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

Maybe someone can explain how Barrossa/Semeta are going to impose the FTT on all of Europe when the UK, Sweden, the Czech Republic, Ireland, Romania, Bulgaria, Malta, Luxembourg, Italy, the Netherlands and Finland are saying no to the tax. I thought EU/EZ taxes required unanimous consent. There is no unanimity on either an EU-wide or EZ-wide basis.

Are Barrosa and Semeta talking about a voluntary coalition of EU countries, or are they talking about somehow imposing the tax on everyone across Europe whether they agree to it or not?

Does anyone understand EU taxation well enough to figure this out?


Quote from justrading:

Quote: It wants to introduce a 0.1 per cent tax on equity and bond transactions where one party is based in the EU, as well as a 0.01 per cent fee applied to derivatives trades.


Someone in the EU trading US futures through a US broker gets taxed? Without the support of the US, I wonder how this will work.
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Quote from tortoise:



And, in keeping with Ben's advice, if you have the time, kindly try to spend a minimum of 30 seconds on each page.

Thanks
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Well, um, I opened your home page this morning. My wife looked at the monitor and asked why I was searching porno at 9AM.

Of course I explained. But she, as a female, was offended.

Something to consider.
 
Quote from tomdavis:

Maybe someone can explain how Barrossa/Semeta are going to impose the FTT on all of Europe when the UK, Sweden, the Czech Republic, Ireland, Romania, Bulgaria, Malta, Luxembourg, Italy, the Netherlands and Finland are saying no to the tax. I thought EU/EZ taxes required unanimous consent. There is no unanimity on either an EU-wide or EZ-wide basis.

Are Barrosa and Semeta talking about a voluntary coalition of EU countries, or are they talking about somehow imposing the tax on everyone across Europe whether they agree to it or not?

Does anyone understand EU taxation well enough to figure this out?
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Those leaders only want to destroy their economies.

There is no evidence that FTT would be beneficial in any country for any tax code and especially there will be zero chance of any unanonymity for this. The people responsible for pushing it are socialist, communist, or a combination of the two. These taxes are the worst thing a capitalist country could ever impose on their markets.

EU taxation is moot. This won't pass due to the unanonymity requirement.
 
Quote from tomdavis:

Maybe someone can explain how Barrossa/Semeta are going to impose the FTT on all of Europe when the UK, Sweden, the Czech Republic, Ireland, Romania, Bulgaria, Malta, Luxembourg, etc., are saying no to the tax. I thought EU/EZ taxes required unanimous consent. There is no unanimity on either an EU-wide or EZ-wide basis.

Are Barrosa and Semeta now just talking about a voluntary coalition of countries, or are they talking about imposing the tax on everyone across Europe whether they agree to it or not?

Does anyone here understand EU taxation well enough to figure this out?
More...

I don't get that either.The EC proposal bases liability on residence, but I don't see how that could work without all 27 states signing up. How can countries that have signed up be able to tax economic activity in jurisdictions that haven't signed up?

Assuming the UK stays out, how would a EZ tax on economic activity in London be any different from a British tarriff on German cars, or, as Cameron put it, French cheeses? It doesn't sound as if that would be legal in a common market.

And how would it be enforced anyway? As justrading pointed out, exchanges and brokerages in other jurisdictions, whether in the EU or elsewhere, are hardly going to be cooperative with a jurisdiction trying to tax them out of business.
 
Quote from tomdavis:

Maybe someone can explain how Barrossa/Semeta are going to impose the FTT on all of Europe when the UK, Sweden, the Czech Republic, Ireland, Romania, Bulgaria, Malta, Luxembourg, Italy, the Netherlands and Finland are saying no to the tax. I thought EU/EZ taxes required unanimous consent. There is no unanimity on either an EU-wide or EZ-wide basis.

Are Barrosa and Semeta talking about a voluntary coalition of EU countries, or are they talking about somehow imposing the tax on everyone across Europe whether they agree to it or not?

Does anyone understand EU taxation well enough to figure this out?
More...

It's my understanding the even to use the articles of cooperation under the Lisbon Treaty they would need a simple majority (that would be 9 yes votes) to make this happen in the Eurozone.

I guess in theory France and Germany and anyone else could implement this themselves but I'm not sure how they could then force it on the entire EU.

Just like George Osborne recently said why do we continue to waste our times on this?

-Guru
 
Bookmark the "Latest F.T.T. News" page -- it's much less suggestive. That's what I did so I don't catch any heat from my wife or daughters. I've got it open on 3 computers right now to see if I get a reaction. No problem so far.

http://www.financialtransactiontaxes.com/Financial-Transaction-Tax-News.html


Quote from lindq:

Well, um, I opened your home page this morning. My wife looked at the monitor and asked why I was searching porno at 9AM.

Of course I explained. But she, as a female, was offended.

Something to consider.
More...
 
I am sure there must be a way for EU countries who want to sign up to this to implement this individually with the co-operation but not enforcement of other global exchanges. So if you live in the UK or America you are safe, but if you are a French or German citizen then either move or say byebye to your trading career.
 
Quote from Grandluxe:

I am sure there must be a way for EU countries who want to sign up to this to implement this individually with the co-operation but not enforcement of other global exchanges. So if you live in the UK or America you are safe, but if you are a French or German citizen then either move or say byebye to your trading career.
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yours is a quite typical response exposing the flaws of human character.
in the same vein golden slax will be in favor of the ftt if they are exempted.
or the futures exchanges won't give a damn if they are exempted.
if there is a sinking ship it everyman for himself. right?
 
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