1/4% Tax on all stock trades pushed in NY Times today
- Thread starter seasideheights
- Start date
Even though the FTT appears to be dead-in-the-water in Europe for now, it's not going away -- either here in the US or in the EU.
It will rear it's ugly head in the US because it has the support (and massive campaign money) from all the major unions. I expect that every candidate running with union support in the 2012 election will be touting the mystical healing powers of the FTT.
A bit of irony that may work in our favor is that the three major US financial centers (New York, NY; Chicago, IL; and San Francisco, CA) are all in heavily liberal democratic districts and states. No matter how much they hate Wall Street, I don't see the representatives of these states being anxious to vote to kill the goose that lays their golden eggs (tens of billions in federal and state income and capital gains taxes). But if the Democrats were to win a landslide victory with the backing of the unions, it could become a serious issue because the candidates will then owe the unions big-time. The unions, after taking a beating in recent years, will be out for Wall Street blood.
It will rear it's ugly head in the US because it has the support (and massive campaign money) from all the major unions. I expect that every candidate running with union support in the 2012 election will be touting the mystical healing powers of the FTT.
A bit of irony that may work in our favor is that the three major US financial centers (New York, NY; Chicago, IL; and San Francisco, CA) are all in heavily liberal democratic districts and states. No matter how much they hate Wall Street, I don't see the representatives of these states being anxious to vote to kill the goose that lays their golden eggs (tens of billions in federal and state income and capital gains taxes). But if the Democrats were to win a landslide victory with the backing of the unions, it could become a serious issue because the candidates will then owe the unions big-time. The unions, after taking a beating in recent years, will be out for Wall Street blood.
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http://www.forbes.com/sites/peterjr...is-how-to-really-stick-it-to-the-hedge-funds/
http://www.forbes.com/sites/peterjr...is-how-to-really-stick-it-to-the-hedge-funds/
http://www.telegraph.co.uk/finance/...o-impose-financial-transaction-tax-on-UK.html
British MEP in EU parliament warns that Barroso is trying to overcome a UK veto of FTT by calling it a VAT on transactions rather than FTT. VAT is the one tax that doesn't require unanimous consent, a majority only is needed. VAT is a dangerous argument because proponents argue financial transactions are otherwise exempt.
British MEP in EU parliament warns that Barroso is trying to overcome a UK veto of FTT by calling it a VAT on transactions rather than FTT. VAT is the one tax that doesn't require unanimous consent, a majority only is needed. VAT is a dangerous argument because proponents argue financial transactions are otherwise exempt.
"THE European Commission would put forward "concrete and serious" proposals for a tax on financial transactions in the next few days, a French official said yesterday". "Now, with the EU moving towards adopting the tax, a main avenue of escape for US traders â to London or Frankfurt, for instance â could be cut off, leaving them with a shorter list of places to which they could credibly threaten to flee".
http://www.businessday.co.za/Articles/Content.aspx?id=155187
http://www.businessday.co.za/Articles/Content.aspx?id=155187
??? Has anybody ever heard of a US trader threatening to flee to Europe? Apparently there are ...LOL.
All these socialists have no clue, they still think the financial world is the US and Europe. They don't realize how huge Seoul, Hong Kong, Singapore, Shanghai, Mumbai, Dubai... are becoming.
All these socialists have no clue, they still think the financial world is the US and Europe. They don't realize how huge Seoul, Hong Kong, Singapore, Shanghai, Mumbai, Dubai... are becoming.
The above wording is very sneaky...at first glance it reads as if VAT almost beneficial to citizens("fair competition"), but on closer inspection the rules state that no EU nation is allowed to cut their own VAT rate BELOW a certain level (15% VAT).
So if I buy a laptop from the US for $1000 within the EU, I just hand over another $150+ for the pleasure. That is the best that I can get! Every EU nation state cannot bypass this minimum tax. WTF?
So much for tax competition within the EU...
This latest move to sell FTT as a version of VAT to get round any UK/Swedish/Dutch opposition is a worrying development since they already have a time tested framework for stiffing their own citizens and preventing tax competition which is deemed "unfair".