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

Quote from GreenTraderTax:

http://www.ft.com/cms/s/0/06a8cade-ecc6-11de-8070-00144feab49a.html

ft writer seems interested in smaller tobin tax instead of bonus taxes. The uk seems desperate for new tax revenue and does not want to chase bankers out with the bonus tax. Lowering the transaction tax rate may make it more palatable for some but we know that is a slippery slope and a bad idea.

Notice comment about little prospect for UK bank income taxes with loss carryforwards and a preference for a revenue tax - a transaction tax. When profits are down government budgets call for revenue taxes and VAT.

UK news remains threatening and escalating for a transaction tax. I think we are still okay on the US side.

Link came up on google alerts which I get every night at 10:30pm et.

From iPhone
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I have written a letter to the Editor of the FT to complain about this article. I suggest that others politely do the same explaining why a Tobin Tax is such a bad idea. Please email the Editor at
letters.editor AT ft.com

The FT is of course a heavyweight paper read by politicians and global leaders (including the IMF!) who WILL be influenced by such misleading articles.
 
I think Copenhagen was as good as result as we could expect. But the IMF study out in April is key. I am sure Brown and Sarkozy will be doing some arm twisting behind the scenes.

Interestingly I dug up the following Working Paper WP/95/77-EA Financial Transactions Taxes by Parthasarathi Shome and Janet G. Stotsky on the IMF's own site that slammed FTT in 1995:-
http://www.imf.org/external/pubs/cat/doctext.cfm?docno=WPIEA0771995

Note also there is a statement regarding the upcoming April report for the G20 leaders where you can post comments:-
http://www.imf.org/external/pubs/ft/survey/so/2009/NEW120109A.htm

Please voice your opinion regarding the Tobin Tax proposal to the IMF directly...if enough of us do this we may have some influence to counterbalance Brown, Sarkozy and the others.
 
Quote from listedguru:

I don't like the tone from the above article (especially coming from the Financial Times). I guess the entire world is waiting to see what the IMF comes up with in their report in April of 2010. The UK Treasury has indicated it's going to wait until the final IMF report is released which is slated for June 2010 - by that time Gordon Brown should be out of a job. At that point I can't see the UK enacting this tax.

-Guru
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(David Cameron) UK Conservatives End Year With Widening Poll Lead Over (Gordon Brown) Labor. An Ipsos-Mori poll put the Conservatives at 43 percent and Labor at 26 percent, a 17 percentage point lead. Last month, the pollster gave the Conservatives a six-point lead, their narrowest of 2009. Meanwhile, a YouGov Pic poll in the Sunday People put the Conservatives at 40 percent and Labor at 28 percent, a 12 point lead, up from 9 points a week earlier.
Brown must call an election by June at the latest, and is likely to go for May 6th, when local elections are being held. Writing in the Mail on Sunday, Conservative leader David Cameron offered readers "reasons to be cheerful" in 2010, including the prospect of the recession ending, England doing well in the soccer World Cup, and "the chance to kick out Gordon Brown".
"It's our election to lose", Conservative chairman Eric Pickles told the BBC's Andrew Marr Show. "We've got to offer people some hope".

http://www.google.com/url?sa=t&sour...0C8vmJWHE32lZYjZw&sig2=Iw_zQ8-dSMja69nObzxkKg
 
Quote from FightTheFuture:

A 0.5 percent federal tax on securities trading in the U.S. could raise upwards of $353 billion per year, according to a new analysis.

http://industry.bnet.com/financial-services/10005603/securities-trading-tax-could-raise-big-bucks/

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Now it's $353B.

Aren't there some kind of laws that would imprison these nut cases?
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Its a shame they print this becuase thats what the public is going to think. They will not listen to us, or bankers when they tell them , that the amounts of money in those articles are bogus. They will think the banks are lying and believe these nutcases where the amount changes everyday
 
Quote from FightTheFuture:

A 0.5 percent federal tax on securities trading in the U.S. could raise upwards of $353 billion per year, according to a new analysis.

http://industry.bnet.com/financial-services/10005603/securities-trading-tax-could-raise-big-bucks/

-------------------------
Now it's $353B.

Aren't there some kind of laws that would imprison these nut cases?
More...



Of course, when Congress give out exemptions to all the big boys, and put's the mom and pop retail traders out of business, their estimated revenues are off by $353 billion per year.
 
I have to say if we get a transaction tax you can blame greedy wall street. how the hell does it look 9 month after the country almost going under wall street is giving out the biggest bonus's in history? how does it look to millions that sold the panic that the mkt is up 80% in 9 months and they're not in it?you'd have thought after the damage they did they'd let the mkt go sideways for 6-12 months and let people get over the shock but no they ram it right back up like the arrogant fucks they are. now millions want revenge on wall street .
 
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