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

EU's Barroso: Won't Wait For Global Deal On Financial Transaction Tax:

http://www.nasdaq.com/aspx/stock-ma...-for-global-deal-on-financial-transaction-tax

BRUSSELS -(Dow Jones)- The European Commission Wednesday proposed a financial transaction tax to fund its budget, with officials saying they wouldn't wait for a global deal on such a tax to push the proposal.

Many European Union leaders, finance ministers and even European Central Bank President Jean-Claude Trichet have said the EU shouldn't institute such a tax without a global deal with other governments on imposing it.

"The decision was, instead of waiting for everyone else to have a financial transaction tax, let's try and create our own," said European Commission President Jose Manuel Barroso at a press conference Wednesday night.

-Guru
 
When you google for "financial transaction tax" all you see are links supporting a FTT from anti capitalist groups. Perhaps it is time to fight back...

Fellow traders - please go to the following links and others to boost the traffic for NEGATIVE FTT reports so we can bring the historical evidence to the top of the google search rankings.

Search for phrases such as "failed financial transaction tax Sweden" or similar, and keep the links open in your browser (the google search algorithms also consider how long people look at a page)

This is our livelihood here folks and we need to defend it. Five mins a day from 1000s of traders here will make a difference.

http://en.wikipedia.org/wiki/Financ...s_and_financial_derivatives_.281984_-_1991.29

http://www.cityam.com/news-and-analysis/allister-heath/sweden’s-failed-tobin-tax-experiment

http://online.wsj.com/article/SB10001424052702303936704576397400675630620.html

http://www.forbes.com/2010/03/24/tr...-opinions-contributors-duncan-niederauer.html

http://www.ukipmeps.org/news_263_Farage-EU-Financial-Transaction-Tax-is-Kamikaze-Economics.html

http://www.taxpayersalliance.com/me...oy-london-without-making-the-world-safer.html
 
There arrogance has the potential to get so far up your nose:D
You just have to take a step back from it, we know a few country's are not going to agree in the EU how ever they can use the enhanced cooperation procedures under the Lisbon Treaty to introduce this only in the country's that agree.

Of course then we will constantly hear that London is an economic terrorist pulling trade and removing tax from the just cause - those country's that do introduce it shall suffer greatly. Even with things like there mortgage payments rising to cover interbank nightly lending then the major capital pull outs from the country's financial centers.

As long as the uk never gets a government stupid enough to agree or the unions powers never grow to such a point that there is no choice it should be ok.

How ever this is a wake up call, the rate at which the public have taken this on board without question, the economic retards in positions of power pushing for this etc..i dont not think there are many in this post who wont be relocating an account or two and learning to operate "out of town"...call it an insurance policy.
 
Here are a few tweets from Hajdu Marton - spokesperson for the Hungarian presidency of the Council of the EU:

barroso: fin trans tax could also limit excessive risk taking..

barroso: all ms support financial transaction tax. 10 ms already have it on national level. thats breaking internal market in fin serv.

So Barroso is saying that all 27 member states support the ftt? What the heck is smoking? There is no way the UK is going to back this.

The press releases seem to indicate that the propsed EU ftt would raise around $30B Euro's per year but yet they don't indicate what instruments would be taxed and at what rate.

-Guru
 
"Fake it until you make it"

"Its ok the magical tweeting birds agree the law of competitiveness no longer apply la la la land"


Should be fired on the spot for being incompetent to the point of being dangerous.
 
The press releases seem to indicate that the propsed EU ftt would raise around $30B Euro's per year . . .
More...

That's a pretty small number considering most other reports have the total starting at 200B all the way up to 800B taxing all markets at 0.05%. Either they revised their tax rate way down or are only targeting one market (e.g. forex).
 
Quote from sheda:

There arrogance has the potential to get so far up your nose:D
You just have to take a step back from it, we know a few country's are not going to agree in the EU how ever they can use the enhanced cooperation procedures under the Lisbon Treaty to introduce this only in the country's that agree.

Of course then we will constantly hear that London is an economic terrorist pulling trade and removing tax from the just cause - those country's that do introduce it shall suffer greatly. Even with things like there mortgage payments rising to cover interbank nightly lending then the major capital pull outs from the country's financial centers.

As long as the uk never gets a government stupid enough to agree or the unions powers never grow to such a point that there is no choice it should be ok.

How ever this is a wake up call, the rate at which the public have taken this on board without question, the economic retards in positions of power pushing for this etc..i dont not think there are many in this post who wont be relocating an account or two and learning to operate "out of town"...call it an insurance policy.
More...

So it sounds like it takes 9 EU member states to get this enhanced cooperation procedure going under the Lisbon treaty. I'm not certain that the enhanced cooperation procedure can be used in this instance but let's assume it can be. EU member states could then opt in to the ftt proposal.

What good would this do if the UK, Germany, Sweden and most likely others don't join in. I guess Italy and a few other EU countries would go out of business...

-Guru
 
I sure hope Germany, UK and Sweden say no and the rest of the EU goes along and the fucking disaster that would happen to those countries. It seems history is short lived with these socialist idiots that they need to be reminded why the FTT is a total disaster again.

The insanity of the liberal socialists is truly unreal....even trying to listen to them talk here in the US makes my jaw drop at how backwards and unintelligent their thought process. AND, these fuckers are running our Country right now....amazing!

I'll tell ya this: Singapore and even Switzerland are loving this.

Also, if they even tried this shit in the States, look at what the CME recently said when one of those crazy liberal socialists senator tried to pass a FTT in the state of Illinois....the CME said they would move in a heartbeat. Thus, if the US tried this shit....all exchanges would move.
 
And since any proposal on tax requires unanimity, it is very likely that those in favour of the tax would have to invoke the enhanced cooperation procedures under the Lisbon Treaty. But that would be a lengthy process, and unlikely to get the tax ready for 2012.

http://www.globalsocialjustice.eu/i...financial-times-germany&catid=2:news&Itemid=8

I can not get over " sod reality Im doing it anyway "...To the out side observer it would seem Europe really has an "Im all that matters" stick shoved up there back side.
 
Quote from MrPowerBallad:

That's a pretty small number considering most other reports have the total starting at 200B all the way up to 800B taxing all markets at 0.05%. Either they revised their tax rate way down or are only targeting one market (e.g. forex).
More...

This article says the EU FTT is aimed at generating up to $50B Euros per year for the EU's budget:

http://www.reuters.com/article/2011/06/29/eu-budget-idUSLDE75S0F020110629

"But EU diplomats questioned the likelihood of the value added tax (VAT) and financial transaction levy ever being adopted, with the opposition of just one EU country such as Britain enough to block the unanimous agreement needed."

"It is clear that there is a strong ideological opposition to the project from several countries, including the UK," said one EU diplomatic source who asked not to be named.

"Any effort by Brussels to introduce taxes is likely to meet stiff opposition in some countries while the idea of a transaction tax has been criticised by the European Central Bank, Britain and others."

To reduce the threat of financial institutions simply relocating to avoid paying the levies, the Commission will propose applying different rates of tax according to the type of financial transaction, one source said.

For example, for global markets such as derivatives the proposed tax rate will be 0.01 percent, whereas the rate for government bond transactions would be 0.1 percent.

-Guru
 
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