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

[seasideheights]

.03% Transaction Tax Proposal introduced 12/13/11

http://thomas.loc.gov/cgi-bin/bdquery/z?d112:HR03638:|/home/LegislativeData.php|

Not a threat but interesting nonetheless.

 

[BA_Trader]

Quote from seasideheights:

.03% Transaction Tax Proposal introduced 12/13/11

http://thomas.loc.gov/cgi-bin/bdquery/z?d112:HR03638:|/home/LegislativeData.php|

Not a threat but interesting nonetheless.

H.R. 3638 is a huge bill... the transaction tax section is just copy pasted from H.R. 3313 (DeFazio) and S. 1787.

 

[sheda]

So residence of France are able to trade foreign markets without the tax being applied? The scope of this tax is just French stocks with a certain cap.

 

[Explorer]

Investors already looking to avoid French Tobin tax

http://www.thetradenews.com/print.aspx?id=7720

 

[TraDaToR]

Quote from Explorer:

Investors already looking to avoid French Tobin tax

http://www.thetradenews.com/print.aspx?id=7720

Good. It would be nice if firms come with products before the application.

I just hope mutual funds and long term money managers will switch to untaxed products because they are the only ones who may be tempted to still trade in Paris, most of their revenue comes from management fees and not trading profits. They don't care if clients lose. Active traders will move and non banks HFTs will disappear( so no revenue here ).

 

[TraDaToR]

http://www.businessweek.com/news/20...transactions-tax-as-9-nations-support-it.html

 

[TraDaToR]

Quote from TraDaToR:

http://www.businessweek.com/news/20...transactions-tax-as-9-nations-support-it.html

“France is not alone,” Pecresse said. “She is the leader and the motor in the moralization of finance" ...

Creating a french market where FTT is paid by retail and only banks can trade short term = moralization ???

 

[Rantany]

Economics professor against FTT:

http://www.project-syndicate.org/commentary/eichengreen39/English

 

[justrading]

Quote from TraDaToR:

Creating a french market where FTT is paid by retail and only banks can trade short term = moralization ???

All of them have their pet reasons why the FTT should be introduced. I seem to recall one of the reasons advanced was that the banks, having been at the core of the financial crisis and having received public funds in the bailouts, should be made to pay.

Here the banks are supposedly exempt, so presumably it is now all the fault of the speculators.

 

[justrading]

Quote from Rantany:

Economics professor against FTT:

http://www.project-syndicate.org/commentary/eichengreen39/English

Like the piece by Ken Rogoff, this is in 'specialist' media. Whilst I can understand why they would submit (be approached?) material to specialist / financial media, it is a pity that we do not see more of such material in the mainstream media. I am thinking here of Op-Ed pieces or letters to the editor in national newspapers.

If for example a well known and respected individual like Rogoff had a piece in mainstream media explaining why the FTT is a bad idea, perhaps that would influence the general public and sway broad opinion. That then might have the desired effect on politicians.

Pieces in financial media are essentially preaching to the converted.