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

Quote from justrading:

Because August can be quiet comparing it with the 12 month average may be misleading.

If you are interested, I would suggest a month on month comparison. Say, Feb 2012 vs Feb 2011 through to August. If August MOM volume is down and earlier months are not, then I would say there is something there.

A bit of work I know and ordinarily I would be delighted to work the numbers but I am up to my eyeballs in new stuff so the best I can do is suggest.
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Yes, summer can be quiet sometimes.
However when I looked at those french stocks the Augusts of the years 2011 and back weren't actually that quiet.

This was just a first look. I'll wait until year end. I also will check german stocks should they follow this stupid idea of a ftt.
This isn't actually so much of a work for me. Looking at charts is my job. And I love doing it.
I will post my results here.
Sure, I could also browse for government websites to check their tax revenues. The US Treasury has a very transparent website. I haven't checked yet other website from countries like france or north korea if they show how much taxes they collect and where they come from specifically. Also these numbers - modified or not - come at least three months late.

Ticks don't lie. And I have the data right now. Markets would get hell not only from the FINRA and SEC if they would doctor their numbers.
Who is regulating the governments?
 
Quote from zdreg:

here is proof that governments never learn.

Yesterday, 1st September 2012

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Spanish arts fear tax hike tipping point

Spanish art institutions, already feeling the pinch of funding cuts, fear a steep hike in taxes on tickets to cultural events from Saturday could push them over the edge.

As of Sept. 1, Spain's tax rate for a range of cultural activities will jump to 21 percent from 8 percent as part of a wider government plan to boost revenues, cut the deficit and avoid a full-blown European bailout....

The arts industry warns that the tax hike will lead to a sharp drop in spectators, the closure of cinemas and yet more job losses in a country where unemployment is already running at 25 percent.
The associations , grouped together as UAEICE, said the tax hike would drive away 43 million spectators, cost 530 million euros ($662 million) in lost ticket sales, 4,500 jobs and lead to the closure of 20 percent of music, film and scenic art companies.

And, according to a study by global accounting firm PricewaterhouseCoopers (PwC), the government will have less than nothing to show for it, as its annual take from the arts would actually fall by nearly 10 million euros after the tax hike.
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This reminds me of the "luxury tax" on Yachts back in 1990. Remember that? The idea of a “luxury tax” on yachts had 80% support from the public. And, no surprise, college professors all across America clamored for the tax in the name of “fairness.”

Under sustained public pressure, Congress enacted the luxury tax in the fall of 1990. Within months the yachting industry tumbled into an irreversible decline. American boat sales fell by half. Over 25,000 middle-class boat-building workers, sales people, administrative staff and managers lost their jobs. An additional 50,000 people who worked for companies that supplied yacht parts and raw materials also found themselves in the unemployment lines. Factories that had been filled with American workers manufacturing high-quality products were suddenly empty. In less than two years, the luxury tax on yachts destroyed tens of thousands of middle-class jobs. The tax was repealed in 1993, but not before irreparable damage had been done.

Adding insult to injury, the luxury tax also resulted in a net loss to the US Treasury. In other words, the lost income taxes from the workers and boat businesses plus the cost of unemployment benefits paid by the government was tens of millions of dollars more than the amount of luxury tax collected.

The luxury tax scheme was supposed to “soak the rich,” but instead it harmed thousands of middle class workers who ended up paying the bill.

Here we go again...
 
Quote from muller:

Yes, summer can be quiet sometimes.
However when I looked at those french stocks the Augusts of the years 2011 and back weren't actually that quiet.
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I did the same as you and found , on top of volume loss, a lot of unusual activities around the implementation of the tax. To me, some funds closed their positions and they aren't getting back. They are looking for alternatives. Justtrading ( If I m right ) came with a chart of volume for all SBF 120 stocks. The volume decrease had been seen before( Christmas time ). It would be great to see that same chart at the end of september.
 
Quote from FightTheFuture:

White House not keen on financial transaction tax


Dan Pfeiffer, President Obama’s communications director, indicated on Tuesday that the White House is unlikely to support the idea of taxing the sale of stocks and bonds.

http://blogs.marketwatch.com/electi...nsaction-tax/?mod=mw_streaming_stream#fb-root
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Obama enthusiastically supported the FTT years ago and could easily flip-flop back again after the election. Tim Geithner has been the main force oppposing the FTT and he's leaving at the end of this term. If the next Treasury Secretary supports the FTT, Obama will, too.
 
Still, saying this during a presidential campaign is a strong signal that there is no more interest than before. FTT is a surefire way to gain votes, the public supports it all over the world. I am sure at least 50% of americans support it. If Obama doesn't bring it during a presidential campaign, he is unlikely to propose it later IMO.
 
Quote from TraDaToR:

Still, saying this during a presidential campaign is a strong signal that there is no more interest than before. FTT is a surefire way to gain votes, the public supports it all over the world. I am sure at least 50% of americans support it. If Obama doesn't bring it during a presidential campaign, he is unlikely to propose it later IMO.
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I would like to believe that what you say is true... But these are lying politicians we're talking about. Obama is against the FTT right now because he doesn't want to alienate some of his most important big money people. Two years from now, all he'll be thinking about is his "legacy." If the FTT suits his purpose, he'll suddenly become a supporter again.
 
"unlikely to support" leaves a door open. The spokesman didn't say Obama "doesn't support" or "won't support" FTT. Maybe, this position shows some respect to Obama's union supporters who are still screaming for FTT. The DNC gave the unions the cheap seats at the convention.

When France was pushing for FTT, Obama told them he prefers a fee on bank liabilities, avoiding the term tax hike. He was trying to sway the G-20 to his US idea for taxing banks to pay for the crisis and future potential crisises. But, Obama's idea hasn't gone anywhere past his annual green book budget and France is making headway with FTT - first passing it and snow balling it into EU 9 enhanced cooperation discussions.

If EU 9 FTT passes and FTT has a strong foothold in Europe, pressure will mount on the US and Obama, and minus Geithner with a different Treasury Secretary, Obama might warm up more to FTT. Republicans will block it.
 
Quote from Robert A. Green:

"unlikely to support" leaves a door open. The spokesman didn't say Obama "doesn't support" or "won't support" FTT. Maybe, this position shows some respect to Obama's union supporters who are still screaming for FTT. The DNC gave the unions the cheap seats at the convention.

When France was pushing for FTT, Obama told them he prefers a fee on bank liabilities, avoiding the term tax hike. He was trying to sway the G-20 to his US idea for taxing banks to pay for the crisis and future potential crisises. But, Obama's idea hasn't gone anywhere past his annual green book budget and France is making headway with FTT - first passing it and snow balling it into EU 9 enhanced cooperation discussions.

If EU 9 FTT passes and FTT has a strong foothold in Europe, pressure will mount on the US and Obama, and minus Geithner with a different Treasury Secretary, Obama might warm up more to FTT. Republicans will block it.
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Not only is Geithner leaving, but the rumor is that Lael Brainard (also strongly against the FTT) is leaving Treasury to go back to being a professor at MIT. Without Geithner and Brainard, the FTT is definitely in play at the Treasury Dept.
 
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