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

[tomdavis]

Lael Brainard, Treasury Department Undersecretary for International Affairs, recently said: “We're very much in sync with Europe on their goal of ensuring that large financial institutions bear their fair share of the burden, but the US-proposed 'responsibility fee' would better deter the kind of risky behavior that led to the crisis as well as ensure that large financial institutions and not retail investors bear the burden."

If this is the official position of the White House, then they're against the FTT and in favor of what you're suggesting. Apparently they want to limit it to financial institutions and not hit retail traders. How they would do that is anybody's guess.

Quote from zdreg:

do u there believe is no work around.? how about an sec fee that is the equivalent of an ftt?

 

[listedguru]

NYSE Joins Huffing, Puffing About Transaction Tax:

http://blogs.wsj.com/marketbeat/201...sj/marketbeat/feed+(WSJ.com:+MarketBeat+Blog)

NYSE Euronext CEO Duncan Niederauer backs trading tax warnings issued by rival IntercontinentalExchange yesterday, warning European lawmakers that a levy on financial transactions would push executives to “behave in an extraterritorial way.”

That is, shop around for more tax-friendly nations in which to situate the computers that power nearly all stock and derivatives trade these days.

 

[zdreg]

Quote from tomdavis:

Lael Brainard, Treasury Department Undersecretary for International Affairs, recently said: “We're very much in sync with Europe on their goal of ensuring that large financial institutions bear their fair share of the burden, but the US-proposed 'responsibility fee' would better deter the kind of risky behavior that led to the crisis as well as ensure that large financial institutions and not retail investors bear the burden."

If this is the official position of the White House, then they're against the FTT and in favor of what you're suggesting.

nonsense. the individual will pay it.
the US congress passed a bill cutting the debit card transaction fees by 50%. the merchants were supposedly going to pass on the savings. the bill cost the banks 6 billion in revenue. the end results banks have to make up for the lost revenue. the result is the imposition of fees on formerly free checking accounts to make up for lost revenue.
any fees that the financial institutions incur will be passed on to the retail consume i.e. retail trader.

 

[tomdavis]

I agree with you, but I'm just saying that this appears to be the road that Obama wants to travel.

Quote from zdreg:

nonsense. the individual will pay it.
the US congress passed a bill cutting the debit card transaction fees by 50%. the merchants were supposedly going to pass on the savings. the bill cost the banks 6 billion in revenue. the end results banks have to make up for the lost revenue. the result is the imposition of fees on formerly free checking accounts to make up for lost revenue.
any fees that the financial institutions incur will be passed on to the retail consume i.e. retail trader.

 

[zdreg]

Quote from listedguru:

NYSE Joins Huffing, Puffing About Transaction Tax:

http://blogs.wsj.com/marketbeat/201...sj/marketbeat/feed+(WSJ.com:+MarketBeat+Blog)

NYSE Euronext CEO Duncan Niederauer backs trading tax warnings issued by rival IntercontinentalExchange yesterday, warning European lawmakers that a levy on financial transactions would push executives to “behave in an extraterritorial way.”

That is, shop around for more tax-friendly nations in which to situate the computers that power nearly all stock and derivatives trade these days.

u are late. i posted this news at 10:36 am without your Pollyannaish last sentence. european governments in favor of this tax said they will place it on investors based upon their country of residency.

 

[listedguru]

Quote from zdreg:

u are late. i posted this news at 10:36 am without your Pollyannaish last sentence. european governments in favor of this tax said they will place it on investors based upon their country of residency.

Yes I saw your earlier post regarding this but I figured I would post a link to the actual story where you can post comments.

 

[listedguru]

Well it looks like Defazio's new bill currently has (12) co sponsors and it was referred to the House Committee on Ways and Means:

It is HR 3313:

http://thomas.loc.gov/cgi-bin/bdquery/z?d112:HR03313:@@@P

 

[tomdavis]

Pretty shocking that 2 of those co-sponsers are from New York, a state that would take it in the teeth economically if the FTT passed. Good that no one from IL signed on.

Quote from listedguru:

Well it looks like Defazio's new bill currently has (12) co sponsors and it was referred to the House Committee on Ways and Means:

It is HR 3313:

http://thomas.loc.gov/cgi-bin/bdquery/z?d112:HR03313:@@@P

 

[listedguru]

Well I can't locate Harkin's new companion Senate bill but this says that it currently has (2) co sponsors: Bernie Sanders and Sherrod Brown.

http://www.harkin.senate.gov/press/release.cfm?i=334643

Harkin's 2009 ftt legislation garned (3) co sponsors: Bernie Sanders, Sherrod Brown and Sheldon Whitehouse.

http://www.govtrack.us/congress/bill.xpd?bill=s111-2927

It's also interesting to note the Defazio's current ftt bill has (12) co sponsors and his 2009 attempt attracted 31 so sponsors:

http://thomas.loc.gov/cgi-bin/bdquery/z?d111:HR04191:@@@P

http://thomas.loc.gov/cgi-bin/bdquery/z?d112:HR03313:@@@P

-Guru

 

[Explorer]

U.S., EU to Pursue Bank Levies in ‘Their Own Way,’ U.S. Says

http://www.bloomberg.com/news/2011-11-03/u-s-eu-to-pursue-bank-levies-in-their-own-way-u-s-says.html