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1/4% Tax on all stock trades pushed in NY Times today
- Thread starter seasideheights
- Start date
Agreed Sheda. Two thirds of countries were either sceptical or hostile to an FTT in last week's Ecofin hearing (http://video.consilium.europa.eu/we...=775-979-10381). Germany and her allies aren't winning, so their answer is to turn up the heat.
Quote from Explorer:
Who the hell do the Germans think they are?
U.K. Wonât âGet Awayâ With Transaction Tax Refusal, Kauder Says
http://www.bloomberg.com/news/2011-...with-transaction-tax-refusal-kauder-says.html
Merkel ally tells UK to be less selfish on Europe
http://uk.reuters.com/article/2011/11/15/uk-germany-conservatives-britain-idUKTRE7AE0NP20111115
It would seem there isnt unanimity in the eurozone either. Some eurozone members dont want the tax either, rather than say that directly to the Germans, they are using the excuse that they will only do it if the UK does it too, knowing full well the UK cant afford to do it. And the UK are using the line, only if its Global to excuse themselves.
These European politicans have no balls to come out and directly say this tax is a stupid idea. Instead they hide behind each other. Pathetic.
Quote from Explorer:
Who the hell do the Germans think they are?
U.K. Wonât âGet Awayâ With Transaction Tax Refusal, Kauder Says
http://www.bloomberg.com/news/2011-...with-transaction-tax-refusal-kauder-says.html
Merkel ally tells UK to be less selfish on Europe
http://uk.reuters.com/article/2011/11/15/uk-germany-conservatives-britain-idUKTRE7AE0NP20111115
Osbourne wrote a good piece yesterday:
"Europe certainly shouldn't be creating new burdens. Proposals for a Europe-only financial transactions tax are a bullet aimed at the heart of London. Even the European Commission admit that it would cost hundreds of thousands of jobs. This Government is all for making the financial sector pay more in tax. In my first Budget I introduced Britain's first permanent levy on our banks, and we are taking long overdue action against tax avoidance and evasion by the very rich. That is helping us protect NHS spending at home and meet our aid promises to the world's poorest. But the ideas of a tax on mobile financial transactions that did not include America or China would be economic suicide for Britain and for Europe. The EU should be coming forward with new ideas to promote growth, not undermine it..."
Quote from Explorer:
Who the hell do the Germans think they are?
U.K. Wonât âGet Awayâ With Transaction Tax Refusal, Kauder Says
http://www.bloomberg.com/news/2011-...with-transaction-tax-refusal-kauder-says.html
Merkel ally tells UK to be less selfish on Europe
http://uk.reuters.com/article/2011/11/15/uk-germany-conservatives-britain-idUKTRE7AE0NP20111115
Germany reverting to type?
Time for the UK to leave the EU and remember that the USA and the Commonwealth is where its main allies are. The EU project is a joke. So the Italian and Greek PM depart the scene and yet the clueless Communists Barroso and Van Rumpuy remain at the heart of European (un)decision making...
Congress's insider trading
If you are guaranteed to beat the market by 12 percent every year, an FTT won't hurt them any.
-------------------
"The study found that during the boom years of 1993-98, a majority of US Senators were trading stocks - and beating the market by 12 percentage points a year on average. By comparison, corporate insiders beat the market by 5 percent, and typical households underperformed by 1.4 percent."
http://www.csmonitor.com/2004/0309/p01s03-uspo.html
---
"1985 to 2001: House members beat the market in their personal stock trading by about 6 percent, and Senators beat the market by about 10 percent."
http://www.cnbc.com/id/43471561
---
"How about a 50 percent tax on financial transactions by members of Congress and their staffs while they are with the government, and for five years thereafter?
Let them trade all they want on the knowledge they gain as public, ahem, servants. Just make sure that half of the proceeds go to the U.S. Treasury. Heck, this is one case where Iâd be completely in favor of a deeply progressive tax: 50 percent for the first $10,000 profit; 60 percent for the next $90,000; 75 percent on the $250,000 after that; and 90 percent on everything above that."
http://blogs.ajc.com/kyle-wingfield...x-i-would-like-but-which-congress-would-shun/
If you are guaranteed to beat the market by 12 percent every year, an FTT won't hurt them any.
-------------------
"The study found that during the boom years of 1993-98, a majority of US Senators were trading stocks - and beating the market by 12 percentage points a year on average. By comparison, corporate insiders beat the market by 5 percent, and typical households underperformed by 1.4 percent."
http://www.csmonitor.com/2004/0309/p01s03-uspo.html
---
"1985 to 2001: House members beat the market in their personal stock trading by about 6 percent, and Senators beat the market by about 10 percent."
http://www.cnbc.com/id/43471561
---
"How about a 50 percent tax on financial transactions by members of Congress and their staffs while they are with the government, and for five years thereafter?
Let them trade all they want on the knowledge they gain as public, ahem, servants. Just make sure that half of the proceeds go to the U.S. Treasury. Heck, this is one case where Iâd be completely in favor of a deeply progressive tax: 50 percent for the first $10,000 profit; 60 percent for the next $90,000; 75 percent on the $250,000 after that; and 90 percent on everything above that."
http://blogs.ajc.com/kyle-wingfield...x-i-would-like-but-which-congress-would-shun/
Slowly reconstructing. Here's the new cascade effect page
http://financialtransactiontaxes.com/Financial-Transaction-Tax-FTT-Cascade-Effect.html
Tell me if you hate it. Or if you like it.
http://financialtransactiontaxes.com/Financial-Transaction-Tax-FTT-Cascade-Effect.html
Tell me if you hate it. Or if you like it.
Quote from tortoise:
Slowly reconstructing. Here's the new cascade effect page
http://financialtransactiontaxes.com/Financial-Transaction-Tax-FTT-Cascade-Effect.html
Tell me if you hate it. Or if you like it.
one typo "several intermediate transactions must place in order", add TAKE..
anyway, it's ok just one general question to everyone on this board: is it actually true, is this really how stocks are bought and sold in europe and would the FTT in effect REALLY be 0,9%-1%? i have read the raport of the British law firm in which the cascade-effect is mentioned, but it's mentioned nowhere else. I'd love to use it in my arguments when debating this with other people, but never knew all these intermediairies were in between and would be taxed under this FTT-rule. I can also assure you: no supporter of the FTT knows this either as this would completely destroy their "0,1% is nothing"-argument. Can someone put forward another reliable source which claims this will happen, apart from that 1 rapport.
Quote from bjw:
one typo "several intermediate transactions must place in order", add TAKE..
anyway, it's ok just one general question to everyone on this board: is it actually true, is this really how stocks are bought and sold in europe and would the FTT in effect REALLY be 0,9%-1%? i have read the raport of the British law firm in which the cascade-effect is mentioned, but it's mentioned nowhere else. I'd love to use it in my arguments when debating this with other people, but never knew all these intermediairies were in between and would be taxed under this FTT-rule. I can also assure you: no supporter of the FTT knows this either as this would completely destroy their "0,1% is nothing"-argument. Can someone put forward another reliable source which claims this will happen, apart from that 1 rapport.
fwiw, I've read the EC language and it appears to be unambiguous. This is a VAT-style tax, and that's how VATs work
If anyone has knowledge to the contrary, I'd love to know about it ASAP
Oh, and thanks for the proofread. Greatly appreciated