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

Quote from MrPowerBallad:

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
More...

This is of real concern for us europeans.

The commission can't continue to ignore the parliament votes and there will be proposals for sure. This is just a masochist euro thing, the rest of the world is safe now and even safer if it comes to light in Europe( since it will kill european markets definitely and make an example ). The problem is to know if the UK will be strong enough to kill the proposals, if it will be a FAT or FTT, and if it will be applied to all transactions on Europe's exchanges or all transactions made by euro institutions in the world( harder to implement ).

I am quite pissed right now 'cause I have just created my firm in France, took 3 months to do all the paperwork for registration, new accounts and CME electronic membership...and I wasn't planning to shut it after 1 or 2 years because Europe wants me to move abroad. In my case, a FAT is not acceptable either as I already pay 54% in taxes. So now I am just focusing on making the most money while it is still possible and if Europe really implement it, I will be able to take my first sabbatical before creating a new firm in whatever jurisdiction and living in Switzerland( this time, it will be bulletproof...LOL). You don't want the dollars I am bringing back from the US, Europe? No problem. One thing is sure, once it is adopted , I won't ever place a trade anymore.:mad:
 
Benzinga staff writer pushes transaction tax. I guess they want to attack their own readers.




"One way to raise additional funds for the government would be to institute a per-transaction fee on all stock trades. Two years ago, Congress considered legislation to implement a securities transaction tax of 0.25% on every stock trade, which of course is equivalent to 0.5% for each round trip. It was known as H.R. 1068: Let Wall Street Pay for Wall Street's Bailout Act of 2009.
I say that number is too low, but it is a good start."


Read more: http://www.benzinga.com/general/pol...-tax-increase-would-lower-your-gasoline-costs
 
[...]fear has receded that [Germany] might take a go-it-alone approach to a financial transactions tax.

Mr von Schorlemer says: “Naturally, we would be concerned if there were many instances where Germany was taking a go-it-alone approach to regulation, but I don’t believe this is happening or that Germany is a special case.

“I also think debate about many banking issues has become more rational as the crisis has receded.”
[...]

http://www.ft.com/cms/s/0/644cd904-955e-11e0-a648-00144feab49a,s01=1.html
 
Extract from a speech given today at The International Tax Conference in Sweden from Algirdas Semeta :

[...]Second, financial sector taxation is another area that the Commission is currently
examining.
The various options that have been identified, such as taxing transactions or
financial activities, and their possible territorial scope (EU or global) are being
assessed. In this context, three objectives should be taken into consideration:
 First, to ensure that the financial sector makes a fair contribution to public
finances.
 Second, to complement financial sector regulation by helping to prevent
undesirable behaviour, without undermining EU competitiveness.
 Third, to avoid a patchwork of divergent national financial sector taxes which
could create new obstacles to the Single Market.
Our analysis will soon be finalised and the Commission will, by summer, identify the
most appropriate way forward.
In this context, we still need to work hard and to innovate in finding the best way to
fund our global goods and challenges.
The Commission will continue to promote the introduction of a Global Financial
Transaction tax. I remain convinced that a FTT would be an appropriate option as a
revenue raiser in particular to provide adequate financing for global policy goals.

http://ec.europa.eu/commission_2010-2014/semeta/headlines/news/2011/06/20110616_en.htm
 
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