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

Rantany · Jan 9, 2012

French press criticizes the Tobin tax, "bluff" and doomed to "failure"

The press is very critical to the proposal Monday by Nicolas Sarkozy to create a "Tobin tax", a risky initiative, called "bluff" - because it can not be passed before the presidential or- doomed to failure - because making solo by France.
And more..

http://www.liberation.fr/depeches/0...itique-la-taxe-tobin-bluff-ou-vouee-a-l-echec (french)

slumdog · Jan 9, 2012

Quote from Rantany:

I think Sarko has manoeuvred himself in a bad situation. If he persists in introducing the FTT unilaterally, he has all the other EU countries against him. If he gives up this plan, it would be seen by the French voters as another defeat against Germany (Merkel) or EU.

Could be a Posion pill incase the French opposition win.

Like the 50% top rate of tax Brown left for Cameron, it doesnt raise much extra revenue but Cameron and Osbourne dont have the balls to repeal it.

tomdavis · Jan 9, 2012

Quote from Explorer:

Denmark only supports a global tax

http://www.bloomberg.com/news/2012-...ng-cme-danes-on-capital-rules-compliance.html

A European Union financial-transaction tax would drive away investment and weaken employment unless a levy was accepted worldwide, said Margrethe Vestager, Denmarkâs economy minister.

Vestager made the remarks late in the day on Jan. 5 in a telephone interview. âWe only support a global tax.â

The previous ruling party in Denmark said they would only support a global FTT. Vestager and her party came to power in elections a few months ago in which they strongly supported the EU-FTT. Now Vestager and her party seem to have flipped back to the position of the previous administration.

Explorer · Jan 9, 2012

Merkel wants EU finance ministers to to deliver a final report on the financial transaction tax by March at the latest.

She is also facing resistance from within her own government (the FDP).

http://www.monstersandcritics.com/n...ersonally-supports-Sarkozy-on-transaction-tax

TraDaToR · Jan 9, 2012

Apparently, Sarko wants to reinstitute "l'impot de bourse" on stocks before the elections and wait for Merkel and others to tax derivatives.

sheda · Jan 9, 2012

So Sarko basically wants to do nothing of any significance, no bonds no derivatives, I bet they wont even run that tax at every stage of the transaction, they will copy londons model to the letter, then run around the world screaming we have taken giant risks, taken the first step, etc

slumdog · Jan 9, 2012

Quote from TraDaToR:

Apparently, Sarko wants to reinstitute "l'impot de bourse" on stocks before the elections and wait for Merkel and others to tax derivatives.

This is still worrying.

First they tax stocks, then they go after bonds, then finally try and do derivatives. I think existing rules stop them from applying FTT to FX.

Stocks transactions can be taxed anywhere in the world because transfers have to re-registered each time there is a change of ownership. This has shown to work with the UK stamp duty model.

They might try and do the same for bonds. Try a world wide stamp duty model for bonds.

Derivatives will prove much more problematic as no registration is required for either issuing or change of ownership.. they are effectively a private bet on price changes between 2 parties and if the transaction moves to another country they cant tax it.

Explorer · Jan 9, 2012

Mark Rutte, the prime minister of the Netherlands, said his government was in favor of the introduction of a financial transactions tax on a global level but his country's parliament would debate the introduction of such a levy in the euro zone alone.

http://online.wsj.com/article/BT-CO...ne.wsj.com/article/BT-CO-20120109-708954.html

slumdog · Jan 9, 2012

Quote from TraDaToR:

Apparently, Sarko wants to reinstitute "l'impot de bourse" on stocks before the elections and wait for Merkel and others to tax derivatives.

If the "l'impot de bourse" is anything like UK stamp duty, it is the private pension funds who pay most of it, and not the banks. I wonder how happy the french electorate are going to be with that?

Stok · Jan 9, 2012

Quote from slumdog:

If the "l'impot de bourse" is anything like UK stamp duty, it is the private pension funds who pay most of it, and not the banks. I wonder how happy the french electorate are going to be with that?

The problem is that the French people are too busy smoking and drinking wine and they want their socialism entitlements to even understand or care. Same with all of the EU (one study says 70%+ favor FTT) because they are feed lies by the socialists who are trying to take down capitalism and free markets.