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

[Grandluxe]

Quote from zdreg:

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?

There is nothing an American/British/Chinese can do as the EU is hell bent on imposing such a tax, not for financial but political and social stability reasons.

 

[JamesL]

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.

Which is one of the reasons why I suggested something similar:

Quote from JamesL:

You think maybe using a different graphic on that site, like a guy wearing a barrel, for the dual meaning - naked AND broke

 

[tortoise]

The site crashed oddly for about an hour this evening. Back up now.

I've revised and refined the "Let's Talk About Tax!" page. I've a;so added a key point that may explain the some of the high-octane (e.g., Soros-scale big bucks) juice fueling FTT.

Wondering if anyone spots it:

http://financialtransactiontaxes.com/FinancialTransactionTaxTalk.html

 

[Pasternak]

Quote from Explorer:

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.

This means a lot of regulatory work from US brokers if they want EU traders/customers. If the EU implements this tax, I guess EU citizen can't use US brokers, unless the broker collects the tax. It's the same with US citizens. As far as I'm concerned US citizens can't own foreign stocks (?). When I invest in foreign hedgefunds, It's always not eligible for US and New Zealanders.

 

[pescador]

Quote from tortoise:

The site crashed oddly for about an hour this evening. Back up now.

I've revised and refined the "Let's Talk About Tax!" page. I've a;so added a key point that may explain the some of the high-octane (e.g., Soros-scale big bucks) juice fueling FTT.

Wondering if anyone spots it:

http://financialtransactiontaxes.com/FinancialTransactionTaxTalk.html

Hi tortoise

Great work!
One thing that maybe could be good to mention is that this "teeny-tiny" tax will actually be paid much more than once by the enduser, so the proposed 0.1% would turn out to be effectively like 1% for the investing retail client.
I remember having read an article explaining this on this thread, but cannot find the link now.
Maybe the poster or someone who remembers it could point to it.

 

[sheda]

Brilliant site - cheers for the effort. What do you think of a section listing the countrys that oppose this tax and quoting speaches as to why from those individual countrys,such as goarge osbornes recent speach to eu ministers

 

[bjw]

Quote from pescador:


Maybe the poster or someone who remembers it could point to it.

http://www.cliffordchance.com/publi...ntaxupdate.html

this is the link you are referring to

to be honest, the part how they show the 0,1% tax would effectively become a 1% tax through intermediairies, i also don't understand and it has been mentioned nowhere else. it could be i'm not quite up to speed on how this whole buying and selling process on the markets actually works though.

 

[tortoise]

Quote from bjw:

http://www.cliffordchance.com/publi...ntaxupdate.html

this is the link you are referring to

to be honest, the part how they show the 0,1% tax would effectively become a 1% tax through intermediairies, i also don't understand and it has been mentioned nowhere else. it could be i'm not quite up to speed on how this whole buying and selling process on the markets actually works though.

Thanks, I'll check it out!

 

[bjw]

sorry, the link was broken somehow: http://www.cliffordchance.com/publi...s/2011/10/financial_transactiontaxupdate.html

 

[ksharmon]

Trans Tax Supporter Monti set to replace Berlusconi as Italy's PM

Per this morning's London Times--

Mario Monti is the original “Super Mario” — a nickname he earned for taking on Microsoft as a tough Competition Commissioner. The 68-year-old US-educated economist, who heads Milan’s elite Bocconi University, looks virtually certain to replace Italy’s longest-serving postwar leader, Silvio Berlusconi, at the weekend at the head of a national unity government, already dubbed a “European government”.
Mr Monti, 68, who studied at Yale under economist James Tobin, is a proponent of the “Tobin Tax” on financial transactions. He was nominated as the EU’s internal market commissioner in 1994 by Mr Berlusconi’s first government and stayed, becoming EU competition commissioner in 1999 with the backing of the left-wing government of Massimo D’Alema. Mr Berlusconi did not support his reappointment and he left in 2004.

http://www.thetimes.co.uk/tto/business/economics/article3222377.ece (requires subscription)

Notice the prominent mention of the tax in his profile.....