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

[listedguru]

UN Climate meeting okays green fund in new accord:

http://news.yahoo.com/s/ap/20101211/ap_on_sc/climate

"The accord establishes a multibillion dollar annual Green Climate Fund to help developing countries cope with climate change, though it doesn't say how the fund's money is to be raised. Last year in Copenhagen governments agreed to mobilize $100 billion a year for developing countries, starting in 2020, much of which will be handled by the fund."

One of the revenue raisers the UN highlighted at the talks in Cancun was a financial transaction tax on forex. They did mention a bunch of others as well. I guess time will tell what becomes of this.

-Guru

 

[listedguru]

This is a pretty decent read on the financial dealings that took place at the Cancun talks. It sounds like they are partial to a maritime shipping tax and or a global carbon tax.

http://www.thenewamerican.com/index...-push-for-global-carbon-tax-at-climate-confab

George Soros said that there is probably not the political will to get the developed nations to accept a financial transaction tax — which has been a favorite globalist plan — so the most likely prospect for a global tax is the levy on global shipping and air traffic."

"Panelists from the Climate Action Network on Wednesday revealed that nations are discussing new taxes either on international monetary transactions or preferably on international shipping and aviation."

The Advisory Group issued its report on November 5, 2010, just a little more than three weeks before the start of the Cancun conference. Among the proposals put forward by group are taxes on aviation jet fuel, airline passenger tickets, and "bunker fuel," the heavy diesel fuel used by maritime shippers. The report states:

Revenues generated from taxes on international aviation and shipping: this would either involve some levy on maritime bunker/aviation jet fuels for international voyages or a separate emissions trading scheme for these activities, or a levy on passenger tickets of international flights;

Revenues from carbon taxes: this is based on a tax on carbon emissions in developed countries raised on a per-ton-emitted basis;

-Guru

 

[Explorer]

German Financial Transaction Tax Proposal Takes Shape, FTD Says

http://www.bloomberg.com/news/2010-...action-tax-proposal-takes-shape-ftd-says.html

Germany’s financial-transaction tax plan is taking shape as Finance Ministry experts and banking representatives reached a preliminary agreement on details of a proposed levy, Financial Times Deutschland reported.

The tax would be 0.01 percent on financial transactions, the lowest of three options that were considered, the newspaper reported. Finance Minister Wolfgang Schaeuble aims to introduce a German model for such a tax, even though he failed to reach a consensus on such a package among Group of 20 and European Union leaders this year.

The ministry wants the tax to cover all financial products, including over-the-counter securities such as derivatives, while banking associations aim to shield private retirement and savings-account products from any package, the newspaper said.

 

[listedguru]

Quote from Explorer:

German Financial Transaction Tax Proposal Takes Shape, FTD Says

http://www.bloomberg.com/news/2010-...action-tax-proposal-takes-shape-ftd-says.html

Germany’s financial-transaction tax plan is taking shape as Finance Ministry experts and banking representatives reached a preliminary agreement on details of a proposed levy, Financial Times Deutschland reported.

The tax would be 0.01 percent on financial transactions, the lowest of three options that were considered, the newspaper reported. Finance Minister Wolfgang Schaeuble aims to introduce a German model for such a tax, even though he failed to reach a consensus on such a package among Group of 20 and European Union leaders this year.

The ministry wants the tax to cover all financial products, including over-the-counter securities such as derivatives, while banking associations aim to shield private retirement and savings-account products from any package, the newspaper said.

Does anyone know if Germany has to vote on this in order to implement it? I'm curious as to what happens next. Hopefully if they do end up implementing a FTT in Germany it turns out to be disastorous and no one else follows...

Thoughts?

-Guru

 

[ranger64]

Quote from listedguru:

Does anyone know if Germany has to vote on this in order to implement it? I'm curious as to what happens next. Hopefully if they do end up implementing a FTT in Germany it turns out to be disastorous and no one else follows...

Thoughts?

-Guru

all parties are in favour of a ftt (merkels cdu, spd, the greens and "die linke"). the fdp (liberals) was the only party opposing the tax, but i doubt they have enough influence to stop it.

this will pretty much kill day trading: for example if you have been trading the dax future at eurex at lets say 3 or 4 euros commission per round turn, you´ll now be paying an additional 35 euros per contract and round turn (7000 x 25 x 0.02%)

 

[listedguru]

Quote from ranger64:

all parties are in favour of a ftt (merkels cdu, spd, the greens and "die linke"). the fdp (liberals) was the only party opposing the tax, but i doubt they have enough influence to stop it.

this will pretty much kill day trading: for example if you have been trading the dax future at eurex at lets say 3 or 4 euros commission per round turn, you´ll now be paying an additional 35 euros per contract and round turn (7000 x 25 x 0.02%)

Well let's hope this turns out to be a disaster and no one else joins in.

Thanks,

-Guru

 

[TraDaToR]

:eek: The death of Eurex and Frankfurt if it passes.

 

[Stok]

Geez....Europe keeps taxing themselves into oblivion. Trading will leave Europe if this passes.

And, if this comes to the USA, Hong Kong and Switzerland (for Forex) will take all liquidity and be the new players.

 

[listedguru]

Defazio Update:

Well it sounds like Defazio is pissing off the prez again (LOL).

http://dyn.politico.com/printstory.cfm?uuid=EC52035A-DE34-5CBF-59A6865687EC968D

Rep. Peter DeFazio (D-Ore.) said the White House is putting a full-court press on Democratic lawmakers, who last week cast a non-binding caucus vote to oppose the legislation that would temporarily extend the Bush Era tax cuts, including breaks to the wealthiest Americans.

"The White House is putting on tremendous pressure,” DeFazio said on CNN’s “Parker-Spitzer.” “The president is making phone calls saying this is the end of his presidency if he doesn't get this bad deal.

The White House denied that any such remarks were made.

"The President hasn’t said anything remotely like that and has never spoken with Mr. DeFazio about the issue, White House spokesman Tommy Vietor said.


-Guru

 

[Explorer]

http://www.monstersandcritics.com/n...t-tax-could-produce-20-billion-euros-in-funds

The above article contradicts the earlier one by saying that Germany won't go it alone:

"However, the introduction of the tax remains open with Berlin not planning to go it alone on launching the new charge on financial market transactions. Instead, it wants to see the plan launched on a European Union-wide basis. "

Let's hope this article is correct.