1/4% Tax on all stock trades pushed in NY Times today
- Thread starter seasideheights
- Start date
Quote from TraDaToR:
And Sarkozy was trying to make us believe that Obama endorsed the FTT...LOL.
Check out the UK reaction: "We prefer the US way of making finance contribute and we have already been doing it for some time, so no FTT thanks"
Even though I despise Obama, he has it right on this one. No transaction tax.
Danish Central Bank Says Transaction Tax to Destabilize Markets.
http://www.businessweek.com/news/20...s-transaction-tax-to-destabilize-markets.html
http://www.businessweek.com/news/20...s-transaction-tax-to-destabilize-markets.html
Stocks and bonds cause income inequality, to tax them creating job losses doesn't apparently.
Article is not really worth reading. The sentence below just shows how the OWS hive works.
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"...the Financial Transaction Tax (which would tax the stock, bond and derivative trades that accelerated the income gap) is in line with the spirit of OWS...
h*ttp://www.observer.com/2011/11/did-the-occupy-wall-street-journal-advertise-in-the-new-york-times/
Article is not really worth reading. The sentence below just shows how the OWS hive works.
-----------------------
"...the Financial Transaction Tax (which would tax the stock, bond and derivative trades that accelerated the income gap) is in line with the spirit of OWS...
h*ttp://www.observer.com/2011/11/did-the-occupy-wall-street-journal-advertise-in-the-new-york-times/
I wrote this content earlier tonight and now just saw this WSJ piece.
http://online.wsj.com/article/SB10001424052970203716204577016201266293054.html
The Tobin Tax Mirage.
My angle as similar.
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FTT is a vendetta or ignorance from the left.
The G-20's hyped showdown for FTT proposals is here and gone. OWS, nurses, Bill Gates, Robin Hood, the Catholic Church and the vocal Franco-German coalition gave FTT their best shot. They failed.
Rep. deFazio and Senator Harkin dusted off their old failed FTT bills and the same failure seems certain already with a tiny number of co-sponsors.
The U.S. position at the G-20 was consistent. No FTT but rather Obama's bank levy on liabilities - not transactions.
It's pretty clear now that taxing transactions won't work, as transactions will disappear, either to tax-free jurisdictions, or they will disappear all together. FTT will reduce tax receipts through economic contraction and job losses. FTT will hurt the same people who call for it, more than banks.
So why do some people and special interest groups still push for FTT, and what do they have in common? FTT pushers are left-leaning Democrats, Socialists, anti-business and anti-finance. They despise and blame traders, hedge funds and banks for the meltdowns and income disparities. They want to penalize financial service providers and redistribute their income to themselves. Hence their name, a Robin Hood Tax.
This means FTT pushers are either ignorant of economics - not unusual for the left - or blinded by their own special interest agendas. They are strong on vengeance but weak on credibility.
http://online.wsj.com/article/SB10001424052970203716204577016201266293054.html
The Tobin Tax Mirage.
My angle as similar.
--------
FTT is a vendetta or ignorance from the left.
The G-20's hyped showdown for FTT proposals is here and gone. OWS, nurses, Bill Gates, Robin Hood, the Catholic Church and the vocal Franco-German coalition gave FTT their best shot. They failed.
Rep. deFazio and Senator Harkin dusted off their old failed FTT bills and the same failure seems certain already with a tiny number of co-sponsors.
The U.S. position at the G-20 was consistent. No FTT but rather Obama's bank levy on liabilities - not transactions.
It's pretty clear now that taxing transactions won't work, as transactions will disappear, either to tax-free jurisdictions, or they will disappear all together. FTT will reduce tax receipts through economic contraction and job losses. FTT will hurt the same people who call for it, more than banks.
So why do some people and special interest groups still push for FTT, and what do they have in common? FTT pushers are left-leaning Democrats, Socialists, anti-business and anti-finance. They despise and blame traders, hedge funds and banks for the meltdowns and income disparities. They want to penalize financial service providers and redistribute their income to themselves. Hence their name, a Robin Hood Tax.
This means FTT pushers are either ignorant of economics - not unusual for the left - or blinded by their own special interest agendas. They are strong on vengeance but weak on credibility.
Andrew Macdougall for Canadian PM Stephen Harper:-
"Canada does not support the tax (on financial transactions). We have an aid program for (the least developed) nations and we do not need another tax. This is not supported by Canada."
Indian PM Manmohan Singh:-
"In India, large segments of the financial sector especially banking and insurance is mostly state owned and equity holders and taxpayers are mostly one and the same. In this environment, it is difficult to see why a financial sector tax, which would only raise the cost of capital even further, would be appropriate."
"Canada does not support the tax (on financial transactions). We have an aid program for (the least developed) nations and we do not need another tax. This is not supported by Canada."
Indian PM Manmohan Singh:-
"In India, large segments of the financial sector especially banking and insurance is mostly state owned and equity holders and taxpayers are mostly one and the same. In this environment, it is difficult to see why a financial sector tax, which would only raise the cost of capital even further, would be appropriate."
SARKOZY: OBAMA DOESN'T ACCEPT FINANCIAL TRANSACTION TAX