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

Quote from Robert A. Green:

Thanks Tom. Please remind me again of your - List each of the economic issues that Germany complains about, then show one-by-one that the FTT does nothing to solve any of them. "
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I'm not sure what you're asking. Please clarify. [Guests arriving at our home from out of town any minute. I won't have a chance to respond until tomorrow.]
 
Quote from tomdavis:

List each of the economic issues that Germany complains about, then show one-by-one that the FTT does nothing to solve any of them.

Merkel complains that her car's engine doesn't work, and then insists that putting on new brakes will solve the problem. It's a ridiculous argument and it's time somebody called her on it.
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I'm afraid that the reasons for Germany to introduce a FTT aren't solely economic anymore, but particularly to respond the (indoctrinated) public opinion that 'those greedy banks, traders, speculators and hedge funds' have caused the financial crisis, and that now is the time that they have to pay back, and contribute their share to society. And also that 'The financial sector is heavily undertaxed, so a FTT will be necessary to straighten this'. Unfortunately it is hard to convince the ''Main Street' public that those preoccupations are not true.
 
Quote from Rantany:

Unfortunately it is hard to convince the ''Main Street' public that those preoccupations are not true.
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It's easier with the FTT article showing people will lose 5% of their pensions due to an FTT.

When they realize it hits them and not just the banks, they'll fold.

Don't discount the power of that FT article.
 
Thanks, great comprehensive article that also can help to disprove false statements from persistent proponents like below:

Let's take the bad economics first. Osborne's insistence at last week's meeting of European finance ministers that the tax would be paid by pensioners is nonsense. The suggested rate of an FTT is so low, an average of just 0.05% or 50p in every £1,000, precisely to avoid damaging important longer term investments like pensions that tend to move money around rarely.
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www_huffingtonpost.co.uk/simon-chouffot/robin-hood-tax-osborne-shows-whose-side-hes-on_b_1097541.html
 
Germany:

Tax from 2012

Together with the French Government, the federal government to prepare a draft law establishing a financial transaction tax. Both states are to introduce this tax in 2012. The tax rate will be 0.1 percent for stocks and 0.05 percent for all other financial and foreign exchange transactions. In addition to EU-wide, people are used with a personal fortune of more than one million euros to a special capital levy. The Left Party also calls for bans on short selling, credit insurance, the high-frequency trading and the rating valuation of government bonds.

http://www.das-parlament.de/2011/49-50/WirtschaftFinanzen/36910047.html

http://www.das-parlament.de/2011/49-50/WirtschaftFinanzen/36909955.html
 
Quote from jackpearson:

It's easier with the FTT article showing people will lose 5% of their pensions due to an FTT.

When they realize it hits them and not just the banks, they'll fold.

Don't discount the power of that FT article.
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Excellent point. Here are 3 references you can use:

http://www.ft.com/intl/cms/s/0/0df299ba-15ef-11e1-b4b1-00144feabdc0.html#axzz1fHzgx4TV

FINANCIAL TRANSACTIONS TAX (FTT) WILL HIT WORKER’S PENSION SAVINGS (The FTT isn’t a tax on bankers, it’s a tax on pension plans.)

by Lars Oxelheim, PhD, Lund Institute of Economic Research, Lund, Sweden (Professor and Chairman of the Swedish Network for European Studies in Economics and Business)

“The fact is that the FTT will directly affect ordinary citizens in Europe. One area in particular is the impact on pensions of workers active today. When they set aside part of their salary for a pension, tax will be levied and the initial investment will be reduced. Furthermore, every time the worker reallocates his pension fund, or if the fund does it for him, the tax will be due. A reallocation will trigger the tax both when the assets are disposed of and when new ones are acquired in the same fund (or in another pension fund). Since the tax is compounding, the overall impact on the pension is substantial.”

"Just to give an indication, a 30-year-old worker, retiring at the age of 65, having a pension fund yielding 5 per cent per annum, with a turnover of the portfolio of 1.5 times a year, will see his pension reduced by 5 per cent due to the Tobin tax."

“The FTT is presented as directed at the financial industry, but eventually the man in the street is the one to foot the bill.”

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http://www.risk.net/life-and-pensio...ction-tax-proposals-hit-pensions-hard-experts

Pension funds could soon have to bear the cost of a Europe-wide tax on equity, bonds, currency and derivative transactions.

“In fact, one of the conclusions by the International Monetary Fund in its report, A Fair and Substantial Contribution by the Financial Sector, was that the ‘real burden may fall largely on final consumers rather than, as often seems to be supposed, earnings in the financial sector.’ It further adds that a tax levied on transactions at one stage ‘cascades’ into prices at all further stages of production.”

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http://www.efinancialnews.com/story/2011-11-14/dutch-fund-warns-ftt-would-cost-billions

Dutch fund warns FTT would cost ‘billions’

“Guus Warringa, chief legal counsel and board member of APG Asset Management, said: “The rough calculations point to a multi-billion euro damage just for Dutch pension funds… The man on the street will pick up the cheque.”
 
Angela Merkel and Nicolas Sarkozy have proposed a new EU-treaty aimed at solving the euro zone debt crisis.


They said they hope for agreement from all 27 members, however they will happily go ahead with backing for fewer.

French President, Nicolas Sarkozy said: “We want a new treaty to make all the people of Europe – EU and euro zone – realise things cannot continue the same way as they have been until now. We prefer to have 27 signatories so that nobody feels excluded from a French-German initiative, but we’re ready to go ahead with 17 members or with any state that wants to join us
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David Cameron used the promise of a referendum on the Lisbon treaty to get elected - he then said he could not do it but if there were any new treaties or changes to existing ones he will give the British people a referendum - he has been in the news already saying we aren't having it - god knows how this is going to turn out, this one way or another is the biggest risk of the FTT entering the UK.
 
Quote from Rantany:

I'm afraid that the reasons for Germany to introduce a FTT aren't solely economic anymore, but particularly to respond the (indoctrinated) public opinion that 'those greedy banks, traders, speculators and hedge funds' have caused the financial crisis, and that now is the time that they have to pay back, and contribute their share to society. And also that 'The financial sector is heavily undertaxed, so a FTT will be necessary to straighten this'. Unfortunately it is hard to convince the ''Main Street' public that those preoccupations are not true.
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I have been saying this for awhile now. We are all in "awe" why any Country would want to do this...we look at Sweden and other disasters from the FTT. We see IMF, EU and our Treasury reports that says a FTT is a net revenue negative...so why are these liberal socialists doing this?? This is a WAR on capitalism and free markets, period. They want to destroy markets. This is not about raising money (they will lose revenue on an FTT) for themselves or global warming or feeding the kids or whatever BS excuse they come up with.

As long as we know what the true intentions are, we can fight this and spread the TRUTH about these pro-FTT organizations. They spread a good story to the public but with a lot of lies and deceit. It is the public that needs to understand why the FTT is so bad, and we win.

As others have mentioned, I believe we will be fighting this the rest of our lives....because the big liberal, socialists, class warfare campaign is growing around the world. And, it is growing due to lies and power grabbing for votes from liberal democrats, communist magazines and unions. Those are the enemies.
 
Quote from Stok:

I have been saying this for awhile now. We are all in "awe" why any Country would want to do this

As long as we know what the true intentions are, we can fight this and spread the TRUTH about these pro-FTT organizations. They spread a good story to the public but with a lot of lies and deceit. It is the public that needs to understand why the FTT is so bad, and we win.

And, it is growing due to lies and power grabbing for votes from liberal democrats, communist magazines and unions. Those are the enemies.
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Business colleagues sent a courteous letter to nursing officialdom suggesting that the tax they advocate could possibly result in a 5% pension reduction for their hardworking membership.

An equally polite response declared they do not believe this would be the case. They then pointed out that even if it were so, a 5% reduction on an $80,000 gross annual pension amounted to “just” $4,000 – a figure they would regard as a small and unselfish contribution for the wider good of our communities.

A link to a self-explanatory website on the tax was included in their reply. (No prizes for guessing their recommended RH tax resource).

As previously mentioned, we do not have at our disposal a collective, factual, educational information resource readily available to the wider public. Casual readers do not have time or desire to thoroughly educate themselves on this complex subject. The general public can only be expected to absorb quick, simple, readily accessible facts. They do not search for the truth, but if it is put before them in understandable language, (correctly or incorrectly) they begin to see how their situation relates to it. Outside increasing newspaper stories that disparage the tax (opinions that the public will rarely find) the real facts do not exist in any collective format. The public is being TOLD, they are not being INFORMED.

e.g. www...businessinsider.com/roger-coh...feasible-someone-has-to-tell-him-about-the-uk
 
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