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

[IanMacQuaide]

Quote from ksharmon:

Transaction Tax debate

http://www.bbc.co.uk/news/business-16074212

Apologies if already posted, been crazy busy here....

from that article :


""Bad for business, the tax could drive trade elsewhere. Applied in Sweden in 1984, 60% of the trading volume of the 11 most actively traded stocks migrated to London.

With a lower base on which to charge capital gains tax, the revenues from the transaction tax were offset. ""

 

[sheda]

Cameron was clumsy in his maneuvering," a senior EU diplomat said. It may be possible that Britain will shift its position in the days ahead if it discovers that isolation really is not a viable course of action, diplomats said.

I am bored of hearing this, leaving would have implications yet its not the end of the world, the political class these days speak as though to exist you must be part of and controlled by the EU.

 

[ScorpXdt]

Quote from sheda:

I am bored of hearing this, leaving would have implications yet its not the end of the world, the political class these days speak as though to exist you must be part of and controlled by the EU.

I highly doubt Cameron would reverse course on this, as London would be royally (no pun intended) screwed with the FTT, while other nations financial sectors would not. London would be at an absolute disadvantage. I can see the debate over FTT in countries like the U.S. really intensifying if the EU enacts any sort of FTT. I'm happy to see Cameron sticking to his guns on his opposition to the FTT. I'm anxious to see what Mr. Green's analysis is on this. Hopefully, we'll here from him sometime today.

 

[tomdavis]

Quote from ScorpXdt:

I highly doubt Cameron would reverse course on this, as London would be royally (no pun intended) screwed with the FTT, while other nations financial sectors would not. London would be at an absolute disadvantage. I can see the debate over FTT in countries like the U.S. really intensifying if the EU enacts any sort of FTT. I'm happy to see Cameron sticking to his guns on his opposition to the FTT. I'm anxious to see what Mr. Green's analysis is on this. Hopefully, we'll here from him sometime today.

This raises a new question...

Does this mean that all EU countries that agree to the new treaty are agreeing to accept the FTT? Have Sweden, Luxembourg and Malta thrown in the towel?

 

[ScorpXdt]

Quote from tomdavis:

This raises a new question...

Does this mean that all EU countries that agree to the new treaty are agreeing to accept the FTT? Have Sweden, Luxembourg and Malta thrown in the towel?

Good question. I can't see that happening though. Keeping my fingers crossed.

 

[bjw]

Quote from tomdavis:

This raises a new question...

Does this mean that all EU countries that agree to the new treaty are agreeing to accept the FTT? Have Sweden, Luxembourg and Malta thrown in the towel?

i haven't noticed anything that would suggest that

look, obviously everybody on this forum is (rightfully) very concerned about this FTT-thing, but in the bigger picture the FTT is a minor issue at this time, even for Merkouzy. In itself today's news bears no direct relation to the FTT, altough there are some indirect links. the UK obviously opposes the idea of giving up any power whatsoever and their objection is much bigger than simply the FTT. There are still many countries that oppose the FTT, yet, unlike the UK, support a stronger Europe with more fiscal power. they won't change their opinion on the FTT overnight even though they support (or are hesitantly positive to) what happened this morning.

 

[listedguru]

Quote from tomdavis:

This raises a new question...

Does this mean that all EU countries that agree to the new treaty are agreeing to accept the FTT? Have Sweden, Luxembourg and Malta thrown in the towel?

That is the same question I have as well. I really don't see why they would but you never know.

 

[Explorer]

Quote from tomdavis:

This raises a new question...

Does this mean that all EU countries that agree to the new treaty are agreeing to accept the FTT? Have Sweden, Luxembourg and Malta thrown in the towel?

It doesn't sound as if any decisions on FTT were made last night,so I guess no such agreement could have been made.


The text of the new agreement and conditions will be drafted for March 2012, the French President said and a possible financial transaction tax proposed by the European Commission will be discussed in January.

http://www.cnbc.com/id/45608707

 

[Rantany]

Dutch PM Mark Rutte just repeated on Dutch television that he could not accept the financial demands of Cameron because these demands would hurt the financial centre of Amsterdam, and other financial centres in Europe. (in fact he should blame Merkel for that). But he told 'us' that he assured Cameron that he would do everything in his power to make sure that negotiations about financial issues (I think he means the FTT with that) will still take place among all the 27 countries of the EU, and not only the 17. Interesting. It's also remarkable that he used not one time the words 'tax' or 'taxation', so 'ordinary people' have no idea what exactly he was talking about.

 

[listedguru]

Quote from Explorer:

It doesn't sound as if any decisions on FTT were made last night,so I guess no such agreement could have been made.


The text of the new agreement and conditions will be drafted for March 2012, the French President said and a possible financial transaction tax proposed by the European Commission will be discussed in January.

http://www.cnbc.com/id/45608707

The problem I see is that now that they have the carrot dangling in front of these countries so to speak they can use the ftt to twist their arms. But hopefully countries such as Malta will continue to say no to the ftt.