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

It seems the German court's decision today enabling the bazooka bailout funds to proceed put FTT EC9 back in forward motion. Lot's of Google alerts tonight.

Financial Transaction Taxes: Pros and Cons | Business Finance
http://businessfinancemag.com/article/financial-transaction-taxes-pros-and-cons-0912

Austria, Germany Remain Committed To FTT
http://www.tax-news.com/news/Austria_Germany_Remain_Committed_To_FTT____57257.html

Merkel Calls for Unity in Germany After Court Victory - HispanicBusiness.com
http://www.hispanicbusiness.com/2012/9/12/merkel_calls_for_unity_in_germany.htm

Å emeta: Fiscal union involves tax cooperation | EurActiv
http://www.euractiv.com/euro-finance/semeta-fiscal-union-involves-tax-interview-514735

The Barroso one too, already posted about federation.

FTT seems to be an important part of the EU fiscal and banking union.

The German court does require/allow the German Bundestag to vote down more bailout funds. In my view, they will need more funds soon.
 
Quote from Robert A. Green:


FTT seems to be an important part of the EU fiscal and banking union.
More...

If FTT would be labelled as European idea (especially French) then it becomes more difficult to convince Americans to follow Europe on FTT.
 
Yes, a better tax is a tax on banks assets or revenue.


Another good discussion point with the US public is to say

"Let Europe experiment with the FTT. If after 3 years it is successful in meeting the revenue goals without hurting the economy, THEN we can consider it in the USA".

We know what will happen....it will be Sweden's experience all over again. (see wikipedia for Financial Transaction Tax )

Often the FTT proponents state that MANY countries already have an FTT. The thing is, the world's two most dynamic, biggest financial markets of the USA and Britain cannot be compared with other countries, even Germany. They are not even in the same ballpark.

Here is what I wrote back (in part) to my friend who supports the FTT

===========================================

George Soros supports the bill...but his business is offshsre in the Caribbean Islands. He can avoid the FTT. Why does he not bring his business into the USA and pay taxes? Why does Soros like the FTT? Because it will hurt his competition.

Bill Gates's foundation supports it. But Bill Gates, through Microsoft, has offshored thousands if not hundreds of thousands of high paying US technical jobs to India. And, he has lobbied Congress to allow more Indians, Russians, Ukranian software engineers into the USA. I can tell you personally, you know I was a software engineer, that this drastically lowered the wages of the software engineer. Well, that is good for Microsoft, it lowers their cost and raises their revenue.

When the USA is suffering so much now, why not bring those software jobs back to the USA citizen, and some of his aid to India, back to those who suffer in the USA, where his fortune was made. He has a strategic business interest in India and he is using his tax free foundation to build business relationships overseas. Bring the money home Bill.

Obama will probably support an FTT once his cabinet is changed, but he is actively, behind the scenes, pushing globalism. His rhetoric is populst, but is actions are globalist. The same with Clinton. Public rhetoric, back room globalism.

============================================

Well, I'm preaching to the choir....we need to get the information to the public and lawmakers n a way they understand it, and cuts through the emotional manipulation of the proponents.
 
Quote from Redshak:

I just had an email exchange with a very intelligent, well educated engineer who told me that she is for the FTT, and she believed most of the public was.

If Obama wins.......

Please consider, each of you, putting in some effort to bring more education to the public.
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Did you send the engineer the website? http://financialtransactiontaxes.com/

It won't change everyone's mind, but I've used the website to get pro-FTT people to reconsider their position. Don't just argue, show them the research.
 
Quote from Stok:

This liberal/democrat is proposing 0.5 percent FTT.

On a round turn for 1 ES contract would be $680 in tax!

These people are the biggest threat to freedoms, and I am talking much more than the FTT here. It is the mindset of libs/dems to destroy capitalism while get more money to buy votes.

This is an imperative time in the history of the USA.
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It's actually supposed to be lower for derivatives, not that that is much cause for comfort given how extreme these people are becoming in their demands. Thankfully the Dems do not have the majority.

Bill up on Friday, perhaps someone (Tom?) who follows legislative matters could keep us posted?
 
Redshak,

Main arguing points:

1. Failed in history (Sweden)
2. It is revenue negative (it will actually not only bring in not what the pie-in-the-sky numbers they claim, it brings in less that now).
3. Main street pays it in the end.
4. Jobs lost are in the 100,000's. Traders, CTAs, money managers, brokers, software providers, accountants, etc.
5. TARP (the bailout fund) is basically all paid back plus interest. The guberment will make a lot of money.
6. Retirement accounts will lose 2-3% per year in lost returns.

It's a no brainer when you explain it. What the dems hope for is the stupidity of people and play on their emotions. Just like they do to get elected and stay in power. It's very sad what has come to with the democratic party. Class warfare, racism, union blow jobs(this racket is criminal), guberment handouts for votes, illegal immigration, no voter ID, war on women....etc. Sicking.
 
Quote from Stok:

This liberal/democrat is proposing 0.5 percent FTT.

On a round turn for 1 ES contract would be $680 in tax!

These people are the biggest threat to freedoms, and I am talking much more than the FTT here. It is the mindset of libs/dems to destroy capitalism while get more money to buy votes.

This is an imperative time in the history of the USA.
More...

Keith Ellison is not a mover-and-shaker, to put it mildly.

Wake me when Chuck Schumer decides to co-sponsor...
 
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