You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an alternative browser.
You should upgrade or use an alternative browser.
1/4% Tax on all stock trades pushed in NY Times today
- Thread starter seasideheights
- Start date
Quote from cstfx:
Actually, I think that if this proposal fails, the FTT may be back in the crosshairs.
That might be true but the FTT would definately cost the investor more than the proposed bank tax. Also the FTT could very easily be passed down as well. I think they would probably chose the lesser of two evils (the bank tax) if anything were to happen.
-Guru
HUNT: All right. Let me ask you about a couple tax issues even though you are not on the Ways and Means Committee.
Acting Chairman Levin yesterday said that he was going to soon take up the Obama proposal for a tax on big banks. The Congressional Budget Office says itâll have very little effect on banks and would hurt consumers and investors. Youâve supported it in the past. Is this making you rethink your position?
FRANK: No, I havenât seen that analysis. I donât see how it would hurt consumers if itâs done right. And also, the way the president proposed it had a good regulatory impact because it was a tax on their liabilities. It would be a deterrent for them getting in over their heads.
Now you can debate about how to do it, and the way Ways and Means was thinking about changing it caused me some problems for institutions like mutual funds, insurance companies which I think were being somewhat unfairly hit. But I havenât seen any suggestion that itâs going to hurt the consumers. It hurts investors by the way. Look, nobody guaranteed investors a free ride.
HUNT: Do you think itâll get through the House?
FRANK: Yes, I think the notion that we cut community development block grants or we cut highway spending or environmental cleanup so that we avoid a tax on the banks, I donât think thatâs popular in the Senate.
http://www.businessweek.com/news/20...e-to-vote-on-consumer-agency-transcript-.html
Acting Chairman Levin yesterday said that he was going to soon take up the Obama proposal for a tax on big banks. The Congressional Budget Office says itâll have very little effect on banks and would hurt consumers and investors. Youâve supported it in the past. Is this making you rethink your position?
FRANK: No, I havenât seen that analysis. I donât see how it would hurt consumers if itâs done right. And also, the way the president proposed it had a good regulatory impact because it was a tax on their liabilities. It would be a deterrent for them getting in over their heads.
Now you can debate about how to do it, and the way Ways and Means was thinking about changing it caused me some problems for institutions like mutual funds, insurance companies which I think were being somewhat unfairly hit. But I havenât seen any suggestion that itâs going to hurt the consumers. It hurts investors by the way. Look, nobody guaranteed investors a free ride.
HUNT: Do you think itâll get through the House?
FRANK: Yes, I think the notion that we cut community development block grants or we cut highway spending or environmental cleanup so that we avoid a tax on the banks, I donât think thatâs popular in the Senate.
http://www.businessweek.com/news/20...e-to-vote-on-consumer-agency-transcript-.html
Quote from FightTheFuture:
More on Levin
http://www.businessweek.com/news/20...bank-fee-press-carried-interest-tax-rise.html
Well at least it sounds like Levin isn't going to be pushing for a FTT - at least he hasn't hinted he's going to. I'd say he's a lot better choice for us compared to Stark.
-Guru
Germany To Finalize Bank Levy Plan For Crisis Costs By April:
http://www.nasdaq.com/aspx/stock-ma...lize-bank-levy-plan-for-crisis-costs-by-april
BERLIN -(Dow Jones)- By April, Germany will finalize a proposal on imposing a possible levy on banks to pay for costs caused by the financial crisis, which will form part of an international discussion, a German Finance Ministry spokesman said Monday.
Does anyone know if they are specifically referring to a Tobin Tax? It's interesting they mention the April timeframe (IMF report also do) and they also mention it will form part of an int'l discussion. Hopefully Germany is referring to some sort of direct levy on the banks and no longer a Tobin Tax.
-Guru
http://www.nasdaq.com/aspx/stock-ma...lize-bank-levy-plan-for-crisis-costs-by-april
BERLIN -(Dow Jones)- By April, Germany will finalize a proposal on imposing a possible levy on banks to pay for costs caused by the financial crisis, which will form part of an international discussion, a German Finance Ministry spokesman said Monday.
Does anyone know if they are specifically referring to a Tobin Tax? It's interesting they mention the April timeframe (IMF report also do) and they also mention it will form part of an int'l discussion. Hopefully Germany is referring to some sort of direct levy on the banks and no longer a Tobin Tax.
-Guru
Quote from listedguru:
Germany To Finalize Bank Levy Plan For Crisis Costs By April:
http://www.nasdaq.com/aspx/stock-ma...lize-bank-levy-plan-for-crisis-costs-by-april
BERLIN -(Dow Jones)- By April, Germany will finalize a proposal on imposing a possible levy on banks to pay for costs caused by the financial crisis, which will form part of an international discussion, a German Finance Ministry spokesman said Monday.
Does anyone know if they are specifically referring to a Tobin Tax? It's interesting they mention the April timeframe (IMF report also do) and they also mention it will form part of an int'l discussion. Hopefully Germany is referring to some sort of direct levy on the banks and no longer a Tobin Tax.
-Guru
Good question I am trying to find out becuase Germanyu has always downplayed the bank levy and been all for the ftt, but maybe they changed their mind.
I believe it is Merkel who is in favor of a FTT. However, she cannot push this through because it would require agreement from the other party that forms the coalition government with her own party. That party is anti-FTT.Quote from rsikit:
Good question I am trying to find out becuase Germanyu has always downplayed the bank levy and been all for the ftt, but maybe they changed their mind.