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

An article on a progressive site pointing out many flaws of our favorite Mystery Tax, the Robin Hood tax. These arguments can be applied to any type of trans tax no matter what they call it.

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progressives.org.uk/articles/article.asp?a=5529

The Robin Hood Tax: Not brilliant, just complicated

Whilst the financial transaction tax may sound good on newspaper and have its heart in the right place, Lucy Gill argues that a lack of political foresight makes the levy undemocratic, unconstitutional and downright unfair.
 
http://www.tradingmarkets.com/news/...-recovery-in-early-stages-fragile-835448.html

[...] Brown also said he now supports a global bank levy as "the most practical approach" of ensuring the financial sector pays for any future crisis.

In a speech last November, Brown laid out a series of options for a globally agreed way of ensuring banks pay their way. That included a financial transactions tax that was opposed by some other leading governments, including the U.S.

However, Brown said he now favored a bank levy, which has already been backed by the opposition Conservative party.

"I believe that we should now build on the ideas that have emerged in the large financial centers and we should seek consensus on a coordinated approach over the next few months," he said.
 
 
Unions to Kick Off Major Anti-Bank, Pro-Jobs Campaign Monday

As labor unions wind down their fight for health care reform, they will announce details Monday of their next major campaign: an attack on the nation’s biggest banks for their role in the financial crisis and a push for a new transaction tax to raise $100 billion a year for a national jobs program.

...

... the campaign will attempt to tap populist anger against banks to win passage of the tax.


http://www.foxbusiness.com/story/markets/unions-kick-major-anti-bank-pro-jobs-campaign-monday/

http://www.foxbusiness.com/story/ma...l-reform-support-financial-speculation-taxes/


There's a Reader Comment section after each article for responses.
 
Quote from Explorer:

European Parliament set to vote for a Tobin Tax

http://blogs.telegraph.co.uk/news/d...opean-parliament-set-to-vote-for-a-tobin-tax/

This vote is going to take place in the next hour:

http://www.europarl.europa.eu/sides...0100310&secondRef=SIT&format=XML&language=EN#

Details on proposal:

http://www.europarl.europa.eu/oeil/FindByProcnum.do?lang=en&procnum=RSP/2009/2750

http://www.europarl.europa.eu/sides/getDoc.do?type=MOTION&reference=B7-2010-0133&language=EN

http://www.europarl.europa.eu/sides...T+OQ+O-2010-0025+0+DOC+XML+V0//EN&language=EN

Link to live TV coverage:

http://www.europarl.europa.eu/wps-europarl-internet/frd/live/live-video?language=en
More...

So what does all this mean for us? So the European Parliament voted for a Tobin Tax and now it sounds like Brown is backing away from it and favoring a direct levy on the banks instead.

-Guru

P.S. I don't like all this union stuff they are planning but hopefully it'll fizzle out just like the Robin Hood campaign...We need the IMF to crush this nonsense once and for all:)
 
Senators eye pre-funded resolution authority:

http://www.ft.com/cms/s/0/a8e88ff0-2bd7-11df-8033-00144feabdc0.html?catid=69&SID=google

Senators in the banking committee have agreed in principle to a partially pre-funded “resolution authority” to wind down a failing bank holding company, favouring a structure that would levy a $50bn charge on the industry.

Under a tentative agreement in the Senate banking committee the costs of winding down a future failure would be recouped from the industry but an upfront fee would not be levied, according to people familiar with the discussions. The “resolution authority” also makes room for a traditional bankruptcy judge to have a say.

-Guru
 
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