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

Quote from muller:

In Europe they're making it public and signing a Petition IN FAVOR of the Tobin Tax!!!!! :mad: :mad: :mad: :mad: :mad:
I've seen some readers here were in favor too. So I'm not posting the link.
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The Robin Hood Tax? Time to dig out Atlas Shrugged:


Ragnar Danneskjold: "But I’ve chosen a special mission of my own. I’m after a man whom I want to destroy. He died many centuries ago, but until the last trace of him is wiped out of men’s minds, we will not have a decent world to live in."

Hank Rearden: "What man?"

Ragnar: "Robin Hood."

Ragnar: ". . . [Robin Hood] is not remembered as a champion of property, but as a champion of need, not as a defender of the robbed, but as a provider of the poor. He is held to be the first man who assumed a halo of virtue by practicing charity with wealth which he did not own, by giving away goods which he had not produced, by making others pay for the luxury of his pity. He is the man who became a symbol of the idea that need, not achievement, is the source of rights, that we don’t have to produce, only to want, that the earned does not belong to us, but the unearned does. He became a justification for every mediocrity who, unable to make his own living, had demanded the power to dispose of the property of his betters, by proclaiming his willingness to devote his life to his inferiors at the price of robbing his superiors. It is this foulest of creatures – the double-parasite who lives on the sores of the poor and the blood of the rich – whom men have come to regard as the moral idea." ". . . Do you wonder why the world is collapsing around us? That is what I am fighting, Mr. Rearden. Until men learn that of all human symbols, Robin Hood is the most immoral and the most contemptible, there will be no justice on earth and no way for mankind to survive."

--Ayn Rand, Atlas Shrugged

I've seen this "Robin Hood" nonsense. I am quite certain it will not pass; too many powerful interests against it. However those responsible have been marked. "War on Want" was agitating for a similar tax in 2001.

Another member has made a list of all the looting charities who are lobbying for this. I have blacklisted all of them. I will not support any charity in favour of looting. If necessary I shall start my own charity in the future. Absolutely disgusting. I am sick of this resentment against achievement and incompetent politicians who have no other tools than an appeal to populist sentiment.

"… Already long ago, from when we sold our vote to no man, the People have abdicated our duties; for the People who once upon a time handed out military command, high civil office, legions — everything, now restrains itself and anxiously hopes for just two things: bread and circuses"

--Juvenal, Satire X, 77–81
 
“Tobin style” transaction tax all but dead

(OK we know all this already but it's nice to read)

http://www.reuters.com/article/idUSTRE62T2J320100330

[...]

G20 finance ministers will review options from the IMF next month in Toronto on how to make the banks pay for rescues, the G20 letter said.

Mr. Strauss-Kahn said in Bucharest he would present proposals for imposing a levy on banks, signalling growing support for such a measure as initial hopes for a “Tobin style” transaction tax are all but dead.

The United States is already planning a bank levy and such a measure is now finding support in Britain, France and Germany.

“I am more optimistic now that we can get an international levy or tax than I was six months ago,” British Finance Minister, Alistair Darling told parliament.

“I think you will find the finance ministers .. are far more amenable now at looking at seeing if we can put in place a system that works,” Mr. Darling said.

French Economy Minister Christine Lagarde travels to attend a meeting of the German cabinet on Wednesday where proposals for a bank tax will be discussed.

[...]
 
The stk mkts a sitting duck. Up 80% in 13 months and $6 trillion of wealth added is just begging to be taxed. worst thing that ever happened is the mkt skied like it has creating mass jealousy toward wall street.
 
FTT stands for global charity initiatives and EU federal or global tax proposals.

Bank levy stands for cleaning up past and future bank messes. A big difference.

Even with market increases, banks are still fragile and governments are very scared of another meltdown as with Greece. Ireland just nationalized banks.

Governments want to be very careful with financial markets and not upset them with a FTT. A few countries have run away financial markets and only they are interested in a FTT to slow down hot money in-flows. Not Europe and the US.

Bottom line. US, EU, IMF, Canada, Russia and Korea will say no FTT and a bank tax won't be an easy coordinated pass either (but suggested).

No way will governments take an extra pound of flesh from banks and markets to fund charities and unions.

FTT is a fund raising and polarizing issue not a feasible tax plan now.

Been busy with taxes and not posting much here. Thumbed quickly on iPhone.
 
http://m.ft.com//s/0/08080cf0-3cd0-...?catid=6&SID=5cbfbce264e902aa110a9f7cc757f205

hope iPhone link works. French and Germans are moving forward with bank levy. Germans need to keep it constitutional with an insurance levy versus a tax and not single out banks. The Germans seem more respectful of their constitution then we Americans do lately - with health care mandate, and tax attacks on the financial industry.

Don't like France wanting to extend the bank levy tax to hedge funds too.
 
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