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

-France has launched a last-minute campaign to have the G20 agree to a financial transaction tax that would shave off a small amount from every market trade and put the money towards international development, insiders say.

-But the idea was panned by G20 negotiators on Thursday.







-Time was quickly running out. The summits that Canada has spent months and at least $1.24 billion planning for are about to begin.

-The G8 and the leaders from several African and Latin American countries are staying at the Deerhurst Resort, surrounded by lakes, forest and a golf course, but ringed in by large security fences watched by thousands of guards.

-Their spouses are staying in Toronto, dining on food from the Muskoka region and learning about cottage-country art and culture.

http://www.winnipegfreepress.com/ca...g8-g20-gatherings-get-underway--97068764.html

(Well it's nice to see pigs and parasites in the above article having a good time. How many times do they meet and how many billion$ do they waste every year? And then some of them talk about taxing us......more.)






-Merkel steps up call for transaction tax......................


- Dr Merkel likes to cite a recent IMF study estimating German stimulus measures in 2010 at over 2 per cent of our GDP.

http://www.irishtimes.com/newspaper/finance/2010/0625/1224273270867.html

(Merkel likes to cite IMF studies? Merkel must have missed the IMF report on the trans tax last April that she and others requested of the IMF.)
 
No G20 deal on bank or transaction tax, Merkel says

http://www.monstersandcritics.com/n...-on-bank-or-transaction-tax-Merkel-says-Extra

Huntsville, Canada - The leaders of the world's most powerful economies are not expected to sign up to European calls for a worldwide levy on banks and tax on financial transactions at a summit in Canada this weekend, German Chancellor Angela Merkel said.

European Union leaders at a summit in Brussels on June 17 urged the Group of Eight (G8) and Group of 20 (G20) leading economies to approve such measures as a way of making banks reduce their risk exposure in the future.

But after talks with G8 leaders on Friday, Merkel said, 'I think it is becoming clear that we Europeans have a more positive approach (to the tax issue) ... but other countries will not join in.'

That impression is likely to be reinforced at talks with G20 leaders on Saturday and Sunday, she said.
 
Here's Dean Baker's response to the fin reg legislation:

http://www.politico.com/arena/

With so much concern about the deficit, it would be great if Congress comes back to Wall Street to pay its share. After all Citigroup, Goldman and the rest are the reason that the economy crashed. This gave us
double-digit unemployment. Their downturn also will add more than $4 trillion to the national debt.

The obvious payback is a modest financial speculations tax. A tax on flipping financial assets could easily raise more than $150 billion a year while barely affecting the bulk of ordinary households and investors. At a time when Obama’s deficit commission is running around with plans to cut Social Security and Medicare, taxing financial speculation must look like a much better option to 99 percent of the public.

Of course, as Senate Majority Leader Richard Durbin said, “the banks own this place.” Unfortunately, it appears as though this is still true. The battle ahead will be over whether the banks take away our Social
Security and Medicare or we tax their financial speculation.

-Guru
 
Quote from listedguru:

Here's Dean Baker's response to the fin reg legislation:

http://www.politico.com/arena/

With so much concern about the deficit, it would be great if Congress comes back to Wall Street to pay its share. After all Citigroup, Goldman and the rest are the reason that the economy crashed. This gave us
double-digit unemployment. Their downturn also will add more than $4 trillion to the national debt.

The obvious payback is a modest financial speculations tax. A tax on flipping financial assets could easily raise more than $150 billion a year while barely affecting the bulk of ordinary households and investors. At a time when Obama’s deficit commission is running around with plans to cut Social Security and Medicare, taxing financial speculation must look like a much better option to 99 percent of the public.

Of course, as Senate Majority Leader Richard Durbin said, “the banks own this place.” Unfortunately, it appears as though this is still true. The battle ahead will be over whether the banks take away our Social
Security and Medicare or we tax their financial speculation.

-Guru
More...



A tax on financial speculation won't happen, especially with the huge gains Republicans will make in November, in addition, the deficit panel needs 4 GOP votes to advance any proposals to Congress. If anything happens, it's Social Security and Medicare that will take cuts. I love how Baker leaves out that Obama and the Democrats just created another trillion dollar entitlement called "Obamacare". If these big spending, idiot liberals want to keep creating new entitlements, and useless hundred billion stimulus bills, be prepared to cut from your existing entitlements to pay for it.
 
'Germany failed to sell G8 on its idea of bank levy'

http://www.ptinews.com/news/746490_-Gemrany-failed-to-sell-G8-on-its-idea-of-bank-levy-

Berlin, June 27 (PTI) German Chancellor Angela Merkel has admitted that she failed to win support for her campaign to introduce a global financial transaction tax at the summit of eight leading industrialised nations in Canada.

"I am pleased that now we have a clarity that there will not be a global financial transaction tax," she said in a German television interview on Saturday night at the conclusion of the G-8 meeting in Huntsville lakeside resort.

"Unfortunately, this will not change" at the summit of the larger group of G-20 industrialised and emerging nations on Saturday and Sunday in Toronto.

However, there are several countries which advocate a global bank levy, she said.
 
G20 permits bank levies, rejects transaction tax

http://www.monstersandcritics.com/n...0-permits-bank-levies-rejects-transaction-tax

Toronto - The Group of 20 (G20) leading developed and developing economies has agreed to let members impose levies on their banks, but has rejected calls for an international tax on financial transactions, diplomats at a summit in Toronto said Sunday.

European countries and the United States are keen to make their banks pay for the colossal state rescue packages they received over the last year and a half. But Canada and developing states, whose banking sectors were less hard hit by the crisis, oppose calls for a G20-wide levy, fearing it would harm their financial industries.

Leaders at a dinner on Saturday reached compromise by agreeing that those states which want to go ahead with bank levies can do, but that states which do not want to do not have to.

That compromise was 'the most that we could achieve here,' German Chancellor Angela Merkel said.

The leaders approved a statement saying that 'the financial sector should make a fair and substantial contribution towards paying for any burdens associated with government interventions ... and recognized that there are a range of policy approaches to this end,' diplomats said.

'Some countries are pursuing a financial levy. Other countries are pursuing different approaches,' the leaders' compromise noted.

Merkel stressed that the agreement meant that 'taxpayers will be relieved of the burden' of paying for the bank rescues. Germany is expected to introduce its own banking levy later this year, alongside Britain and France.

Developing states refused to contemplate bringing in their own, equivalent levies because they 'are of the opinion that they did not create this crisis,' she said.

However, leaders rejected by a 'vast majority' European calls for a worldwide tax on financial transactions, diplomats said. Merkel, who ahead of the G20 summit was one of the main advocates of such a tax, did not mention the issue.
 
On Saturday, the group known as America Speaks (funded by Wall Street mogul Peter G. Peterson and two other foundations) brought together several thousand people in meetings in 60 cities....


According to America Speaks own press release, when a scientifically selected group of participants picked up their electronic voting devices, they overwhelmingly supported proposals to

* Raise tax rates on corporate income and those earning more than1 million.
* Reduce military spending by 10 to 15 percent,
* Create a carbon tax AND a securities-transaction tax

huffingtonpost.com/roger-hickey/in-deficit-town-meetings_b_627030.html

---------------------------------------

A commenter that supposedly attended a meeting does not believe the press is reporting properly (no shock) and that the tax proposals did not receive majority support.
 
"However, leaders rejected by a 'vast majority' European calls for a worldwide tax on financial transactions, diplomats said. Merkel, who ahead of the G20 summit was one of the main advocates of such a tax, did not mention the issue."

LOL - so Merkel didn't even mention the FTT issue to the G20. What a joke. She's as bad as Brown the Clown. The good news is the FTT has been rejected yet again (big surprise there). It will be interesting to see if Germany (and or France) go it alone on the FTT issue.

-Guru
 
You must log in or register to reply here.
Back
Top