The good thing about what Geithner said today when rejecting the idea of a tax on transactions, was that he said he didnot want to affect the retail community or pension funds. This is the first time that has been acknowledged at a high level. We have said it on ET here for a long time but to here him say it is a good thing.
1/4% Tax on all stock trades pushed in NY Times today
- Thread starter seasideheights
- Start date
I just don't at all understand how something like this could be "snuck in" a bill. This isn't a small issue that wouldn't be noticed. If it got snuck in there would be a repeal or a bill taking away the tax shortly after that so they could actually discuss it.
Good news today but we must stay vigilant and as someone said somewhere in this HUGE thread there are a lot of stupid rules that could be imposed that could really screw up trading to discourage short-termism so we have to keep on these clowns.
http://financialadvice.co.uk/news/11/tax/12636/Gordon-Brown-belittled-by-fellow-G20-members.html
"While only 12 months ago Gordon Brown's reputation was sky-high amongst the developed economies of the world and his fellow G20 members things have changed!
Even though they say a week in politics is a long time, a year for G20 members has seen a massive turnaround in reputations and power. Gordon Brown, once the darling of the G20, has this week been ridiculed by his fellow members over his plans to tax global financial transactions.
While initially the plans seemed to have gained a positive response from other members, the US government has now come forward and has effectively wrecked his plans to introduce this "excessive" tax regulation. Such is the open resistance to this particular proposal that it was not even discussed in the finale to the latest G20 meeting. As the US government has effectively stepped forward to block the plan it now seems doomed to failure and Gordon Brown will yet again walk away with "egg on his face"."
"While only 12 months ago Gordon Brown's reputation was sky-high amongst the developed economies of the world and his fellow G20 members things have changed!
Even though they say a week in politics is a long time, a year for G20 members has seen a massive turnaround in reputations and power. Gordon Brown, once the darling of the G20, has this week been ridiculed by his fellow members over his plans to tax global financial transactions.
While initially the plans seemed to have gained a positive response from other members, the US government has now come forward and has effectively wrecked his plans to introduce this "excessive" tax regulation. Such is the open resistance to this particular proposal that it was not even discussed in the finale to the latest G20 meeting. As the US government has effectively stepped forward to block the plan it now seems doomed to failure and Gordon Brown will yet again walk away with "egg on his face"."
If you look a lot of the articles after Saturdays good day it seems, alot of the overseas papers are trying to save face saying this tax is not dead, and the IMF is considering it as one of their proposals despite what Geithner said, now here is the IMF response to all that today 
http://www.reuters.com/article/newsOne/idUSTRE5A71HU20091108
THE IMF is not pursuing a transaction tax as one of the options it was tasked with to find a way to insure banks against a crisi. Despite what the UK is saying to save face the head of theIMF came out and said this below.
"The International Monetary Fund is exploring the idea of making banks pay insurance fees to fund any future rescues in the sector, IMF managing director Dominique Strauss-Kahn said on Sunday.
He said such a tax would be in line with a proposal at the weekend by British Prime Minister Gordon Brown, who urged world governments to consider imposing a levy on banks
Strauss-Kahn, speaking by telephone to Reuters, said his organization was not pursuing a global tax on financial transactions -- a so-called "Tobin tax" -- which was one of several options floated by Brown.
But British media reports suggesting there is a split between the IMF and Britain on the fundamental idea of imposing a levy are wrong, Strauss-Kahn said.
"We're not working on a Tobin tax at the IMF" because such a tax would risk being unworkable, he said.
"We're working on a tax on the financial sector which, in line with what Gordon Brown said, would solicit an insurance premium from a business activity that is riskier than others.
http://www.reuters.com/article/newsOne/idUSTRE5A71HU20091108
THE IMF is not pursuing a transaction tax as one of the options it was tasked with to find a way to insure banks against a crisi. Despite what the UK is saying to save face the head of theIMF came out and said this below.
"The International Monetary Fund is exploring the idea of making banks pay insurance fees to fund any future rescues in the sector, IMF managing director Dominique Strauss-Kahn said on Sunday.
He said such a tax would be in line with a proposal at the weekend by British Prime Minister Gordon Brown, who urged world governments to consider imposing a levy on banks
Strauss-Kahn, speaking by telephone to Reuters, said his organization was not pursuing a global tax on financial transactions -- a so-called "Tobin tax" -- which was one of several options floated by Brown.
But British media reports suggesting there is a split between the IMF and Britain on the fundamental idea of imposing a levy are wrong, Strauss-Kahn said.
"We're not working on a Tobin tax at the IMF" because such a tax would risk being unworkable, he said.
"We're working on a tax on the financial sector which, in line with what Gordon Brown said, would solicit an insurance premium from a business activity that is riskier than others.
G-20 leaders also opposed the utility of a tax on financial transactions ("banks tax") as a way to dampen risky bank behavior, to the benefit of the Financial sector.