1/4% Tax on all stock trades pushed in NY Times today
- Thread starter seasideheights
- Start date
It's our intent to keep it that way by ensuring that our voices & viewpoints get out to the decision makers & those in the press who bring this topic up & try to rally the idea. Without them seeing & hearing our viewpoint, they don't know it exists. They only see & hear the LOUD anti-WallStreet feeding frenzy that is currently en vogue. Try to respond online to as many pro-tax news stories & blogs that bring the topic up as you can.
IMF Review of Tobin Tax Proposal Is Welcome, FSAâs Turner Says
http://www.bloomberg.com/apps/news?pid=20601102&sid=aevWELM8yDTk
The International Monetary Fundâs consideration of a tax on financial transactions is welcome, the head of Britainâs markets regulator said.
The IMF is considering ways to reduce risk in the financial system, including a so-called Tobin Tax, said Financial Services Authority Chairman Adair Turner, who controversially floated the idea of such a tax in August. The IMF is also looking at issues such as what to do about banks that are deemed to big to fail, Turner said at a conference yesterday in London.
âIf in the middle of a crisis you donât ask the questions that were previously off limits, youâll never do that,â said Turner at the Confederation of British Industryâs annual conference.
http://www.bloomberg.com/apps/news?pid=20601102&sid=aevWELM8yDTk
The International Monetary Fundâs consideration of a tax on financial transactions is welcome, the head of Britainâs markets regulator said.
The IMF is considering ways to reduce risk in the financial system, including a so-called Tobin Tax, said Financial Services Authority Chairman Adair Turner, who controversially floated the idea of such a tax in August. The IMF is also looking at issues such as what to do about banks that are deemed to big to fail, Turner said at a conference yesterday in London.
âIf in the middle of a crisis you donât ask the questions that were previously off limits, youâll never do that,â said Turner at the Confederation of British Industryâs annual conference.
In praise of James Tobin; India, Indonesia or Korea, who's next?
http://in.reuters.com/article/economicNews/idINIndia-44196820091124
http://in.reuters.com/article/economicNews/idINIndia-44196820091124
Govt should form sovereign fund to arrest stock mkt volatility: Assocham
http://economictimes.indiatimes.com...t-volatility-Assocham/articleshow/5265010.cms
Industry chamber Assocham suggested that the government should create a sovereign fund out of the money collected through Securities
Transaction Tax and use the corpus to arrest volatility in the stock market, fuelled especially by FIIs.
"The fund can be raised from Security and Transaction Tax, imposed on daily trading of capital markets," it said.
http://economictimes.indiatimes.com...t-volatility-Assocham/articleshow/5265010.cms
Industry chamber Assocham suggested that the government should create a sovereign fund out of the money collected through Securities
Transaction Tax and use the corpus to arrest volatility in the stock market, fuelled especially by FIIs.
"The fund can be raised from Security and Transaction Tax, imposed on daily trading of capital markets," it said.
Martin Hutchinson in favor of transaction tax
http://www.moneymorning.com/2009/11/24/u.s.-bank-stocks/
Personally I would favor a âTobin tax,â a small tax on each transaction in bond, stock commodity and foreign-exchange markets. This would need to be imposed by global agreement, but could be levied on a country-by-country basis (you donât want to give global institutions a separate source of revenue, heaven forbid!).
Tobin taxes would fall most heavily on the very big conventional banks, as well as on the trading-oriented investment banks. They would hit especially hard the âfast-tradingâ business initiatives, in which investment banks profit from their inside knowledge of money flows.
Thatâs all to the good; the âfast tradingâ business â and much of trading in general â appears to me to be pure rent extraction in which traders make money without providing anything of value to others. As a veteran banker myself, I can say with certainty that this is not true of most traditional banking and investment banking business, however.
Whatever tax the politicians decide to go with would strike both directly and deeply at bank profitability. If designed badly, this tax could also hurt the relatively innocent regional banks. There is also new talk of breaking up the biggest banks to stop them being âtoo big to failâ â again probably bad news for shareholders in the short-term.
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<i>Hutchinson doesn't mention discount brokers individual investors or traders of any kind</i>
http://www.moneymorning.com/2009/11/24/u.s.-bank-stocks/
Personally I would favor a âTobin tax,â a small tax on each transaction in bond, stock commodity and foreign-exchange markets. This would need to be imposed by global agreement, but could be levied on a country-by-country basis (you donât want to give global institutions a separate source of revenue, heaven forbid!).
Tobin taxes would fall most heavily on the very big conventional banks, as well as on the trading-oriented investment banks. They would hit especially hard the âfast-tradingâ business initiatives, in which investment banks profit from their inside knowledge of money flows.
Thatâs all to the good; the âfast tradingâ business â and much of trading in general â appears to me to be pure rent extraction in which traders make money without providing anything of value to others. As a veteran banker myself, I can say with certainty that this is not true of most traditional banking and investment banking business, however.
Whatever tax the politicians decide to go with would strike both directly and deeply at bank profitability. If designed badly, this tax could also hurt the relatively innocent regional banks. There is also new talk of breaking up the biggest banks to stop them being âtoo big to failâ â again probably bad news for shareholders in the short-term.
------------
<i>Hutchinson doesn't mention discount brokers individual investors or traders of any kind</i>
Well, well, well. Looks like this bill is going forward. Don't underestimate the stupidity of liberals.
Dems push Wall Street $150B stock tax
By Silla Brush - 11/24/09 12:05 PM ET
A House bill still being drafted aims to raise $150 billion each year to pay for new jobs by taxing Wall Street traders.
Under a bill being drafted by Democratic Reps. Peter DeFazio (Ore.) and Ed Perlmutter (Colo.), the sale and purchase of financial instruments such as stocks, options, derivatives and futures would face a 0.25 percent tax.
The bill, a copy of which was obtained by The Hill, is titled: âLet Wall Street Pay for the Restoration of Main Street Act of 2009â.
Half of the $150 billion in tax revenue would go toward reducing the deficit, while the other half would be deposited in a âJob Creation Reserveâ to support new jobs.
The job fund would be available to offset the additional costs of the 2009 highway bill and other legislation that creates jobs.
The Obama administration and congressional Democrats are looking for ways to create jobs after the nationâs unemployment rate hit 10.2 percent in October and job losses are expected to rise.
House leaders have mentioned the possibility of a tax on stock transactions, but House Speaker Nancy Pelosi (D-Calif.) appeared to raise questions about the approach last week. Pelosi said such a move would need to be done in conjunction with efforts in other countries.
âObviously we have to work with leadership on this,â said Leslie Oliver, spokeswoman for Perlmutter. âIt has a long way to go, but the ideas is to stir debate⦠We think this is one idea that makes a lot of sense.â
The stock tax measure specifies that tax revenue would need to support jobs that pay at least the median wage in the United States, promotes manufacturing jobs and prohibits any recipient of the $700 billion financial bailout from directly benefiting from the job reserve fund.
The bill aims to exempt retirement accounts from the impact of the tax.
A group of consumer watchdog organizations and labor unions sent DeFazio a letter this week supporting the tax bill.
âYour bill would put Wall Street to work for the public good, by placing a modest securities transaction tax on trades of stocks, options and swaps. A tax on these trades has little impact on the average investor or pension fund because they hold their investments for the long-term, but it does disincentivize Wall Street gambling and high-volume short-term speculative trading,â the organizations wrote.
The groups include: Americans for Financial Reform, Public Citizen, the Service Employees International Union (SEIU) and the AFL-CIO, among others.
Dems push Wall Street $150B stock tax
By Silla Brush - 11/24/09 12:05 PM ET
A House bill still being drafted aims to raise $150 billion each year to pay for new jobs by taxing Wall Street traders.
Under a bill being drafted by Democratic Reps. Peter DeFazio (Ore.) and Ed Perlmutter (Colo.), the sale and purchase of financial instruments such as stocks, options, derivatives and futures would face a 0.25 percent tax.
The bill, a copy of which was obtained by The Hill, is titled: âLet Wall Street Pay for the Restoration of Main Street Act of 2009â.
Half of the $150 billion in tax revenue would go toward reducing the deficit, while the other half would be deposited in a âJob Creation Reserveâ to support new jobs.
The job fund would be available to offset the additional costs of the 2009 highway bill and other legislation that creates jobs.
The Obama administration and congressional Democrats are looking for ways to create jobs after the nationâs unemployment rate hit 10.2 percent in October and job losses are expected to rise.
House leaders have mentioned the possibility of a tax on stock transactions, but House Speaker Nancy Pelosi (D-Calif.) appeared to raise questions about the approach last week. Pelosi said such a move would need to be done in conjunction with efforts in other countries.
âObviously we have to work with leadership on this,â said Leslie Oliver, spokeswoman for Perlmutter. âIt has a long way to go, but the ideas is to stir debate⦠We think this is one idea that makes a lot of sense.â
The stock tax measure specifies that tax revenue would need to support jobs that pay at least the median wage in the United States, promotes manufacturing jobs and prohibits any recipient of the $700 billion financial bailout from directly benefiting from the job reserve fund.
The bill aims to exempt retirement accounts from the impact of the tax.
A group of consumer watchdog organizations and labor unions sent DeFazio a letter this week supporting the tax bill.
âYour bill would put Wall Street to work for the public good, by placing a modest securities transaction tax on trades of stocks, options and swaps. A tax on these trades has little impact on the average investor or pension fund because they hold their investments for the long-term, but it does disincentivize Wall Street gambling and high-volume short-term speculative trading,â the organizations wrote.
The groups include: Americans for Financial Reform, Public Citizen, the Service Employees International Union (SEIU) and the AFL-CIO, among others.
Nothing about this bill is going forward, this is older news we knew they were drafting this bill a few weeks ago. There are 2 or 3 others already drafted. This is just pulled from old news. The 2 bills drafted are Defazios from this year, and the trasnportation bill from this summer. A few weeks ago perlmutter and Defazio were drafting this bill. The key is to get anybody to take it for a vote and so far those in the proper tax writing committes like Rangel have not even had dicussions on it yet. So pretty muc same old stuff here of journalist trying to write a story on another slow news day 