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

[sheda]

http://www.youtube.com/watch?v=PYye0zZ3fH4

The clip for those who missed it


In theory, were Paris and Berlin to adopt such a tax design, any trade involving the London branch of a German or French bank would be hit, even if it involved a UK counterparty. And because the tax is on the trade itself, French and German authorities would seek to recoup the tax from the UK counterparty as well.

Would people not just abandon those banks?

http://www.ft.com/cms/s/0/9a4317b6-107f-11e1-8298-00144feabdc0.html#axzz1dwXtIXDh

 

[Businessman]

Quote from sheda:

http://www.youtube.com/watch?v=PYye0zZ3fH4

The clip for those who missed it

Thanks.. worth embeding:


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[benwm]

Osborne makes his points so well it is perhaps worth embedding this video on tortoise's site

couldn't have done it better myself

<b>"We have to be realistic and truthful to our publics about who pays this tax. There is not a single banker in the world who is going to pay this tax. There are no banks that are going to pay this tax.

The people who pay this tax are pensioners, who have pensions...(and) they are taxpayers, through their governments, because they have to raise money through sovereign debt auctions."</b>

I would put this quote in bold letters and big font on the home page, and possibly every page so no reader can miss it.

 

[justrading]

Quote from benwm:

Osborne makes his points so well it is perhaps worth embedding this video on tortoise's site

couldn't have done it better myself

Indeed he does.

It would be interesting to know what those in favour of the FTT have to say about not wanting to adopt Osborn's bank levy.

They must be advancing some arguments and it would be good to refute those.

 

[tortoise]

Quote from benwm:

Osborne makes his points so well it is perhaps worth embedding this video on tortoise's site

couldn't have done it better myself

<b>"We have to be realistic and truthful to our publics about who pays this tax. There is not a single banker in the world who is going to pay this tax. There are no banks that are going to pay this tax.

The people who pay this tax are pensioners, who have pensions...(and) they are taxpayers, through their governments, because they have to raise money through sovereign debt auctions."</b>

I would put this quote in bold letters and big font on the home page, and possibly every page so no reader can miss it.

yes good point. that quote's the bell-ringer. thinking i should post this video on the yet-to-be-launched "resources" page, as the news page is probably most useful if it keep track of news-as-it-happens. hope to have that all set up by this weekend

i sense a definite, if temporary, turning of the tide on ftt. just posted news item about ireland...

 

[Pasternak]

Well, Osborne starts the whole talk by saying he is in favour of the tax as long as it's globally. Later he startes (correctly) saying the end user will have to pay it. Is it just talk to please the others he contradicts himself?

 

[benwm]

Quote from Pasternak:

Well, Osborne starts the whole talk by saying he is in favour of the tax as long as it's globally. Later he startes (correctly) saying the end user will have to pay it. Is it just talk to please the others he contradicts himself?

Saying he supports it globally is a politicians way of appearing reasonable and balanced to the other side...

Osborne knows that not every single tax haven will join in (many of which Britain controls at arms length)

 

[tortoise]

Quote from benwm:

Saying he supports it globally is a politicians way of appearing reasonable and balanced to the other side...

Osborne knows that not every single tax haven will join in (many of which Britain controls at arms length)

Y'know, that's my problem with this one. Yes, tactically, it's smart but, from the discussion's standpoint, it's not quite honest.

I like the big quote, but I'm not so sure about the video

 

[benwm]

Quote from tortoise:

Y'know, that's my problem with this one. Yes, tactically, it's smart but, from the discussion's standpoint, it's not quite honest.

I like the big quote, but I'm not so sure about the video

fair enough

 

[justrading]

You could also look at it differently.

If the FTT is adopted globally, there are certain implications, eg reduction in transaction volumes, reduced profitability and reduced taxes collected, etc etc.

If the FTT is only adopted by certain countries, you can add to that list migration of financial activity to other countries where it would be cheaper.

To paraphrase Osborne, adopting the FTT globally would be bad, adopting it only in certain countries would be ruinous.