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

Quote from tomdavis:

The UK, Sweden and the Czech Republic seem to be a firm 'no' on the FTT (for now), but they're not Eurozone countries.

The most interesting Eurozone country to watch is Malta. The financial sector is 12% of Malta's economy and they've just passed a series of new tax laws to attract investment firms. What's most interesting about Malta's approach is that they rarely mention the FTT. They simply say they won't accept any EU tax because they see taxation as strictly a "national matter."

Malta is also unique in that it's the only EU country where the FTT doesn't have popular support.

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Maltese least enthusiastic about financial transaction tax
by John Paul Cordina
Current Affairs -- 27 June 2011

A significant majority of EU citizens favour the introduction of a tax on financial transactions, a survey shows, but Malta is the only country to buck the trend.

The Eurobarometer opinion poll carried out for the European Parliament showed that in all, 61% supported the principle, 26% opposed it and 13% expressed no opinion.

The Austrians are the most enthusiastic about such a tax, with 80% expressing themselves in favour, followed by the Germans (71%).

In every other country, more respondents backed the tax than opposed it, except in Malta, where just 30% favoured it and 44% opposed it.
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If there was a campaign to educate all of the eurozone peeps about who really pays this tax and the destruction it does, those 60-80% approval numbers would plummet. That is where the liberal socialist know is their silver bullet....they spin the lies so well, the public thinks it sounds great to get the bankers, when this tax does the exact opposite. It's the individual investor, mutual fund holder, pension funds and traders that pay this tax. Plus, this is a political witch hunt against capitalism and free markets.

We need more voice(s) out there. Our side is 100% the truth and theirs is spin doctoring lies to the uneducated masses.
 
Russia will celebrate if the EU imposes an FTT.

"If other countries want to impose transaction taxes let them do it. Russia will benefit from it because financial operations will move to the region (with less taxes) and make us happy.” - Arkady Dvorkovich, special assistant to the Russian President and former Russian Economic Minister


Quote from FightTheFuture:

Russia is still opposed.

http://www.forbes.com/sites/kenrapoza/2011/10/27/russia-ready-to-save-europe-but-not-with-tobin-tax/

http://www.forbes.com/sites/kenrapo...l-streets-robin-hood-tax-a-tough-sell-at-g20/
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Cameron woos EU countries outside euro
http://www.ft.com/cms/s/0/55e6a140-009f-11e1-ba33-00144feabdc0.html#ixzz1c1xK6SHC

My own view: The UK and Sweden singing from same song sheet. Osborne knows about the Swedish experience with FTT (I know this because I wrote to him 18 months ago when he met with the Swedish Finance Minister and he (or most likely his assistant) replied noting the issues).

Interestingly, there has been a lot of discussion this week about the UK holding a referendum on leaving the EU. The timing for this isn't there yet but there's been a noticeable hardening of general attitudes towards the whole Eurozone project in recent months. The benefits to the UK are unclear. The drawbacks are crystal clear.

If the Eurozone tries to force a FTT on the UK by calling it VAT (value added tax) - for which UK voting approval is not required - I think there is the genuine possibility that the UK will leave the EU at some future point in time (2014- when FTT has talked of being introduced)

Switzerland is often held up as an example for the UK to follow- a nation within Europe, but outside the EU straitjacket and without the obligations, whilst still enjoying free trade with EU members.

What is interesting is that even the UK Labour opposition hold quite significant reservations, even if they are currently trying to work out the best political strategy in opposition. Traditionally the Conservatives have been far more Eurosceptic but the Labour party can also see the damage that unbridled European immigration from Eastern Europe has had on British born finding work. I would guestimate that 2/3rds of voters would support the UK leaving the EU if they had the chance to vote on the matter.

I really think the written media are going to run with this story and ramp up the pressure to hold a referendum. The harder Merkel and Sarkozy push their FTT proposal, the more likely the UK will push back. Politically it's getting interesting...
 
Quote from Robert A. Green:

I sent the below email to a few brokers and trading education sites. Please consider sending it to brokers you know well too. With sponsorship dollars and members supporting Traders Advocacy ($50 each), we can do an international press release and some TV and print ads.

Dear

Regards and hope all is well.

Please consider a sponsorship role in our Traders Advocacy organization at http://www.tradersadvocacy.org. It’s a new site, separate and distinct from our business GreenTraderTax.com.

We are adding a Sponsors page to our main navigation, and hope we can list your company and logo prominently on that Sponsors page.

Kindly tell us what you think of our mission, and any suggestions that you have as well.

Traders need and will value your role as a sponsor.

A financial-transaction tax will put most of your active trader customers out of business, so it’s a huge risk to your business and ours too. FTT bills are expected in Congress next week from Rep. DeFazio and Senator Harkin. FTT proponents - France, Germany, other EU members, Robin Hood Tax, Oxfam, Bill Gates, Nurses, and unions - are pushing FTT at the G-20 next week on 11/3. So FTT’s going to be very visible in the news and with politicians. Online traders are very afraid of FTT and they want to know that their industry participants and leaders are helping to fight-off this destructive tax.

Thanks for your consideration of this proposal. Your sponsorship should be good for business.

All the best.

Robert A. Green
Leader of TradersAdvocacy.Org.
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link doesn't work
 
Cameron: City Is Under Attack From Europe

He doesnt specifically mention the FTT.

http://uk.finance.yahoo.com/news/Cameron-City-Is-Under-Attack-skynews-1052722237.html

Cameron mentions 'Caucusing' which is the practice where a portion of the membership of a voting body agrees to vote as a block, even though some members of the 'caucus' might be inclined to vote the other way.

We saw this a few days ago with how the Netherlands came into line regarding the FTT even though they are not really in favor of it.
 
Quote from Peternam:

Will this FTT affect us retail traders or only professional trading firms ?
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The question to ask is, "Will this FTT affect professional trading firms or only us retail traders?"
 
Quote from HedgeItYourself:

The question to ask is, "Will this FTT affect professional trading firms or only us retail traders?"
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do u live in the real world? the FTT will only affect retail traders.
 
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