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

[benwm]

Quote from sheda:


Being exempt from a financial transaction tax in a market full of those who aren't, who reduce there investments or are put out of business altogether is no advantage for Goldman.

Although if a FTT was only imposed on retail traders, like the UK Stamp Duty Tax, it would not destroy liquidity in the same way that a universal FTT would. Of course it would not raise much revenue either and is morally indefensible on the part of the pro-FTT crowd. So they keep mum about this minor detail, and misleadingly sell it as "tax on bankers".

Goldman might well see a drop in customer volumes I suppose, but they would be able to continue with their high frequency business and they would likely see some competition disappear.

Agree that it is debatable whether Goldman and others would actually benefit overall, but they will defend their interests at the retail guys expense as a necessary "compromise" with the FTT crowd.

Just my three cents worth!

 

[FightTheFuture]

Trading Tax Unlikely, Says A Nasdaq Official

http://www.tradersmagazine.com/news/tobin-tax--unlikely-nasdaq-official-109437-1.html

 

[forex1407]

There's no ambiguity about what I wrote : everything will be in the project that will be presented in early October by European commission. And Reuters obtained that document: Mains informations are: no tax on forex and no tax for retail traders (it was the project originally presented by EC). News are in french (electronic translation):

" The transactions(deals) on the foreign exchange market 'spot'('spotlight') are outside of the field of the tax, which so protects the principle of free traffic(circulation) of the capital ", he(it) is indicated in the project which the European Commissioner in charge of the Tax system, Aldirgas Semeta, has to present in the next days."

"As waited, the tax will not concern on the other hand the private individuals"
So I guess there won't be problems of liquidity if I trade on Nasdaq (considering US won't apply the tax), but of course it will decrease significantly on french and german markets.

 

[Explorer]

EU FTT proposal may be announced on Wednesday.

http://www.telegraph.co.uk/finance/financialcrisis/8782663/Debt-crisis-live.html

EU financial transaction tax to be proposed next week, probably as a "Robin Hood" crowd pleaser for Barroso's #SOTEU speech to MEPs on Weds

 

[Explorer]

A broad group of trade associations sent a letter to U.S. Treasury Secretary Timothy Geithner reiterating their opposition to a financial transaction tax and urged him to continue to encourage other G20 members to resist pressure to adopt proposals for this tax on a global basis[...]

http://www.mondovisione.com/media-a...ions-oppose-global-financial-transaction-tax/

 

[tomdavis]

This is a month old (8/17/11), but shows there's more oppostion to the FTT than the EU taxocrats would like anyone to know. I was beginning to believe that Ireland was out of the picture.

https://mninews.deutsche-boerse.com...dlr-recovers-post-fall-snb-peg-disappointment

IRELAND: Speaking on RTE radio, Irish FinMin Noonan says he would insist any financial transaction tax would apply to all 27 EU members.

 

[Explorer]

Brazil congress defeats financial transactions tax

http://www.reuters.com/article/2011/09/21/brazil-politics-health-idUSS1E78K0PN20110921

Brazil is a G20 country.

 

[bullmarket79]

Wait until the Satanic Political Cabals put a consumption tax on investments, like the 9,9,9 plan by Cain

 

[tomdavis]

WHO HAS THE MOST TO LOSE FROM THE EU FTT?

I was thinking about which country has the most to lose from an EU financial transactions tax. Whoever has the most at stake is the country that’s most likely to vote “no” and stand their ground against the FTT no matter how much pressure is put on them. After doing some research, the conclusion I reached was not the one I expected.

At first it seemed obvious that the UK had the most at stake and, as measured in total dollars/euros/pounds, there’s no other country that’s even close. However, when measured as a percentage of GDP, the tiny country of Malta (population 410,000) has more riding on its financial services sector than any other EU country.

The financial services sector in the UK represents about 10% of GDP. The financial services sector in Malta is over 12% and growing at the fastest rate in the EU.

http://www.maltatoday.com.mt/news/n...sters-30-growth-1-000-new-jobs-in-three-years

“The government's most ambitious plan is to double the size of financial services to 25 percent of GDP within two years. One attraction is commercial rents, 80 percent cheaper than London's. Malta also hopes to lure money managers with a 15 percent top tax rate.”

http://financemalta.org/content.aspx?id=272409

 

[Explorer]

WASHINGTON, Sept 25 (Reuters) - Finance chiefs from the Group of 20 nations and the 187-country International Monetary Fund met from Thursday to Sunday[...]

[...]The G20 was split over a proposal for a financial transactions tax, which G20 president France says could be used to fund aid spending in the developing world.

A report by the Gates Foundation found the tax was feasible but it failed to garner much support within the group, aside from France and Germany. A meeting of G20 finance and development ministers agreed to support a project for a food reserve in West Africa to help avert famines in one of the world's poorest regions[...]

http://www.reuters.com/article/2011/09/25/imf-idUSS1E78O09Y20110925