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

Quote from benwm:

tortoise -

Maybe you should make the photo on the main page a little smaller? She's a bit too hot for everyone!

I can kinda see why this might take everyone's attention from the task in hand, and if traders are not opening the site because their wives think they're watching porno it's not ideal. :)
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Yes, you're right. I'm doing a complete to-to-bottom redesign this weekend. Frankly, I'm now finding this v 1.0 version of the website a bit of an embarrassment and can't wait to get v 2.0 out the door.

Thanks for everyone's input...
 
Geithner's also put anti-FTT people in key positions such as Lael Brainard, Treasury Department Undersecretary for International Affairs, who's out there telling the rest of the world that we're not going to support the FTT.

Quote from Robert A. Green:

http://www.nytimes.com/2011/11/13/u...-a-man-obama-fought-to-keep.html?ref=business

Looks like Geithner stays through the next election. Geithner's been anti-FTT consistently in the US and in the G-20 and EU bailout talks too. Said from day one on this thread that Geithner is our man among the Democrats. Obama will listen to Geithner and not support FTT.
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http://www.voanews.com/english/news...-Agricultural-Research-and-IMF-133560983.html

Recent G-20 recap. Read the part on FTT. I like the point that French president Sarkozy was leader of the G-20 this year and he took his best shot on pushing FTT in the G-20 and he failed. It's doubtful that the Mexican leader of the G-20 next year will bring it up at the next G-20 in Mexico.

It's basically just France and Germany in favor of FTT, if you just count the big countries, and it's pretty clear now that France and Germany are trying a power play over the UK who is EU but not in the euro zone. 80% of financial transactions are in the UK and a tiny amount are in France and Germany. Anyone who doesn't see this inappropriate blitzkrieg against the UK is blind. It would be an attact against the US economically too.

Now let's see if France and Germany can pass FTT in the eurozone only and force it on the UK. It will come down to the UK's EU veto versus a back door VAT FTT trick which may be able to trump a UK veto. With EU and eurozone banks teetering in the PIIGS crisis, I doubt they can pass and survive a FTT in the eurozone. But, I do expect a showdown here.

FTT remains crucial politics for Sarkozy and Merkel too. It panders to the left and Euro centrists, and they are fighting off the left in the next election. We dont want the left to win those elections either. So the drama will continue.
 
Quote from Robert A. Green:

http://www.voanews.com/english/news...-Agricultural-Research-and-IMF-133560983.html

Recent G-20 recap. Read the part on FTT. I like the point that French president Sarkozy was leader of the G-20 this year and he took his best shot on pushing FTT in the G-20 and he failed. It's doubtful that the Mexican leader of the G-20 next year will bring it up at the next G-20 in Mexico.

It's basically just France and Germany in favor of FTT, if you just count the big countries, and it's pretty clear now that France and Germany are trying a power play over the UK who is EU but not in the euro zone. 80% of financial transactions are in the UK and a tiny amount are in France and Germany. Anyone who doesn't see this inappropriate blitzkrieg against the UK is blind. It would be an attact against the US economically too.

Now let's see if France and Germany can pass FTT in the eurozone only and force it on the UK. It will come down to the UK's EU veto versus a back door VAT FTT trick which may be able to trump a UK veto. With EU and eurozone banks teetering in the PIIGS crisis, I doubt they can pass and survive a FTT in the eurozone. But, I do expect a showdown here.

FTT remains crucial politics for Sarkozy and Merkel too. It panders to the left and Euro centrists, and they are fighting off the left in the next election. We dont want the left to win those elections either. So the drama will continue.
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It will be extremely difficult to implement the EU-FTT or EZ-FTT directly because of opposition from the UK, Sweden, Malta, the Czech Republic, Italy, Cyprus, etc. The direct application approach of the FTT will probably die early next year when it's forced to a vote by the UK.

However, EC President Barroso and Tax Commissioner Simeta have both said there's overwhelming EU public support for a VAT on financial transactions. Unlike the direct FTT, the VAT FTT would not require unanimous consent. Therefore, when the opposition kills the direct FTT, Barroso and Simeta (with help from Merkel and Sarkozy) will attempt to force the financial transactions VAT on the entire EU. At that point, it becomes a legal battle with countries like the UK, Sweden, Malta etc. filing suit in an attempt to block the tax. In the end, it's likely to be a judge that decides whether or not the EU has a financial transactions tax.
 
When the opposition kills the direct FTT, Barroso and Simeta (with help from Merkel and Sarkozy) will attempt to force the financial transactions VAT on the entire EU. At that point, it becomes a legal battle with countries like the UK, Sweden, Malta etc. filing suit in an attempt to stop the tax. In the end, it may be a judge that decides whether or not the EU has a financial transactions tax.
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I cant find the report, I believe a legal body did an assessment on the matter of pushing it through as VAT and concluded under current laws that it is not possible.
 
Quote from sheda:

I cant find the report, I believe a legal body did an assessment on the matter of pushing it through as VAT and concluded under current laws that it is not possible.
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Technically that may be true, but scoundrels like Barroso and Semeta care little for the law except when it gets them what they want. I expect they'll try to implement the FTT VAT anyway, hoping that an EU judge will rule in their favor. Judges make news laws with their rulings all the time, so this is a nothing-to-lose gamble for Barroso the clown and his whiny little sidekick Algirdas Semeta.
 
Didn't German banks claim FTT was unconstitutional when FTT came up in 2009, and German courts indicated they may agree with them? Maybe, a VAT indirect approach on financial transactions would navigate around FTT unconstitutionality in Germany too? FTT is selective taxation. US banks claim President Obama's bank levy (really a tax) is an unconstitutional bill of attainder because it's selective taxation in a punishing fashion by government. They are right and that US bank levy has gone no where.

VAT is already broad-based in the EU and applying it to financial transations may have better legal standing than a direct FTT. Plus, VAT is the only hope of force-feeding an indirect FTT from Brussels. So yes, let's focus like a laser on this VAT FTT approach and find its Achilles heal.

If taxes fail, will transaction fees be next?
 
Quote from Robert A. Green:

If taxes fail, will transaction fees be next?
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Barroso and Semeta have made it clear that they will stop at nothing to get the FTT, so anything is possible.
 
Quote from tomdavis:

Technically that may be true, but scoundrels like Barroso and Semeta care little for the law except when it gets them what they want. I expect they'll try to implement the FTT VAT anyway, hoping that an EU judge will rule in their favor. Judges make news laws with their rulings all the time, so this is a nothing-to-lose gamble for Barroso the clown and his whiny little sidekick Algirdas Semeta.
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While I agree they are off the rails its not as simple as that, and its slightly counter productive considering business in the UK are able to claim back VAT expenses...
 
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