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1/4% Tax on all stock trades pushed in NY Times today
- Thread starter seasideheights
- Start date
"He added that single currency members are committed to provide all the guarantees the European Central Bank needs to fulfil its role, and that the commission, the EU΄s executive arm, will soon issue proposals for a financial transaction tax."
"I am in favour of a financial transaction tax and will come forward with some ideas in very near future," Barroso said.
It will be interesting to see what sort of proposals the European Commission comes foward with. The last I had heard they were more in favor of a FAT tax although Barroso has favored a FTT. Let's hope the EC pours cold water (again) on the FTT plans...
-Guru
Bolivia's Envoy Touts Financial Tax to Fund $100 Billion in Climate Aid:
http://www.bloomberg.com/news/2011-...l-tax-to-fund-100-billion-in-climate-aid.html
Bolivia is pushing for a tax on international financial transactions to help fund $100 billion of climate change aid that developed countries have pledged to provide by 2020.
Under the plan, countries could opt to charge a 0.01 percent tax on any money coming in from abroad for any transaction, Boliviaâs lead climate negotiator, Pablo Solon, said today in Bonn, where two weeks of United Nations climate talks started yesterday. The money would then be paid into a fund that can disburse aid to any country, Solon said.
Solonâs proposal picks up on one by a UN-appointed panel in November. The group, which included billionaire investor George Soros and Larry Summers, then-director of President Barack Obamaâs National Economic Council, said an international financial transactions tax could generate $27 billion a year.
Solon said countries would be able to opt into the system, and that they couldnât be forced to take part. At the same time, any money flowing from a non-participating country to one that has set up the tax would be subject to the charge.
In this way we would have a mechanism that has real funds to immediately act in situations like, for example, forest fires, natural disasters,â he said.
-Guru
http://www.bloomberg.com/news/2011-...l-tax-to-fund-100-billion-in-climate-aid.html
Bolivia is pushing for a tax on international financial transactions to help fund $100 billion of climate change aid that developed countries have pledged to provide by 2020.
Under the plan, countries could opt to charge a 0.01 percent tax on any money coming in from abroad for any transaction, Boliviaâs lead climate negotiator, Pablo Solon, said today in Bonn, where two weeks of United Nations climate talks started yesterday. The money would then be paid into a fund that can disburse aid to any country, Solon said.
Solonâs proposal picks up on one by a UN-appointed panel in November. The group, which included billionaire investor George Soros and Larry Summers, then-director of President Barack Obamaâs National Economic Council, said an international financial transactions tax could generate $27 billion a year.
Solon said countries would be able to opt into the system, and that they couldnât be forced to take part. At the same time, any money flowing from a non-participating country to one that has set up the tax would be subject to the charge.
In this way we would have a mechanism that has real funds to immediately act in situations like, for example, forest fires, natural disasters,â he said.
-Guru
AFL-CIO chief amplifies warning to Democrats
By Kevin Bogardus - 06/07/11 01:42 PM ET
AFL-CIO President Richard Trumka amplified his call for a politically independent labor movement Tuesday and said unions too often are holding "a canceled check" after Election Day.
Trumka rallied hundreds of nurses at a conference hosted by the National Nurses United. The nurses are in Washington this week to lobby lawmakers for a financial transactions tax that could help pay for social services.
....
National Nurses United members from 31 different states are in Washington to gather support for their âMain Street Contract for the American People,â a nine-point plan that would tax financial transactions to help pay for a number of improved services, including a single-payer healthcare system.
Hundreds of nurses from the AFL-CIO affiliate protested outside the U.S. Chamber of Commerce on Tuesday.
http://thehill.com/business-a-lobbying/165151-afl-cio-chief-amplifies-warning-to-democrats
By Kevin Bogardus - 06/07/11 01:42 PM ET
AFL-CIO President Richard Trumka amplified his call for a politically independent labor movement Tuesday and said unions too often are holding "a canceled check" after Election Day.
Trumka rallied hundreds of nurses at a conference hosted by the National Nurses United. The nurses are in Washington this week to lobby lawmakers for a financial transactions tax that could help pay for social services.
....
National Nurses United members from 31 different states are in Washington to gather support for their âMain Street Contract for the American People,â a nine-point plan that would tax financial transactions to help pay for a number of improved services, including a single-payer healthcare system.
Hundreds of nurses from the AFL-CIO affiliate protested outside the U.S. Chamber of Commerce on Tuesday.
http://thehill.com/business-a-lobbying/165151-afl-cio-chief-amplifies-warning-to-democrats
The European Parliament has voted to make a transactions tax on the financial services sector one of the European Union's key sources of future revenue.
http://www.gfsnews.com/article/2061/1/MEPs_demand_FTT_as_future_fund_source
http://www.gfsnews.com/article/2061/1/MEPs_demand_FTT_as_future_fund_source
Quote from jackpearson:
The European Parliament has voted to make a transactions tax on the financial services sector one of the European Union's key sources of future revenue.
http://www.gfsnews.com/article/2061/1/MEPs_demand_FTT_as_future_fund_source
"Though some 246 parliamentarians voted against the measure, the leader of the Socialists and Democrats bloc, Martin Schulz, said the victory should provide impetus for the European Commission to propose a EU-wide transaction tax."
"We now expect the European Commission to act promptly on the demands of the democratically-elected Parliament and to bring forward appropriate measures.
"Europe must give the rest of the world a lead by levying this tax within its borders and campaigning for it to be introduced in the rest of the world."
"The European Commission is considering an array of proposals to address the "possible under-taxation" of the financial services industry in Europe. It is expected to report back this summer."
So I guess the vote on this amendment is supposed to put pressure on the European Commission to recommend an EU only FTT in their upcoming report on financial taxation (the report should be out the week of June 20th).
I just can't see the Commission recommending an EU only FTT as they have been previously against it. I wonder whats going to happen if they do end up recommending it? I would assume the UK will continue to be against it.
Thoughts?
-Guru
Quote from jackpearson:
The European Parliament has voted to make a transactions tax on the financial services sector one of the European Union's key sources of future revenue.
http://www.gfsnews.com/article/2061/1/MEPs_demand_FTT_as_future_fund_source
To all the long time followers of this massive thread -- has the persistent momentum of this tax in Europe made you more concerned its passage or do you still think it will never be passed, even on an EU-limited basis?
Also, does anyone with knowledge of the European Parliament know if they have enough influence to push this far enough to the EU level to make it a reality?
Even .01% is still $20 per RT per 100K.
thx
EU Budget: MEP's set themselves on collision course with national goverments:
http://robertsturdymep.com/2011/06/...n-collision-course-with-national-governments/
"The position endorsed today by the full parliament calls for a five percent budget increase on the last seven-year budget, a system of EU direct taxation, a financial transaction tax, abolition of national rebates, and an end to returning unspent EU money to national governments."
"Britain, France, Germany, Finland, and the Netherlands have already submitted a joint letter to the European Commission stating that the next long-term budget must reflect national governmentsâ efforts to bring their spending under control."
âAs if calls to increase the budget by 5% werenât bad enough, the European Parliament has added insult to injury by demanding the power to raise its own taxes. Apart from the fundamental issue of loss of national sovereignty, we cannot allow MEPs to have any powers to raise taxation given their record of waste.â
So not only are they calling for an FTT in the new budget they also want the EU to be able to levy it's own taxes. I do not see this being well received at all. I think if anything this may piss off more countries.
-Guru
http://robertsturdymep.com/2011/06/...n-collision-course-with-national-governments/
"The position endorsed today by the full parliament calls for a five percent budget increase on the last seven-year budget, a system of EU direct taxation, a financial transaction tax, abolition of national rebates, and an end to returning unspent EU money to national governments."
"Britain, France, Germany, Finland, and the Netherlands have already submitted a joint letter to the European Commission stating that the next long-term budget must reflect national governmentsâ efforts to bring their spending under control."
âAs if calls to increase the budget by 5% werenât bad enough, the European Parliament has added insult to injury by demanding the power to raise its own taxes. Apart from the fundamental issue of loss of national sovereignty, we cannot allow MEPs to have any powers to raise taxation given their record of waste.â
So not only are they calling for an FTT in the new budget they also want the EU to be able to levy it's own taxes. I do not see this being well received at all. I think if anything this may piss off more countries.
-Guru
Quote from listedguru:
EU Budget: MEP's set themselves on collision course with national goverments:
http://robertsturdymep.com/2011/06/...n-collision-course-with-national-governments/
"The position endorsed today by the full parliament calls for a five percent budget increase on the last seven-year budget, a system of EU direct taxation, a financial transaction tax, abolition of national rebates, and an end to returning unspent EU money to national governments."
"Britain, France, Germany, Finland, and the Netherlands have already submitted a joint letter to the European Commission stating that the next long-term budget must reflect national governmentsâ efforts to bring their spending under control."
âAs if calls to increase the budget by 5% werenât bad enough, the European Parliament has added insult to injury by demanding the power to raise its own taxes. Apart from the fundamental issue of loss of national sovereignty, we cannot allow MEPs to have any powers to raise taxation given their record of waste.â
So not only are they calling for an FTT in the new budget they also want the EU to be able to levy it's own taxes. I do not see this being well received at all. I think if anything this may piss off more countries.
-Guru
your mr. pollyanna attitude always manages to come forth. how about a ftt as a compromise if other clauses are eliminated this time.
remember if goldman is exempted it is coming.