1/4% Tax on all stock trades pushed in NY Times today
- Thread starter seasideheights
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IMA's Saunders warns Osborne on European 'Tobin tax'
IMA chief executive Richard Saunders has written to chancellor George Osborne urging him to fight European Commission plans for a financial transactions tax.
Mr Saunders said there is a "dark secret" about the EC's so-called 'Tobin tax' proposals, which are aimed at discouraging speculation to prevent future financial crises.
"They are paid by ordinary investors," he said.
"This is simply not understood by large swathes of politicians and other policymakers, who believe that they are borne by the financial sector.
"If that were true, the London Stock Exchange would long since have decamped to Dubai or Singapore on account of the 0.5 per cent stamp duty charge on every trade."
European Central Bank president Jean-Claude Trichet in late June urged EU policymakers to ditch the Tobin tax plans. He warned that European markets would suffer relative to non-European competitors.
Mr Saunders said he wrote to Mr Osborne last week urging him to resist any moves from Europe to levy a transaction tax on UK businesses.
He warned that the Treasury has suggested in the past that such a tax would need to be applied globally, suggesting the government believes such a tax might be acceptable if it does not damage the UK's competitiveness.
"Competitiveness is important, but it is not the point here, as we have seen with stamp duty. The issue is one of fairness â ordinary savers are hard pressed enough, without more taxes being piled onto them," he added.
"Mr Osborne, I hope you are listening."
http://www.ftadviser.com/Investment...nders-warns-Osborne-on-European-Tobin-tax.jsp
IMA chief executive Richard Saunders has written to chancellor George Osborne urging him to fight European Commission plans for a financial transactions tax.
Mr Saunders said there is a "dark secret" about the EC's so-called 'Tobin tax' proposals, which are aimed at discouraging speculation to prevent future financial crises.
"They are paid by ordinary investors," he said.
"This is simply not understood by large swathes of politicians and other policymakers, who believe that they are borne by the financial sector.
"If that were true, the London Stock Exchange would long since have decamped to Dubai or Singapore on account of the 0.5 per cent stamp duty charge on every trade."
European Central Bank president Jean-Claude Trichet in late June urged EU policymakers to ditch the Tobin tax plans. He warned that European markets would suffer relative to non-European competitors.
Mr Saunders said he wrote to Mr Osborne last week urging him to resist any moves from Europe to levy a transaction tax on UK businesses.
He warned that the Treasury has suggested in the past that such a tax would need to be applied globally, suggesting the government believes such a tax might be acceptable if it does not damage the UK's competitiveness.
"Competitiveness is important, but it is not the point here, as we have seen with stamp duty. The issue is one of fairness â ordinary savers are hard pressed enough, without more taxes being piled onto them," he added.
"Mr Osborne, I hope you are listening."
http://www.ftadviser.com/Investment...nders-warns-Osborne-on-European-Tobin-tax.jsp
Think tank warns over 'counterproductive' Tobin Tax
Tim Cave
13 Jul 2011
An influential European think tank has joined calls for the European Commission to scrap its plans for a financial transactions tax, which could raise up to â¬50bn a year from 2014, criticising the levy as a counterproductive step and potentially destabilising for the region.
http://www.efinancialnews.com/story/2011-07-13/panic-grows-over-plans-for-european-tobin-tax
Tim Cave
13 Jul 2011
An influential European think tank has joined calls for the European Commission to scrap its plans for a financial transactions tax, which could raise up to â¬50bn a year from 2014, criticising the levy as a counterproductive step and potentially destabilising for the region.
http://www.efinancialnews.com/story/2011-07-13/panic-grows-over-plans-for-european-tobin-tax
lol destabilising the region
The people pushing this tax are scum, I don't know why I actually bothered how ever I gave a run through on a few articles of the consequences of the tax. Some groups in New Zealand want a 1% FFT so i explained the effect that would have on 1000 currency contracts held for 90 days
My none abusive polite posts were deleted in a few hours but hey at least they got by the original moderator.
My posts on other sites don't even get published - what does that say about these people.
My none abusive polite posts were deleted in a few hours but hey at least they got by the original moderator. My posts on other sites don't even get published - what does that say about these people.
Quote from sheda:
The people pushing this tax are scum, I don't know why I actually bothered how ever I gave a run through on a few articles of the consequences of the tax. Some groups in New Zealand want a 1% FFT so i explained the effect that would have on 1000 currency contracts held for 90 days
My posts on other sites don't even get published - what does that say about these people.
True.
There was a time I even thought the people pushing this tax have good - albeit misguided - intentions. Not anymore.
The more you read what they write, the more you see that at the core of the FTT movement is nothing else than a pathological, deep-seated hate against the markets. Or to be more specific, hate against everything which is not controlled by the government and 'wise' bureaucrats for the 'good of society'.
This kind of hate is similar to racism. Both are fueled by emotions, not facts. Most FTT supporters have little or no real knowledge about the markets. And the few that have some academic knowledge, seem to lack a deeper understanding.
Nonetheless, they have already made up their minds that markets are 'evil' - they are so convinced that their position is right, that arguing with them is like talking to a brick wall.
Yea I have come to the same conclusions - is a strange world.
"China and India May Follow the EUâs Leadâ Ironically, Countries with exchange controls, such as China and India, are perhaps in the best position to introduce FTT before they fully liberalize their capital accounts. The Asian financial crisis demonstrated that market manipulation exists in all markets, especially in thinly traded emerging market currencies, as most foreign exchange transactions are traded over-the-counter (OTC) and offshore.â"
http://yalebooks.wordpress.com/2011...ou-never-heard-of-the-tobin-tax/#comment-2904
"China and India May Follow the EUâs Leadâ Ironically, Countries with exchange controls, such as China and India, are perhaps in the best position to introduce FTT before they fully liberalize their capital accounts. The Asian financial crisis demonstrated that market manipulation exists in all markets, especially in thinly traded emerging market currencies, as most foreign exchange transactions are traded over-the-counter (OTC) and offshore.â"
http://yalebooks.wordpress.com/2011...ou-never-heard-of-the-tobin-tax/#comment-2904
What do you guys say about https://secure.wikimedia.org/wikipedia/en/wiki/Land_value_tax