1/4% Tax on all stock trades pushed in NY Times today
- Thread starter seasideheights
- Start date
http://thehill.com/blogs/on-the-mon...-frets-over-europe-eyeing-financial-trade-tax
When we see how hard it is for France to tax ADRs on french stocks in the US, it is hard to believe that Europe would be able to tax a Chicago trader when he unvoluntarily sells CBOT corn to a European...Just a thought.
When we see how hard it is for France to tax ADRs on french stocks in the US, it is hard to believe that Europe would be able to tax a Chicago trader when he unvoluntarily sells CBOT corn to a European...Just a thought.
Hungary: Banks seen offloading costs of new financial transaction tax onto consumers
Banks will transfer the costs of the new financial transactions tax onto clients from January next year
http://www.realdeal.hu/20121107/ban...new-financial-transaction-tax-onto-consumers/
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New study: New tax on financial transactions will harm Europeâs economies
A new study published today by New Direction â The Foundation for European Reform in cooperation with Captus, a Swedish free market think tank, argues that financial transactions are highly mobile, even low levels of taxes will force out trade to other nations. In addition, it is quite possible that market volatility will increase rather than decrease due to such taxes.
http://newdirectionfoundation.org/c...ial-transactions-will-harm-europe’s-economies
Banks will transfer the costs of the new financial transactions tax onto clients from January next year
http://www.realdeal.hu/20121107/ban...new-financial-transaction-tax-onto-consumers/
----------------------
New study: New tax on financial transactions will harm Europeâs economies
A new study published today by New Direction â The Foundation for European Reform in cooperation with Captus, a Swedish free market think tank, argues that financial transactions are highly mobile, even low levels of taxes will force out trade to other nations. In addition, it is quite possible that market volatility will increase rather than decrease due to such taxes.
http://newdirectionfoundation.org/c...ial-transactions-will-harm-europe’s-economies
Where do we stand the day after? Granted, the House is not going to introduce any legislation, but no reason to believe that the Senate won't attach a rider to a bill either sent there or originating from there. Plus, with Senate still in Dem control, Reid will try to eliminate/reduce filibuster rules as he has threatened for the past year. I fell like we are in worse shape today than we were on Monday.
The Senate cannot unilaterally impose a tax. It requires approval by the House of Representatives, also. I don't see the House approving the FTT.
Nothing has changed as far as the FTT is concerned. Obama is still President; the Republicans still control the house; and the Senate is split and subject to filibuster.
The other thing that hasn't changed is that the left will continue to lobby hard for the FTT. We must continue to push back against it.
I agree with your thoughts on this Tom. As you mentioned it's not like Obama or Harry Reid can waive a magic wand and whammo the ftt is law.
I did read a blurb earlier that there's a decent chance that the Senate could switch back to Republican control in the 2014 elections. I guess there are a number of vulnerable dems up for reelection among other things.
Also we need to keep an eye on Obama to see who he nominates for Treasury Secretary. The couple of names I keep seeing being tossed around are Jack Lew and Erskine Bowles. Maybe he can twist Geithner's arm and get him to stay
Anyway bottomline I'm with you that nothings really changed and I continue to believe that the US won't see a FTT although I'm sure some will call me pollyanish (LOL).
-Guru
As figured, it was a status quo election. The same players will negotiate the fiscal cliff in the lame-duck session and the next Congress - Obama, Biden, Boehner, Reid, McConnell, Cantor and Pelosi. None of them are for FTT, and it's not on the radar for any grand bargain. Obama wants his bank liability fee (tax) instead, although he hasn't pushed it lately. The GOP won't agree to FTT or FAT, although they may be shaky after the election.
Now that the election is over, hopefully Obama can go back on the offensive with the EU and tell them fast and hard, don't start taxing U.S. banks, funds and traders to pay taxes to Brussels. That's Obama's tax base and he needs it.
EU extra-territorial reach FTT (assuming it is) is financial protectionism and Obama should bring a case in the world trade court if necessary. Geithner is too busy with his transition. I hope Obama names his replacement soon and we can lobby that person. I hope China and other big players pressure the EU EC-10, too. Isn't North America and Asia in the same boat as the UK?
The best news of the election is Obama will hopefully stop campaigning. So, hopefully he can stop bad mouthing banks and start protecting American interests, which include our markets, banks and funds. How else will we ever pay all those defined benefit retirement plans to public-sector workers?
Now that the election is over, hopefully Obama can go back on the offensive with the EU and tell them fast and hard, don't start taxing U.S. banks, funds and traders to pay taxes to Brussels. That's Obama's tax base and he needs it.
EU extra-territorial reach FTT (assuming it is) is financial protectionism and Obama should bring a case in the world trade court if necessary. Geithner is too busy with his transition. I hope Obama names his replacement soon and we can lobby that person. I hope China and other big players pressure the EU EC-10, too. Isn't North America and Asia in the same boat as the UK?
The best news of the election is Obama will hopefully stop campaigning. So, hopefully he can stop bad mouthing banks and start protecting American interests, which include our markets, banks and funds. How else will we ever pay all those defined benefit retirement plans to public-sector workers?
Respectfully disagree. Consider this:
- democratic win was secured by paying the electorate with deficit money and list of states that went to Dems matches sorted list of near bankrupt states
- Dems will start to increase government dependency immediately by playing the same game of growing deficits to support non-productive people who will vote for them, and at the same time will create tax and regulatory nightmare for business that tends to support GOP
-protecting American interests as stated above means less political power for the current establishment so I do not see corrupt politicians to do just that
-GOP will try to derail this deficit party by forcing fiscal catastrophe or cliff because they have nothing too loose not realizing that it will play into Dems hand who will blame the rich, GOP and banks so they will not even try to stop it
- downgrades of US debt are coming with high grade of certainty and "we" have no intention to pay benefits or liabilities with good money
- markets will become more volatile and somebody has to be blamed,
and immediate good political solution is FTT
- since the market turbulence might become global FTT could be negotiated or forced solution from which the US might not be able to escape being in fiscal trouble as everybody else who agreed for FTT so far
- deficits are the root cause of economic problems, banks will take blame for it and will be compensated for doing that, and individuals and independent traders will pay for it.
Bottom line is that I am less optimistic in regards to FTT by expecting more turbulent times in the markets and continuously declining economy (what economy?).
Lol, why would he stop bad mouthing banks? He's been doing it the last 4 years and not for campaigning reasons alone.