It does mention in the article that the European Parliament voted to exclude pensions from ftt. I guess we'll see where this goes but I'm disappointed that the Dutch are taking this position.
-Guru
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1/4% Tax on all stock trades pushed in NY Times today
- Thread starter seasideheights
- Start date
It does mention in the article that the European Parliament voted to exclude pensions from ftt. I guess we'll see where this goes but I'm disappointed that the Dutch are taking this position.
-Guru
'It does mention in the article that the European Parliament voted to exclude pensions from ftt. "Quote from listedguru:
It does mention in the article that the European Parliament voted to exclude pensions from ftt. I guess we'll see where this goes but I'm disappointed that the Dutch are taking this position.
-Guru
that is the whole point. with the usual ftt the retail trader gets screwed.
Quote from bjw:
tomdavis, interesting post. do you have any source that confirms that 40-50%?
Study by Dutch Central Bank.
Referenced at: http://financialtransactiontaxes.com/
âThe DCB opposes the introduction of a European financial transaction tax that it estimated would cost the nationâs lenders, pension funds and insurers about 4 billion euros ($5.2 billion) and hurt economic growth.â The DCB study showed that 1.7 billion euros, over 42% of the annual FTT cost in the Netherlands, would be borne by pensions. [footnote #2]
Quote from tomdavis:
Study by Dutch Central Bank.
Referenced at: http://financialtransactiontaxes.com/
âThe DCB opposes the introduction of a European financial transaction tax that it estimated would cost the nationâs lenders, pension funds and insurers about 4 billion euros ($5.2 billion) and hurt economic growth.â The DCB study showed that 1.7 billion euros, over 42% of the annual FTT cost in the Netherlands, would be borne by pensions. [footnote #2]
the dutch pension system is one of the biggest in the world. therefore, an ftt without pension-exemption would hit the country much harder than any other of the countries that are now supporting the ftt. so, the fact 42% of the dutch contribution to an ftt would be borne by pensions, doesn't mean an agreement to give pensions a freebie would mean europe-wide ftt proceeds would fall by 40-50%, but likely a very signficant amount less than that. so that's what i find worrying. i am not convinced the other countries (especially the mediterranean countries have relatively much much smaller pension funds) are that hostile to the idea if this would get the netherlands on board (plus it's good PR, you can claim you did this to exempt the blue collar worker out there), while the netherlands have basically given a big fuck you to all retailer traders out there to bail out the pension funds. not surprising if you consider labour is now one of the parties in power, but very disappointing the right wing party that's also in government really doesn't seem to give a fuck either way.
Quote from Pasternak:
I guess you have to pay the tax if you manage your pension on your own?
exactly. it's completely unfair, and very 20th century thinking. less and less people need or want to use pension funds nowadays. but this whole ftt is a blast to the past; this puts us right back at having to phone in your stock orders to some big bank that charges ridiculous amounts (like i did in the 90s), because every discount broker is gone. bye bye innovation, bye bye retail investors, and the big banks back in power.
Here's a little more color on the netherlands embracing the ftt:
New Netherlands Goverment Backs FTT:
http://www.internationaltaxreview.c...rlands-government-backs-FTT.html?LS=EMS738436
New Netherlands Goverment Backs FTT:
http://www.internationaltaxreview.c...rlands-government-backs-FTT.html?LS=EMS738436
So it seems former MinFin Jan Kees de Jager was the real FTT-opponent. Too bad he is gone. I never trusted PM Rutte on this one, but that he changed his mind so quickly in the negotiations with his new coalition partner is unbelievable. So all his former statements about the danger that this would hurt the relatively big financial center of Amsterdam turn out useless.
Who cares about these countries? The only things they make are wood shoes and annoying blondes............socialists!!!!!