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

India makes a mess

http://seekingalpha.com/article/697...-adrs-play-a-turnaround-in-india?source=yahoo
Indian Prime Minister Manmohan Singh took the reins of India's Finance Ministry after Pranab Mukherjee, till then the finance minister, resigned last week. The resignation came at a time when India's economy has slowed down dramatically. The Indian Rupee has hit a record low of 57.11 against USD, while its economy showed a growth rate of 5.3% in the last quarter, the lowest in nine years. In April, several of foreign institution investors (FIIs) asked to remove the applicability of GAAR for foreign portfolio investment, arguing that no country taxed foreign investment in stock markets. The country also witnessed a decline in the annual FII inflows. In the wake of the retrospective taxation liability slap on Vodafone (VOD), these rules have fueled pessimism among investors. Indian ADRs were consistently shedding value. In March alone they saw a collective erosion of $5.7b, while in April the loss amounted to $650mn, owing to a decline in the Indian equity markets amid fears over the implementation of GAAR. The loss for April was of $5.04b, with major software company Infosys and IT firm Wipro losing a majority of its market cap.

In May 2012, when Mukharjee first announced a delay in the implementation of GAAR, Sensex wiped out a loss of 300 points, while Nifty was firmly above the 5,000 mark and the Rupee rose to a one-week high of 52.68. Measures to boost the confidence of FIIs were announced on Friday, June 29, 2012, soon after the PM took over the Ministry of Finance. Backed by the ruling Congress, these measures include support for the foreign exchange rate, by enhancing the limit on foreign investment in government bonds by $5b. Also, it is expected that the uncertainty among investors, especially foreign investors stemming from anti-tax avoidance rules and General Anti Avoidance Rules (GAAR) would be resolved at the earliest by the PM. The signal of a liberal taxation policy from the PM is a sign of relief for the investors.
 
I can see why you guys are worried !
Would foreigners have to pay the tax too ? Just guessing but probably only those that use US brokers. That means the "nimble " brokers will have to open subsidiary offices abroad ?
and
many US citizens could claim citizenship north of the border ?
In fact why doesn't Wall St wake up and move lock stock and barrel to er say London ?

That's what you gets if you elect dummies


:p :p :p :p :p :p
 
Quote from Humpy:

I can see why you guys are worried !
Would foreigners have to pay the tax too ? Just guessing but probably only those that use US brokers. That means the "nimble " brokers will have to open subsidiary offices abroad ?
and
many US citizens could claim citizenship north of the border ?
In fact why doesn't Wall St wake up and move lock stock and barrel to er say London ?

That's what you gets if you elect dummies


:p :p :p :p :p :p
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Dresses well
Speaks brilliantly
Looks good

BUT

spends like there's no tomorrow. Pity noone mentioned it in time.
 
Quote from TheMan:

http://www.marketwatch.com/story/ro...ntroduction-of-robin-hood-tax-bill-2012-09-17



NEW YORK, Sept. 17, 2012 /PRNewswire via COMTEX/ -- The U.S. Robin Hood Tax Campaign today applauded the introduction of a bill to establish a tax on Wall Street speculation. Introduced by Rep. Keith Ellison, HR 6411, the Inclusive Prosperity Act
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The fall elections are in full swing. If you want to do something to stop financial transaction taxes, here's your opportunity.

Contact your local congressional representative and your state's senators. They all have websites and contact information.

Send each of them a polite, professional email stating that you're against financial transaction taxes and why you're against them.

Encourage friends, relatives and other traders to do the same. Also contact your broker(s) and anyone else who's in the business.

If you've already done this, DO IT AGAIN! This is campaign season. Political candidates and their staff members are paying attention.

If we fail to strongly make our case we could end up with the FTT that will put many of us out of business.


Below is a sample letter/email to send to congressional representatives/candidates-- feel free to copy it or use it in any other way you feel is appropriate.

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


Subject: Pending Financial Transaction Tax Legislation (bills introduced by Ellison and Harkin-Defazio)


Dear ___________________

The proposed Financial Transaction Tax legislation is not a tax on Wall Street – It’s a tax on Main Street.

Activists around the world support the Financial Transaction Tax (aka, “Tobin Tax” or “FTT”), claiming it would raise billions in revenues and promote social justice.

As sincere as some of these activists may be, their story is missing important relevant facts.

For example, did you know….


• The Secretary General of the European Federation for Retirement Provision says the FTT is not a tax on Wall Street, but rather a tax on retirement savings and other “innocent bystanders.”

• A study by the Dutch Central Bank showed that over 40% of the FTT would be paid by pensions and retirement savings

• James Tobin’s co-author, Berkeley Professor Barry Eichengreen, says the Tobin tax is the “wrong tool” to raise revenues.

• A study by the World Bank concluded that “… neither the tax revenues nor the efficiency gains hoped for… are likely to materialize.”

• The IMF showed that the best way to hold banks responsible is to tax them directly because the FTT tax burden would “fall largely on final consumers,” not the financial sector.

• Archbishop Desmond Tutu once supported the FTT, but now opposes it.


To learn why a diverse group of people from many different backgrounds opposes the FTT, please read “Straight talk about the FTT” at: www.financialtransactiontaxes.com .


Sincerely,


_________________________

 
Excuse me pointing it out guys but the USA has a long history of do-gooders making a huge mess of things. Such as you may say ?
1. Prohibition of alchohol. The Temperance Ladies were well intentioned but what a disaster.
2. yeah well - no need to rub it in.

Looks like another shot in the foot - they mean well but are too short sighted to think it through.
 
Quote from TheMan:

Americans have long paid every time they buy an automobile, shirt, baseball glove, airline ticket, or pack of chewing gum, eat at a restaurant, or have their hair cut."

[/B][/QUOTE] Pro FTT arguments ...ncome from trading activity is already taxed.
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