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

[TraDaToR]

I have never really traded french stocks actively, so I don't know if banks and MMs were exempted, like in the UK. I would bet it is the case. However, l'impot de bourse in its former form was completely moronic, you just had to divide your order to be exempted( < 7600 Euros I guess )...

 

[Rantany]

Quote from Explorer:

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

What a coward. He has the CPB-report which advises against. His party is against, his coalition party is against, even his opposition partner is against. He doesn't have to discuss this in parliament at all. Unfortunately, for issues about Europe, Rutte needs the support from the Labour party, which are strong proponents of the FTT. I hope not they would/could force him to introduce the FTT, in exchange for futher support about European affairs.

 

[tomdavis]

Quote from Explorer:

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

The Dutch Ministry of Economic Affairs (CPB group) did an extensive analysis of the FTT in December of 2011 and called it a "slecht idee" (bad idea).

http://www.cpb.nl/persbericht/3211207/financiele-transactiebelasting-slecht-idee

 

[travelingtrader]

If a financial transaction tax was passed in one country wouldn't it simply result in all the trading volume moving to other countries that don't have the tax?

 

[slumdog]

Quote from travelingtrader:

If a financial transaction tax was passed in one country wouldn't it simply result in all the trading volume moving to other countries that don't have the tax?

yes.. but certain instruments are more easily taxed than others. In the UK shares are taxed regardless of where they are traded and it seems to raise revenue. Sweden tried something but they failed based on the reason you mention, i dont know why sweden failed but the UK still continues to collect Billions every year in share stamp duty.
I presume Sweden used a different taxing method, but why didn't they just copy London (at least for share transactions) when it was clear to them their own method didn't work?

 

[bjw]

Quote from slumdog:

In the UK shares are taxed regardless of where they are traded and it seems to raise revenue.

no they're not. it's the other way around: shares are taxed if they're traded in the uk, regardless of by whom.

 

[FightTheFuture]

"Some also note it also marks Sarkozy’s 180 degree turn-around on the issue. After all, this is the same Sarkozy who in 1999—and on national television—lustily mocked a Communist Party politician urging the adoption of a Tobin Tax in France in the name of fair redistribution financial market profits. In doing so, Sarkozy derided the tax he’s now crusading as “an absurdity,” and warned “if we were to [impose] it in France, we’d pay for it with tens of thousands of more people made jobless.”

http://globalspin.blogs.time.com/20...ooing-french-voters-and-annoying-e-u-leaders/

 

[Rantany]

http://www.loansafe.org/merkel-and-sarkozy-close-ranks-fiscal-pact-talks-advanced-eds

Merkel disavowed elements in her own government who oppose the introduction of a financial transactions tax.

“Nicolas Sarkozy and I consider a financial transactions tax to be the right answer and we will continue to fight for it,” she said.

The Free Democratic Party (FDP), Merkel’s coalition partner, insist the tax must be agreeable to all 27 EU nations. Britain and Sweden adamantly oppose it. They have warned against a bid to apply it in the 17 eurozone nations only.

As i already suspected, Philip Rösler (FDP) must also agree with an EZ-FTT, otherwise there will be most likely no FTT in Germany at all. I hope he is strong enough to resist the tremendous pressure from Mistress Merkel, but i don't envy him. It's a tough job, but somebody's got to do it

//Edit: And more:

http://www.focus.de/finanzen/news/s...-planen-den-euro-doppelschlag_aid_700829.html

Google translation:

FDP criticizes
With its reflections on financial transactions tax angered the Chancellor of the coalition partner FDP. Such a control gives only makes sense if it would be introduced in all 27 EU member states and not only in the 17 countries that share the euro as their currency, said FDP leader Philipp Rösler the "Frankfurter Rundschau" on Tuesday.

"I still maintain such a tax must apply to all EU countries," said Roesler. "Otherwise, the financial transaction tax will lead to distortions of competition and financial burden to our side in Germany." This must be the common goal of black-yellow federal government. National initiatives in the financial transaction tax declined Roesler.

Opposition goes all slow to
SPD General Secretary Andrea Nahles reiterated the demands of their party to a financial transaction tax. This would allow the necessary resources for new "growth path" will be made available. She accused Merkel, Sarkozy to slow down on this issue with regard to its coalition partner FDP.

The Greens demanded that Merkel, the introduction of the financial transaction tax. Merkel must show that she was serious about its commitment to the tax, Green Party leader Claudia Roth said at the opening of the Green Board retreat on Monday, Worlitz.

 

[Rantany]

How stupid could they be, they lack any relevant knowledge about the subject. This is not about EU-wide anymore, but Eurozone:

Various MEPs said that in recent months they had shifted their position in favour of a financial transaction tax. Wolf Klinz (ALDE, DE) explained that this was "because the financial sector has not learnt the lessons from the crisis".

Euro parliament firmly in favour of Eurozone financial transaction tax

I'm so glad that the final decision will be made by national governments (not that their level of knowledge is much higher ).

 

[jackpearson]

This talk from Merkel that there's disagreement within her own government is new to me.

She's been screaming at others to adopt it & she can't even do it herself.

Idiot.