?q=d18bce52-1fa7-4b66-8db8-9cb900e6da94
Transaction Tax Is an Ugly Idea
11/06/2009 2:00 PM
The state of politics is in a bigger mess than usual, but one of the ugliest and most significant things for investors that keeps popping up is the idea of a transaction tax on "Wall Street."
Over on Politico.com, there is a discussion of how Democrats are having difficulty funding a highway bill. House Majority Whip Jim Clyburn suggests that it may be a good idea to levy a securities transaction tax on the financial community. He is quoted as saying:
"There are some painless ways to fund the highway bill. Transaction taxes, that's a painless way; that's a painless way. ... Where are the shared contributions to all this? If you're sitting there on Wall Street, if you're Goldman Sachs, if you're making all this money, if you got all this federal money [in a] bailout, and you are paying all these big bonuses to your folks, where is your contribution to this recovery? That's why it's painless."
What I found amazingly irksome is how everyone who is engaged in the financial markets in any way is always lumped in with the likes of Goldman (GS - commentary - Trade Now) and AIG (AIG - commentary - Trade Now). The millions of people who look to the market as a way to build capital and help secure the future of their families are treated as if they are greedy crooks who caused our financial crisis. A transaction tax will hurt small investors far more than it hurts some firm like Goldman.
If Congress really wants the folks who were responsible for our economic problems to pay, than it should quit giving money to the likes of GM, AGI, Fannie Mae (FNM - commentary - Trade Now), Bank of America (BAC - commentary - Trade Now), Goldman and Citigroup (C - commentary - Trade Now). Unfortunately, the way politicians such as Clyburn operate is that they generalize and produce legislation while conveniently ignoring all sorts of repercussions.
The mythical beast known as "Wall Street" is such an easy target for politicians that I'm greatly concerned that this transaction-tax idea will gain traction. So far only one bill has actually been proposed, and it went nowhere, but it is the next one, attached to health care or highways, that I fear.
I prepared a petition against the DeFazio bill, and it has over 29,000 signatures so far. If you haven't signed it already, please do so. I'll keep you informed of what is happening, and should another bill be written, I'll be aggressively organizing opposition among small investors.
http://revshark.rmblogs.thestreet.com/entry.aspx?q=d18bce52-1fa7-4b66-8db8-9cb900e6da94
"The mythical beast known as "Wall Street" is such an easy target for politicians that I'm greatly concerned that this transaction-tax idea will gain traction. So far only one bill has actually been proposed, and it went nowhere, but it is the next one, attached to health care or highways, that I fear."
This has been the one thing that has worried most of all - that they would attach this tax to healthcare or some obscure highway bill. But I must say I am more relieved after Geithner's comments today. I don't think they'll be able to sneak anything like that through.
-Guru
This has been the one thing that has worried most of all - that they would attach this tax to healthcare or some obscure highway bill. But I must say I am more relieved after Geithner's comments today. I don't think they'll be able to sneak anything like that through.
-Guru