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

CNBC.com Article: Tax-Soaked French Bankers Feeling London's Lure

The City of London financial district, though diminished by scandals and job cuts, is proving irresistible to fed-up Parisian bankers fleeing France's rising taxes and the feeling that they're not best loved at home.

Full Story:
http://www.cnbc.com/id/48721305
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Didn't notice FTT mentioned, but certainly it's part of higher taxes in France related to the financial sector.

The biggest fear of governments over FTT was competition, jobs and related tax revenue moving to other countries, mostly London. FTT along with other left-leaning tax hikes are having negative consequences as warned in advance. It's another cautionary tale. This exodus from France is just starting and it will pick up more as it did decades ago when Socialist President Mitterrand scared French capitalists to pack their bags and leave.

Every high paying financial services job lost will destroy another 5 plus jobs in related personal service and other industries too. Hollande's policies are killing off jobs. FTT is a jobs killer.

I read a NYC jobs study a few years ago that said each Wall Street job supported 7 other jobs, including accountants, attorneys, restaurants, real estate people, transportation drivers, and much more. London, NYC and Chicago get this, but Paris and Berlin don't.
 
Quote from tomdavis:

Someone from ET (a French speaker, of course) should make the request for the FTT data from the French Ministry of Finance and post the results here.
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I will try with "Le ministère du budget". I don't have any idea if this is public or if it has been done with other taxes. I will also check on their website if there are some information.

But don't hold your breath... We are talking french administration here.
 
Quote from TraDaToR:

I will try with "Le ministère du budget". I don't have any idea if this is public or if it has been done with other taxes. I will also check on their website if there are some information.

But don't hold your breath... We are talking french administration here.
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Thank you, TraDatoR.
 
Socialism is ideology (form of religion) and you guys try to use logic and hard data to convince raging socialists that they are wrong. They know that and the worse the economy gets the better for them. That is their motto. Then they have more and more people dependent on government and they are more powerful. First they will nationalize what they can and when it gets unbearable they privatize it into their own hands and announce that they are capitalists now. So at the end all is about money. FTT is political weapon used by socialist crooks to transfer wealth for their own benefit. They want people who can oppose them to leave (if they could they would round them up into labor camps instead).

In Europe it is easy to introduce FTT because continental Europe capital markets are non existent for all practical purposes. It is about few percentage points of total global markets so do not expect any dramatic data that will show how bad FTT is. But the noise about FTT it makes is significant and dangerous. I hope that in the US people already get used to easy and cheap direct market access so introducing FTT will be more painful but still possible.
 
Quote from vicirek:

Socialism is ideology (form of religion) and you guys try to use logic and hard data to convince raging socialists that they are wrong. They know that and the worse the economy gets the better for them. That is their motto. Then they have more and more people dependent on government and they are more powerful. First they will nationalize what they can and when it gets unbearable they privatize it into their own hands and announce that they are capitalists now. So at the end all is about money. FTT is political weapon used by socialist crooks to transfer wealth for their own benefit. They want people who can oppose them to leave (if they could they would round them up into labor camps instead).

In Europe it is easy to introduce FTT because continental Europe capital markets are non existent for all practical purposes. It is about few percentage points of total global markets so do not expect any dramatic data that will show how bad FTT is. But the noise about FTT it makes is significant and dangerous. I hope that in the US people already get used to easy and cheap direct market access so introducing FTT will be more painful but still possible.
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The FTT failed when it was introduced in Sweden, and that failure was readily proved by hard data.

I appreciate that the current debate is filled with lies and emotion, but there is still a place for hard facts. We may not like the numbers when we get them; that is a reality we will have to deal with.
 
Quote from justrading:

The FTT failed when it was introduced in Sweden, and that failure was readily proved by hard data.

I appreciate that the current debate is filled with lies and emotion, but there is still a place for hard facts. We may not like the numbers when we get them; that is a reality we will have to deal with.
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We must get the data then decide whether or not to use it and in what context. A sympathetic media writer (e.g. T. Worst...) could likely be persuaded to do this, but it's unwise to ask a media personality to use his clout investigating something without being very sure the answers he gets will be the ones we want.
 
Every time I read a HuffPos article (mainly from the ones posted here), I feel the need to take an immediate shower because the Huff is one big liberal shill full of liberal lefties blowing each other....shiver... :-)

The reason we are seeing these articles re-hashed is that there is behind the scenes peeps at work who tell these liberal blowhard journalists to rehash FTT...this will continue for the rest of our lives BTW.
 
As Han solo would say from the movie star wars, "i have a bad feeling about this!!" I am just now after 5 hard years seeing my trading become profitable. i make 2-3 trades per day and that is it. it will make me sick ( i know this includes all of us) if this thing gets implemented into law. i certainly hope this thing goes away, but with all the support, i am very fearful.
 
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