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1/4% Tax on all stock trades pushed in NY Times today
- Thread starter seasideheights
- Start date
In regard to the WSJ editorial opposing the "tobin" (transaction) tax
http://online.wsj.com/article/SB10001424052748704576204574531211500981726.html
I didnt like this editorial
because the argument isn't nearly strong enough
the two key points are not made
(1) it will actually NOT raise taxes overall net net so it doesnt do what its advocates say it will (Overall it will LOSE tax revenue)
(2) it will have massive collateral damage that its proponents never talk about
it is amazing to me that (2) is hardly ever discussed
i wonder for example how many job losses it would cause, and there are tons of other aspects of the damage as well
http://online.wsj.com/article/SB10001424052748704576204574531211500981726.html
I didnt like this editorial
because the argument isn't nearly strong enough
the two key points are not made
(1) it will actually NOT raise taxes overall net net so it doesnt do what its advocates say it will (Overall it will LOSE tax revenue)
(2) it will have massive collateral damage that its proponents never talk about
it is amazing to me that (2) is hardly ever discussed
i wonder for example how many job losses it would cause, and there are tons of other aspects of the damage as well
Quote from TraDaToR:
There's something I noticed. Sarkozy and Merkel didn't comment about Brown's proposal after Geithner objection. There has been only one article about it last WE in "Le Monde" and then nothing. Hopefully Sarko and Lagarde are weighing Strauss-Kahn plans now...
I keep coming across articles that mention both France and Germany being for this tax. I thought Merkel came out against the tax after the elections?
-Guru
Time Magazine article. Nothing new in it. More exposure of idea to US general population via general news magazine.
http://www.time.com/time/business/article/0,8599,1938594,00.html
http://www.time.com/time/business/article/0,8599,1938594,00.html
Comment section worth sending your reply.
http://www.politics.co.uk/analysis/economy-and-finance/comment-don-t-rule-out-brown-s-tax-plans-yet-$1340185.htm
http://www.politics.co.uk/analysis/economy-and-finance/comment-don-t-rule-out-brown-s-tax-plans-yet-$1340185.htm
Quote from listedguru:
I keep coming across articles that mention both France and Germany being for this tax. I thought Merkel came out against the tax after the elections?
-Guru
She never really came out agaisnt the tax, but after the elections she never pushed it or mentioned it ever again!
Statements today from IMF official:
http://uk.reuters.com/article/idUKLD72129220091113
"At this stage we are working on many options and these include a Tobin-like tax on transactions and taxes looking at the past to see if there is any way of getting the (stimulus) money back: taxes on past profits or taxes on assets," he told Reuters.
.............................
Blanchard played down opposition to a Tobin tax from some nations, notably the United States, saying the Fund would study possibilities from a purely technical basis.
http://uk.reuters.com/article/idUKLD72129220091113
"At this stage we are working on many options and these include a Tobin-like tax on transactions and taxes looking at the past to see if there is any way of getting the (stimulus) money back: taxes on past profits or taxes on assets," he told Reuters.
.............................
Blanchard played down opposition to a Tobin tax from some nations, notably the United States, saying the Fund would study possibilities from a purely technical basis.
They always were looking at the tobin until Kahn siad they were not , they were more focused on the insurance tax or the windfall profits tax on bank profits or asset tax rather then insuance tax. The man who is doing this report, and it is not Kahn doing this report it is John Lipsky
He said his deputy John Lipsky was heading a taskforce to look at what measures would be appropriate
However, he said he didn't back plans for a so-called Tobin tax - a flat tax on currency transactions named after the Nobel Prize laureate James Tobin. Tobin first made his proposal in the early 1970s when U.S. President Richard Nixon ended the dollar's convertibility to gold and effectively brought an end to the global currency system that had prevailed since World War II.
The very simple idea of putting a tax on transactions won't work for many technical reasons," said Strauss-Kahn
In an interview with the Associated Press, Lipsky agreed that the Tobin measure "seems out of date," but he accepted the general idea of deposit insurance, much like the U.S.'s Federal Deposit Insurance Corporation, which was created in 1933 during the Great Depression when banks went under and depositors lost their savings.
He said his deputy John Lipsky was heading a taskforce to look at what measures would be appropriate
However, he said he didn't back plans for a so-called Tobin tax - a flat tax on currency transactions named after the Nobel Prize laureate James Tobin. Tobin first made his proposal in the early 1970s when U.S. President Richard Nixon ended the dollar's convertibility to gold and effectively brought an end to the global currency system that had prevailed since World War II.
The very simple idea of putting a tax on transactions won't work for many technical reasons," said Strauss-Kahn
In an interview with the Associated Press, Lipsky agreed that the Tobin measure "seems out of date," but he accepted the general idea of deposit insurance, much like the U.S.'s Federal Deposit Insurance Corporation, which was created in 1933 during the Great Depression when banks went under and depositors lost their savings.