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

[Rantany]

First of all, concerning the economic impacts in the EU, the FTT will neither damage growth and competitiveness nor lead to more unemployment.

according to Algirdas 'Saeed al-Sahaf' Å emeta.

Å emeta has minimal business experience in the private sector, his career to date has been concentrated in public office as a civil servant.

http://en.wikipedia.org/wiki/Algirdas_Šemeta

 

[TraDaToR]

http://www.business-standard.com/in...n-tax-to-hit-volumes-traders-chambers/463571/

 

[rc8222]

UN Wants World FTT To Help The Poor


http://www.infowars.com/un-wants-world-tax-to-help-the-poor/

 

[sheda]

These services were presented at the forum as basic human rights equal to the rights of "life, liberty and the pursuit of happiness."

The money to fund these services may come from a new world tax.

"We will need a modest but long-term way to finance this transformation," stated Jens Wandel, Deputy Director of the United Nations Development Program. "One idea which we could consider is a minimal financial transaction tax (of .005 percent). This will create $40 billion in revenue."

The UN talk again of a world tax and creating what some claim is the embryo to world goverment, I think they talk about it a few times a year then go ignored.

 

[sheda]

A proposed European tax on financial transactions may cost British-based companies as much as 22 billion euros ($29 billion) a year and cause 4,500 job losses whether the U.K. agrees to it or not, according to Ernst & Young LLP’s ITEM Club.

The British financial sector would contribute about 64 percent of total revenues from the proposed tax if it was applied across the euro area to all euro-denominated trades irrespective of where they take place, the research group said in a report today. If Britain continues its opposition to the tax, the U.K. Exchequer would also be denied any of the proceeds, the ITEM Club report said.

“As many euro-denominated trades take place in London, this could effectively impose an FTT on the U.K. through the back door,” the ITEM Club said in the report.

http://mobile.bloomberg.com/news/20...it-hardest-in-london-item-club-says?category=


( Off topic but for such a loud proponent of an FTT and somone so against the excesses of the financial industry..

http://www.dailymail.co.uk/news/art...pends-10k-day-food-keeps-121-cars-palace.html

His total annual expenditure comes to £95million.

Says it all really..)

 

[FightTheFuture]

EU Transaction Tax Is ‘Undesirable,’ Dutch Central Bank Says

The tax would lead to annual costs of 2 billion euros for banks, 1.7 billion euros for pension funds and 0.3 billion euros for insurers, it said.

It’s “doubtful” whether the tax proposed by the European Union will limit risks, the bank said in a statement. “The negative impact on the economy is a certainty.”

http://www.bloomberg.com/news/2012-...x-is-undesirable-dutch-central-bank-says.html

 

[bjw]

second dutch government institute that speaks out against the ftt; the dutch government can't keep ignoring these comments.

in 15 minutes the European Parliament will hold a live press conference on smth ftt-related. no idea what, could be completely unimportant, but it is live: http://www.europarl.europa.eu/ep-live/en/other-events/video?event=20120206-1430-SPECIAL&vodtype=Live

 

[listedguru]

Quote from sheda:

http://mobile.bloomberg.com/news/20...it-hardest-in-london-item-club-says?category=


( Off topic but for such a loud proponent of an FTT and somone so against the excesses of the financial industry..

http://www.dailymail.co.uk/news/art...pends-10k-day-food-keeps-121-cars-palace.html



Says it all really..)

So even if the UK remains opposed they get stuck with the bill but won't see any of the proceeds. Yikes. Let's hope they can still stay strong and remain against this tax...

-Guru

 

[bjw]

Quote from bjw:
in 15 minutes the European Parliament will hold a live press conference on smth ftt-related. no idea what, could be completely unimportant, but it is live: http://www.europarl.europa.eu/ep-live/en/other-events/video?event=20120206-1430-SPECIAL&vodtype=Live [/B]

the press-conference was about the new EU report on the effects of an FTT. it was classic, stand up comedy. Filled with pro-FTT bullshit that has already been disproven extensively, and two elder ladies (one of which is supposedly a professor of some sort) who clearly had no idea what they were talking about. Too bad none of the journalists asked the right questions

stuff i didn't know:
- if i understand correctly the tax they propose has now been revised from a residency-based to a residency-based AND an exchange-based. So, no more exemptions for non-EU trading EU securities. It's unclear to me how they will collect the tax of EU trading non EU-securities though.
- even if only a few counties adopt it, the EP thinks it's a good idea. it doesn't need to be EU-wide. let those examples convince the world (yeah right, in the same way the UK stamp tax has convinced the world -> not)

stuff that was clearly false:
- they claimed 8 eu-countries already have some sort of an FTT. Uhh.. what? Am I ignorant? Only the UK comes to mind.
- the ridiculos overexageration on how succesful the UK stamp tax is. Hardly any avoidance (why didn't a journalist ask if the so-called prof knows what a CFD is and why it's so popular in the UK? Or a spread-bet?)
- I could go on for a while.

stuff that made me laugh:
- in the end the elder lady basically said: maybe we should stop talking about all these studies, but just do it. and then after 3 years we evaluate, what's the harm in that? so sad.

In short, what we already knew, the European Parliament is one of our real enemies here and they're not going to cave down until every single one of the member states does. Our hopes lie with the individual member states. Best scenario still is France (and maybe 1-3 smaller countries) doing this alone and the whole thing blowing up.

 

[TraDaToR]

http://www.thehindubusinessline.com.../article2863359.ece?homepage=true&ref=wl_home