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1/4% Tax on all stock trades pushed in NY Times today
- Thread starter seasideheights
- Start date
Quote from TraDaToR:
If the transaction is on bund for example, possible. If it is on CME corn futures, no way. They won't even try.
It was in the commission proposal, you had to prove that the transaction you had with an european counterpart had no link with the EU taxed country.
Interesting. What about a stock transaction? We have no way of telling who's on the other side of our trades...
-Guru
Quote from listedguru:
Interesting. What about a stock transaction? We have no way of telling who's on the other side of our trades...
-Guru
I imagine retail brokers out side of the infected zone would discontinue its services to the countrys in question due to the complexities involved with those clients, I am really interested to see what will happen on an institutional~banking level though.
Quote from listedguru:
This line is pretty interesting:
"As the proposal now stands, it is the location of the individual or bank buying or selling the asset that triggers the tax. So a bank established in Germany, for example, buying shares in New York would be obliged to pay."
"If there is any link to the EU, either through the buyer or seller, then the tax will fall due. That means that a U.S. bank selling to a buyer in the EU will also have to pay."
I wonder what the US thinks of this? I mean I guess it's possible that this EU tax could fall on individual US traders if someone from the EU is involved as a counterparty of one of our trades? Or am I mistaken here?
-Guru
Market pricing is based on market costs, too. An FTT monkey wrench out of the blue on any given transaction, seems unworkable for properly functioning markets. Buyers and sellers subject to FTT may seek a price adjustment to counter the FTT cost. How does anyone know this in advance with rapid fire trading?
Good article until the last paragraph, begging for an exemption. Like that would spare pensions much if anything.
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The financial sector should contribute fairly to the crisis solution but a financial transaction tax would hit pensions funds and should be dismissed, writes the secretary general of the European Federation for Retirement Provision
http://www.publicserviceeurope.com/...-transaction-tax-will-hit-innocent-bystanders
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The financial sector should contribute fairly to the crisis solution but a financial transaction tax would hit pensions funds and should be dismissed, writes the secretary general of the European Federation for Retirement Provision
http://www.publicserviceeurope.com/...-transaction-tax-will-hit-innocent-bystanders
Quote from FightTheFuture:
Good article until the last paragraph, begging for an exemption. Like that would spare pensions much if anything.
There was a ftt study a few months back in which various organisations contributed. There was section written by this charity with a multi billion endowment fund. They were also squealing for an exemption.
Quote from slumdog:
There was a ftt study a few months back in which various organisations contributed. There was section written by this charity with a multi billion endowment fund. They were also squealing for an exemption.
i remember that. it was a charity interest group that said they neither opposed or objected to the ftt, but if there ever would be an ftt, they demanded an exemption for charities. ironically oxfam is a member of that group. so while trying to force the ftt down the throat of the public on the hand with bullshit-arguments like "it only such a small %, nobody outside of HFT will even notice", on the other hand they're desperately pleading for an exemption themselves. classic.. too bad no media seems to care.
btw, another charity indicated a ftt would cost them 35 million a year, which equals their entire development program in kenya. imo these are the kind of arguments that are extremely useful in any ftt-debate.
http://news.bbc.co.uk/democracylive/hi/house_of_lords/default.stm
Peers are taking evidence on the Financial Transaction Tax from Commissioner Algirdas Semeta, European Commissioner for taxation
Peers are taking evidence on the Financial Transaction Tax from Commissioner Algirdas Semeta, European Commissioner for taxation