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

http://m.thelocal.de/politics/20100915-29843.html

Merkel won't give up on FTT. But this article seems to portray internal German politics. FTT is Merkel's way to defray attacks from the left on her bank bailouts and Germany's economic comeback. With austerity coming, for sure public unions will cry foul and populist furor will remain against the banks. Advocating FTT - even if it never passes - puts out that political fire.

Same applies in France. Center-right government must show it's cred to be ready to take a pound of flesh from banks. The public worker strikes and outrage is only beginning.

Cameron and Osborne won't last long in the UK. Their medicine will kill plenty of patients, and even if it saves the UK they will be booted out fast.

PS. Obama must have figured the economy would still be bad by the midterms and he would likely lose one-party rule. So he focused on passing health care and fin reg. Smart but not appreciated by the tea party and plenty of others too - counting me.
 
"Only 17 per cent of EU parliamentarians support a financial transaction tax as a means of preventing future crises, the research claims."

They voted a resolution for it at 90% or so last fall. I know politicians change ther mind fast but I don't buy this article. The European Parlimaent is stil in favour of it. What is great is they don't have much power.:)
 
Quote from Robert A. Green:


Cameron and Osborne won't last long in the UK. Their medicine will kill plenty of patients, and even if it saves the UK they will be booted out fast.
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Robert, I agree with most of your calls but not on this one..

I think Cameron and Osborne will be here to stay and next election (5 years away) the Conservatives will win by clear majority not just with the help of a coalition. The coalition is holding up pretty well and what helps Cameron and Osborne is that they're only fighting one disfunctional party (Labour) instead of the usual two.

There is a big difference between what the left leaning media write and say (eg. Guardian, Independent, BBC to some extent) and what a large proportion of the country feel, even if most will keep their views private. Whereas politicians from all sides are distrusted I suspect union leaders in the UK are distrusted even more so...the recent talk from unions of public sector strikes in protest at spending cuts will almost certainly backfire and it puts the opposition Labour party in a difficult spot of choosing between lurching back to the far left or fighting nearer the centre ground, I expect they'll attempt to straddle between the two and it won't really work.

It was encouraging at the recent EU meeting that Osborne and Cameron seem to have sided against a FTT, once and for all. I would prefer it if these two were a pair of tax cutting bunnies (alas, not) but anything is an improvement on statist Brown.
:)
 
(CNSNews.com) – A group of 60 nations will meet next week at the United Nations to push for a tax on foreign currency transactions...

...“When people suggest taxes, they always start out ‘small,’” commented Ira Stoll, editor of FutureCapitalism.com and former managing editor of The New York Sun.

“But once the door is opened to the idea of ‘global taxes,’ you can bet they won’t end small. Never mind all the issues about whether development aid actually helps poor countries or just winds up empowering corrupt local dictators and their cronies.”...

http://www.cnsnews.com/news/article/75424

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Sri Lanka:


3) Banking transaction tax.

These taxes have significantly raised the spread between net income paid to depositors and the cost to the borrowers. Some people think the taxes are paid by the banks. No sir, all taxes are ultimately paid by people not by legal personalities. They are either paid by the shareholders, by the customers or by the employees. Our banks ensure that they are paid by the customers and not the shareholders.

The late NU.J always pointed out the harm done to business by taxing financial transactions.

http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=6469
 
These are your 60 nations

The following countries are currently members of the Leading Group:

Algeria, Bangladesh, Belgium, Benin, Brazil, Burkina Faso, Cambodia, Cameroon, Cape Verde, Central African Republic, Chile, Congo, Cote d’Ivoire, Cyprus, Djibouti, Ethiopia, European Commission, Finland, France, Gabon, Germany, Great Britain, Guatemala, Guinea, Haiti, India, Italy, Japan, Jordan, Lebanon, Liberia, Luxembourg, Madagascar, Mali, Mauritania, Mauritius, Mexico, Morocco, Mozambique, Namibia, Nicaragua, Niger, Nigeria, Poland, Romania, Sao Tome and Principe, Saudi Arabia, Senegal, Sierra Leone, South Africa, South Korea, Spain, Togo, and Uruguay.
 
Quote from MohdSalleh:

These are your 60 nations

The following countries are currently members of the Leading Group:

Algeria, Bangladesh, Belgium, Benin, Brazil, Burkina Faso, Cambodia, Cameroon, Cape Verde, Central African Republic, Chile, Congo, Cote d’Ivoire, Cyprus, Djibouti, Ethiopia, European Commission, Finland, France, Gabon, Germany, Great Britain, Guatemala, Guinea, Haiti, India, Italy, Japan, Jordan, Lebanon, Liberia, Luxembourg, Madagascar, Mali, Mauritania, Mauritius, Mexico, Morocco, Mozambique, Namibia, Nicaragua, Niger, Nigeria, Poland, Romania, Sao Tome and Principe, Saudi Arabia, Senegal, Sierra Leone, South Africa, South Korea, Spain, Togo, and Uruguay.
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In other words, countries that have no clout on the FTT issue whatsoever!!!!!! :D
 
NGOs, socialists, Sarko, Merkel, Robin Hoodies... all want to tax "traders" because they are focusing on the tremendous amount of money the top guys are making( IBanks, top hedge funds, HFTs...), but if you take the industry as a whole ( with mutual funds, hedgers, producers, losing HFs, blow-ups...), The sum of all the trading( not commissions) activity should be a negative. Everybody has something like 1/2 chance to be net positive and is paying commissions, which makes a negative sum.

So in my view, the global trading activity is one of the least profitable in the world. Unlike any activity of production or transformation where the value added and the price to the consumer can be adjusted to the cost of production , it's almost impossible to get a positive trading earnings across all participants.

So why do they want to tax an activity that is already one of the least profitable ? People are not understanding why it's totally different to tax 5 % of one already profitable operation ( VAT on the production of an item and its sale ) and 0.25% of the capital inviolved in a trade that is already statistically a loser. Is it that complicated?


:confused:
 
Quote from TraDaToR:

NGOs, socialists, Sarko, Merkel, Robin Hoodies... all want to tax "traders" because they are focusing on the tremendous amount of money the top guys are making( IBanks, top hedge funds, HFTs...), but if you take the industry as a whole ( with mutual funds, hedgers, producers, losing HFs, blow-ups...), The sum of all the trading( not commissions) activity should be a negative. Everybody has something like 1/2 chance to be net positive and is paying commissions, which makes a negative sum.

So in my view, the global trading activity is one of the least profitable in the world. Unlike any activity of production or transformation where the value added and the price to the consumer can be adjusted to the cost of production , it's almost impossible to get a positive trading earnings across all participants.

So why do they want to tax an activity that is already one of the least profitable ? People are not understanding why it's totally different to tax 5 % of one already profitable operation ( VAT on the production of an item and its sale ) and 0.25% of the capital inviolved in a trade that is already statistically a loser. Is it that complicated?


:confused:
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What I can't find is an educational, unbiased and technically correct website collectively articulating what you say above complete with links to the IMF's specialist report and various similar research.
There's no informative website that redresses under-educated media stories, proponent and political imbalances. No unbiased site where political staffers and media can conveniently fact-find. As it is, populist and opportunistic proponents are generating hatred, and even defaming hundreds of thousands of guiltless financial sector employees.
 
Quote from TraDaToR:

NGOs, socialists, Sarko, Merkel, Robin Hoodies... all want to tax "traders" because they are focusing on the tremendous amount of money the top guys are making( IBanks, top hedge funds, HFTs...), but if you take the industry as a whole ( with mutual funds, hedgers, producers, losing HFs, blow-ups...), The sum of all the trading( not commissions) activity should be a negative. Everybody has something like 1/2 chance to be net positive and is paying commissions, which makes a negative sum.

So in my view, the global trading activity is one of the least profitable in the world. Unlike any activity of production or transformation where the value added and the price to the consumer can be adjusted to the cost of production , it's almost impossible to get a positive trading earnings across all participants.

So why do they want to tax an activity that is already one of the least profitable ? People are not understanding why it's totally different to tax 5 % of one already profitable operation ( VAT on the production of an item and its sale ) and 0.25% of the capital inviolved in a trade that is already statistically a loser. Is it that complicated?


:confused:
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They're not taxing you based on profit. The "tax" is a transaction fee based on the size of the transaction. Basically you pay to play (or pay more to play). If it was based on profits it would be easier to raise capital gains rather then look at each transaction individuality and make you pay each trip. Thus if you win or lose you get charged (based on transaction size).
 
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