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

Tobin Tax: Barroso Fails To Gather Support For Financial Transaction Tax In Asia Pacific Ahead Of G20 Meeting:

http://www.egovmonitor.com/node/43647


"The European Commission President Jose Mauel Barroso has failed to muster support for the controversial Financial Transaction Tax (FTT) in key countries such as Australia, New Zealand and Singapore in his Asia Pacific trip."

"President Barroso had hoped that he could bring Australia and Singapore on board ahead of the summit in Cannes but he was politely but firmly refused in both countries."
 
Thanks for posting this article -- all good news.


Quote from listedguru:

Tobin Tax: Barroso Fails To Gather Support For Financial Transaction Tax In Asia Pacific Ahead Of G20 Meeting:

http://www.egovmonitor.com/node/43647


"The European Commission President Jose Mauel Barroso has failed to muster support for the controversial Financial Transaction Tax (FTT) in key countries such as Australia, New Zealand and Singapore in his Asia Pacific trip."

"President Barroso had hoped that he could bring Australia and Singapore on board ahead of the summit in Cannes but he was politely but firmly refused in both countries."
More...
 
Some good news which is nice, I am on another forum monitoring the actions of those who know best within the EU but in that case its not my means of income they would like to destroy its my favourite hobby and means of transportation.

Pointless needless regulation, a cause backed with no evidence that will heavily damage the motorbike industry and push most of us off the road, but its ok, the UK does not need a vote on its membership that matter was settled in the 1970"s right mr cameron?
 
http://www.reuters.com/article/2011/09/08/us-eu-tax-trading-idUSTRE7874CD20110908

"Semeta said his officials were working on a scheme of taxation that would avoid discouraging trading. A German bank doing a deal in London with a Spanish bank, for example, would generate tax bills not in London, but in Spain and Germany.

"We're working on a definition of the tax residence that will mitigate relocation risks," said Semeta.

The European commissioner will travel to Paris on Friday to discuss the issue with Sarkozy, shortly before France chairs meetings of finance ministers in the Group of 20 major economies as well as the G20 leaders' summit in November.

"There is strong support at EU level, although some member states have reserved their position. But somebody has to take the leadership at a global level and we have to discuss at G20-level how to use the revenues from the tax."

(Discuss with G20 how to use a Euro tax? Do they think waving a phantom lolly-pop in front of independent leaderships would persuade them to cede sovereign powers? They're suffering from clinical delusional disorder. Current G-20 leaders will be angered with their obsessional interference in foreign tax affairs). G-20 is too culturally, economically and socially unwieldy to reach any binding agreement - on anything.
 
Quote from andohmeeta:


"But somebody has to take the leadership at a global level and we have to discuss at G20-level how to use the revenues from the tax."
More...

WORLD GOVERNMENT
:eek:

COMING TO A CINEMA NEAR YOU...

Where is Gordon Brown when you need him?:)
 
Quote from benwm:

WORLD GOVERNMENT
:eek:

COMING TO A CINEMA NEAR YOU...

Where is Gordon Brown when you need him?:)
More...

If Semeta was correctly quoted, his egomanic decree that "someone has to take global leadership" could be interpreted as the height of international bullying. Before year's end I hope some of these diplomatic G20 captains have enough guts to make it clear to the arrogant Semeta and his tribe that independent nations will never be told how to manage their citizens' affairs (by him or anyone else.)
 
Quote from andohmeeta:

http://www.reuters.com/article/2011/09/08/us-eu-tax-trading-idUSTRE7874CD20110908

"Semeta said his officials were working on a scheme of taxation that would avoid discouraging trading. A German bank doing a deal in London with a Spanish bank, for example, would generate tax bills not in London, but in Spain and Germany.

"We're working on a definition of the tax residence that will mitigate relocation risks," said Semeta.

The European commissioner will travel to Paris on Friday to discuss the issue with Sarkozy, shortly before France chairs meetings of finance ministers in the Group of 20 major economies as well as the G20 leaders' summit in November.

"There is strong support at EU level, although some member states have reserved their position. But somebody has to take the leadership at a global level and we have to discuss at G20-level how to use the revenues from the tax."

(Discuss with G20 how to use a Euro tax? Do they think waving a phantom lolly-pop in front of independent leaderships would persuade them to cede sovereign powers? They're suffering from clinical delusional disorder. Current G-20 leaders will be angered with their obsessional interference in foreign tax affairs). G-20 is too culturally, economically and socially unwieldy to reach any binding agreement - on anything.
More...

It's interesting in the above article they mention these percentages for the tax:

"The proposal for a 0.1 percent tax, which has drawn criticism from the European Central Bank and others who say it may drive trading out of countries where it applies, could prove impractical to introduce though."

"It's clear nobody likes to be taxed, but I don't think it's not the right moment," he said, adding that a tax of 0.01 percent would also apply to derivatives, although it was unclear if currencies could be included. "Tentatively, the tax would be tabled in early October."

-Guru
 
Little off the main FTT news story line, but still on track here. I covered the Jobs Tax Plan on my Forbes blog, writing it before the President's speech and updating up top afterwards.

I discuss HFT and FTT at the end, saying FTT is a bad idea.

My blog discusses how machines are competing with man on jobs and I also mention how this applies in the case of HFT vs. day trader market-makers.

Scrap Payroll Taxes Entirely To Increase U.S. Jobs
http://www.forbes.com/sites/greatsp...-payroll-taxes-entirely-to-increase-u-s-jobs/

Retail traders generally don't owe SE tax, so they won't benefit from this Social Security tax cut. Many business traders do pay themselves an admin fee to unlock AGI tax deductions for retirement plans and health insurance premiums - so they will benefit. Futures traders who are members of exchanges owe SE tax too.
 
Quote from andohmeeta:

http://www.reuters.com/article/2011/09/08/us-eu-tax-trading-idUSTRE7874CD20110908

"Semeta said his officials were working on a scheme of taxation that would avoid discouraging trading. A German bank doing a deal in London with a Spanish bank, for example, would generate tax bills not in London, but in Spain and Germany.

"We're working on a definition of the tax residence that will mitigate relocation risks," said Semeta.
More...

Doesn't this give incentives for banks to relocate outside EU? What I'm I missing here? Is this Semeta a clown? If I as a EU citizen needs to pay FFT for trading stocks in Hong Kong and the US I will certainly try to do this by establishing companies (or myself) in another place. Or simply retire/invest in Real estate and stop working/do nothing.
 
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