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

In the end, I don't think it matters what the Italians do. It boils down to the Swedes and the Brits.

Sweden is against the FTT because it was an unmitigated trainwreck when they tried it back in the 1980s. The Brits are against it because they have, by far, the most to lose. If capital flees Europe, London would lose thousands of financial jobs, tens of billions in economic activity, and billions more in in taxes (both income taxes and capital gains). It's a lose-lose-lose proposition for London. It would be a certifiable act of insanity for the UK to support the FTT.

Quote from MrPowerBallad:

The question now is when the time comes to vote for an EU level FTT, will Italy vote no since they already have one (which would kill the EU FTT since the vote needs to be unanimous among members), or will they vote yes and have two FTTs, or will they vote yes and scrap their FTT in favor of the EU one?
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I am guessing that Italy figured if the EU was going to propose an FTT for EU direct-federal tax revenue, why not front-run the EU and take that estimated FTT tax revenue for the Italian government instead. Like states taking sales taxes rather than the federal government in the U.S. To date, individual sovereign governments have experimented with FTT, not the EU or other union. Italy seems desperate for every possible tax euro (rather than lira) and it doesn't want to turn over tax sovereignty to the EU sovereign. Neither does the UK, Sweden and other EU members either.

This is an interesting development. First, Italy will further undermine Italian banks, already rumored to be in trouble last week. Second, it makes the EU negotiations for FTT even more complicated and sure to fail on passing FTT. If Italy actually does implement its FTT, it should be a more current lesson in FTT-failure for the EU. They seem to have already wiped the Swedish FTT failure from history. What better poster boy than the Italian government to surely blow the next FTT experiment.

I posted my FTT blog last night at http://www.greencompany.com/blog/index.php?postid=115 and the Forbes blog version will publish later today.

This is an important juncture - as you all know well - to come on strong on all media platforms worldwide to oppose FTT.
 
Quote from tomdavis:
I don't know of any country in the world that taxes businesses or individuals at the rate of 150% of profits.
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Britain did something close to this. In late 2009, they added an additional 50% tax to bankers' bonuses, making the total tax larger than the actual bonus. The government allowed the companies to pay the tax, and the goal in part was to encourage the companies reduce the bonuses. The result? The government collected 40% more taxes than expected. Bonuses did not go down, and bankers for the most part got at least the same bonuses they had expected.

If there's an FTT, expect it to be borne by main street investors, not by bulge bracket traders.
 
(AGI) Rome - A tax amounting to 0.15% on financial transactions, is one of the updates of budget law. This provision "is determined by applying 1.5 thousandth of the value of transactions." This tax, reports the draft bill, should be applied on "financial transactions carried out on Italian territory through banks and investment firms entitled to carry out professional financial services and some investment activitites". The tax is not due, however, for State bonds or securites controlled as of art. 2359 of the Civil Code". A decree of the Finance Minister establishes rules and payment of the tax. . .


http://www.agi.it/english-version/b...get_update_o_15_tax_on_financial_transactions
 
Quote from Explorer:

(AGI) This tax, reports the draft bill, should be applied on "financial transactions carried out on Italian territory through banks and investment firms entitled to carry out professional financial services and some investment activitites".
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So they are taxing transactions in Milan exchanges and not italian institutions trading in Germany, UK, US...??? That will be an epic fail ..LOL
 
I've mentioned this before, but all of what the EU is doing to themselves is part of a much bigger problem in the world. There is a serious movement from the uber left, liberal, socialist that is the biggest threat to our freedom here in the US. These times are critical in the fight of individual freedom and big guberment and big brother...and it is trying to become world guberment (i.e. the Soros campaign).

Anyways, Italy will go down the path of Sweden and it still won't matter to the liberal socialists as they try to steal money and shove down their world agenda down the throats of everyone free man and women on this planet.
 
Quote from Stok:

I've mentioned this before, but all of what the EU is doing to themselves is part of a much bigger problem in the world. There is a serious movement from the uber left, liberal, socialist that is the biggest threat to our freedom here in the US. These times are critical in the fight of individual freedom and big guberment and big brother...and it is trying to become world guberment (i.e. the Soros campaign).

Anyways, Italy will go down the path of Sweden and it still won't matter to the liberal socialists as they try to steal money and shove down their world agenda down the throats of everyone free man and women on this planet.
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Surely you exagerrate...it's a 0.15% tax !! :eek: :D
 
I kinda want to see this darn tax in a couple of these commie offshoots. Let them make fools of themselves.

So long as Uk & US stay out we should be ok.
 
Quote from benwm:

I kinda want to see this darn tax in a couple of these commie offshoots. Let them make fools of themselves.

So long as Uk & US stay out we should be ok.
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Yeah, but just be careful who do you vote next year in US! If Obama wins again... I live in Eastern Europe and from here, he looks like the worst president you ever had! You, who had a president like Ronald Reagan, now you have this... this...
 
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