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

Below is what governments have accomplished so far. And then add an FTT to that?


The new regulations in place are already going to cost 3.5% of world GDP over the next 5 years and cost 7.5 million jobs.
http://online.wsj.com/article/SB10001424053111903285704576558804004703990.html?mod=googlenews_wsj


European banks are planning ways out of the current regulations and new taxes like the bank levy in the UK. It may drive 30 percent of trade value elsewhere.
http://news.businessweek.com/article.asp?documentKey=1376-LQFVBV1A74E901-5J6C6C4HTPHLAJLN36JO4TKK0D
 
Quote from Pasternak:

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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Exactly. Of course, mom and pop investors will not relocate, but everyone else will. In the end, the result would be that they do not only not get much less revenue from transaction taxes as expected, but also lose a good chunk of corporate/income/capital gains taxes.
 
exactly, usa had a transaction tax from 1914-1966 and the usa was poor, with 91% income tax rates and 70% corporate taxes, you have seen the pictures of the dust bowl, thats what the USA was like back then, once they lifted the financial transaction tax the USA rocketed to the MOON. Thats the power of the free markets baby. Then the republicans banned internet gambling in 2006 and free markets and were back to the dust bowl.:p
 
UK won't join euro zone transaction tax - Treasury:

http://uk.reuters.com/article/2011/09/09/uk-britain-g7-transactionstax-idUKTRE78842020110909

(Reuters) - Britain will not sign up to a euro area financial transactions tax, a finance ministry spokesman said on Friday, following reports that France and Germany have sent proposals for such a tax to the European Commission.

"If the euro area would like to have a banks levy, that's a matter for them. The UK will not be part of any euro area tax," a Treasury spokesman told Reuters on the sidelines of a meeting of finance ministers of the world's wealthiest nations.

Well it's good to hear Britain come out against the ftt (again). So the European Commission still thinks they can sucker the 17 Eurozone countries into the ftt (LOL). Ireland all ready said no way unless Britain's on board.

Why are these idiots wasting time on this? Are they really determined to blow up the entire Eurozone?

-Guru
 
Quote from listedguru:
Well it's good to hear Britain come out against the ftt (again). So the European Commission still thinks they can sucker the 17 Eurozone countries into the ftt (LOL). Ireland all ready said no way unless Britain's on board.

Why are these idiots wasting time on this? Are they really determined to blow up the entire Eurozone?

-Guru [/B]
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The Netherlands also won't do it unless it's global, and with Britain supposedly capturing 72% of all European transactions there will surely be others too who will say no way.
 
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