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

[listedguru]

Quote from FightTheFuture:

...European Parliament’s economic committee overwhelmingly backed a report by Greek Socialist Anni Podimata MEP...

http://www.tribunemagazine.co.uk/2011/02/meps-push-forward-with-financial-transaction-tax-plan/

This is news from last week. Just and FYI:

http://www.europarl.europa.eu/news/...110131STO12855-2011-31-01-2011/default_en.htm

"Critics argue that introducing the tax only in the EU will negatively affect competitiveness. Swedish Liberal Olle Schmidt said, "I believe that a large part of the European financial sector would simply move to other jurisdictions, and probably to less transparent jurisdictions than the European one. I don't think that would serve European interests." Members have called on the Commission to do an impact assessment on the FTT."

"The tax would require approval from all member states. "It will probably be very complicated to reach consensus. Many different ideas on how the revenues would be spent exist within EU," Mr Schmidt said."

-Guru

 

[Explorer]

The European Parliament has no legislative power over taxes whatsoever, so this can't further the FTT cause in any concrete way. The only consequence is that the pro FTT crowd will milk the outcome for all it's worth for propaganda purposes.

Interesting that UK conservative MEPs all voted against. Presumably they have been properly briefed on the FTTs destructive impact, unlike it seems, all other MEPs. They really are a disgraceful bunch.

 

[listedguru]

Quote from Explorer:

The European Parliament has no legislative power over taxes whatsoever, so this can't further the FTT cause in any concrete way. The only consequence is that the pro FTT crowd will milk the outcome for all it's worth for propaganda purposes.

Interesting that UK conservative MEPs all voted against. Presumably they have been properly briefed on the FTTs destructive impact, unlike it seems, all other MEPs. They really are a disgraceful bunch.

So what happens in March when the report will be voted in plenary? Does that outcome carry any legislative authority? I guess maybe this is all for show then?

-Guru

 

[Explorer]

Quote from listedguru:

So what happens in March when the report will be voted in plenary? Does that outcome carry any legislative authority? I guess maybe this is all for show then?

-Guru

It's just for show. The report (attached) is titled "MOTION FOR A EUROPEAN PARLIAMENT RESOLUTION on innovative financing at global and European level". ( btw, if you read through the attached report you'll see the same old propaganda drivel that Pro FTT crowd love)

Anyway here's what Wikipedia has to say about Euro Parliament Resolutions (capital letters are mine):

"The Parliament also has a great deal of indirect influence, through NON-BINDING resolutions and committee hearings, as a "pan-European soapbox" with the ear of thousands of Brussels-based journalists."

http://en.wikipedia.org/wiki/European_Parliament

 

[FightTheFuture]

The UK certainly does not or should not want it as they are the largest financial center and would be paying most of the tax, hence Greece' eagerness. Sweden has always stated they would never go along with it as per their disastrous experience. Switzerland has been against it.

Greece, France, Germany, Austria. Sounds like a great deal to them to make the UK pay most of it and then take credit for being so helpful yet contributing nothing themselves which is typical of parasites.

 

[TraDaToR]

Quote from FightTheFuture:

Switzerland has been against it.

And they are not par of the EU, so they don't care about their neighbors. Given the physical trading and hedge fund center that Geneva is becoming, it is fair to assume they are still opposed to it.

 

[tomdavis]

Will international mergers of large exchanges influence the debate over the FTT?

http://www.reuters.com/article/2011/02/13/us-nyse-deutscheboerse-schumer-idUSTRE71C1V420110213

 

[rc8222]

Obama proposing a transaction tax on investors, calling it a user fee.


http://www.bloomberg.com/news/2011-...to-help-fund-dodd-frank-oversight-agency.html


http://www.google.com/url?sa=t&sour...wcfC7Zalz7o0dzCsQ&sig2=W6AnHLAmpfbYLQ3J-r9Avg



If Obama get's his way on this, a user fee could be implemented for each and every trade an investor makes. In other words, a financial transaction tax!!!!!! Hopefully, House Republicans can prevent this from happening by restoring funding to the CFTC, so investors don't get screwed with a transaction tax cleverly disguised as a 'User Fee'.

 

[listedguru]

Quote from rc8222:

Obama proposing a transaction tax on investors, calling it a user fee.


http://www.bloomberg.com/news/2011-...to-help-fund-dodd-frank-oversight-agency.html


http://www.google.com/url?sa=t&sour...wcfC7Zalz7o0dzCsQ&sig2=W6AnHLAmpfbYLQ3J-r9Avg



If Obama get's his way on this, a user fee could be implemented for each and every trade an investor makes. In other words, a financial transaction tax!!!!!! Hopefully, House Republicans can prevent this from happening by restoring funding to the CFTC, so investors don't get screwed with a transaction tax cleverly disguised as a 'User Fee'.

I can't access the bloomberg link. Anymore color on this? So he is proposing a user fee on futures trades?

Thanks,

-Guru

 

[listedguru]

Quote from listedguru:

I can't access the bloomberg link. Anymore color on this? So he is proposing a user fee on futures trades?

Thanks,

-Guru

Here's a little blurb I just found:

"Obama Said to Propose CFTC User Fees in $308 Million Budget Plan," by Bloomberg's Silla Brush: "President Obama will propose user fees as an option to help the Commodity Futures Trading Commission carry out derivatives oversight as part of a $308 million budget request for the agency, according to a person with knowledge of the budget plan. ... The user fees would give Congress a set of options for fulfilling the president's budget request for the agency. ... The CFTC is currently funded through congressional spending bills, and user fees would represent an alternative source of funds."

-Guru