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

I hope Polish leaders remember their history, including WWII and liberation from the Soviet iron curtain. The UK went to war with Germany to honor the defense pact with Poland under blitzkrieg attack from Nazi Germany creating WWII. I hope Poland doesn't surrender to Franco German dictates and respects the democratic process, which requires seeing details before crucial votes- the QMV.

Italy and Spain also said no EC FTT apparently in order to blackmail Germany into freeing up the bailout bazooka funds. I hope Poland is not playing that game. I can't believe a country the free west helped so much would repay us with this trashing of democracy and freedom. Okay, little dramatic.

This EC FTT process is setting itself up for legal challenge. Is there a US Supreme Court equivalent in the EU?

When the EU starts withholding FTT on China and the US expect the lawyers to freak out. This is illegal financial protectionism and tariffs.

Can't we traders sue the EU EC 11 in the World Trade Court and other jurisdictions? Publicity on the suit will be helpful to our cause.

It's time for us to hire a lawyer and sue. Why keep whining on message boards? Who can help recruit the law firm? Someone who already has submitted similar suits. What about that UK law firm that did the white paper on FTT cascading effect? Plenty of important players will join us and let's be the ones to start it. By the way, I once beat the French government in a lawsuit when they tried to rip off my French company that I bought with investors in a tax advantaged transaction. I was famous in the French legal community for it. Let's stand our guns.

On the treadmill in Vegas ready for my first tax class tomorrow. It's time to stand up and be heard. I'm sick of writing and ready to fight in the courts. Who will join me?

Let's have a conference call soon to discuss it.
 
Quote from Robert A. Green:

I hope Poland is not playing that game. I can't believe a country the free west helped so much would repay us with this trashing of democracy and freedom. Okay, little dramatic.

This EC FTT process is setting itself up for legal challenge. Is there a US Supreme Court equivalent in the EU?

When the EU starts withholding FTT on China and the US expect the lawyers to freak out. This is illegal financial protectionism and tariffs.

Can't we traders sue the EU EC 11 in the World Trade Court and other jurisdictions? Publicity on the suit will be helpful to our cause.
More...

Poland is dependent on German economy and EU. However, Polish Finance Minister was studying in England so he might have connections there and play the old game of keeping Germany in check which as you have noted did not work very well in 1939.

World Trade proceedings would have to be initiated on government level I would assume.

EU has court of justice but as with all courts the one that pays wins.

This tax collection is not enforceable outside of EU. However, when you owe something and stop in EU for vacation you might get stuck there for a while if you owe something.
 
Quote from Robert A. Green:
Can't we traders sue the EU EC 11 in the World Trade Court and other jurisdictions?
More...

i doubt whether it's possible to sue over a plan, and that's all it is until now.
besides, who of us actually thinks this whole thing with the "if you trade with a euro, you're gonna have to pay the tax" is gonna fly? I don't. The French are seemingly having trouble even getting their own ADR's FTT-taxed (any updates on this?), let alone trades on companies that have absolutely no relatiion to France in the first place.
There are many parties with much more to lose than us in this, plus it would mean complete chaos on every exchange worldwide as nobody would be able to know the amount of costs he or she would incur when buying/selling. This just won't happen, even a complete removal of all Euro citizens and companies from non-FTT exchanges seems more likely than that (and I wish exchanges would actively voice threats in that direction; it would be a great tool to scare off the FTT lobby). what we will definitely get is a Euro FTT in the same shape as the French and the Italian FTT (and essentially the UK FTT). There just isn't any other way.
 
Quote from vicirek:
This tax collection is not enforceable outside of EU.
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according to EU plans tax collection would be automatically collected by your broker and wold be enforceable outside of the EU. this really has nothing to do with you personally being stopped on holiday because you owe a few k.
 
Quote from bjw:

The French are seemingly having trouble even getting their own ADR's FTT-taxed (any updates on this?)
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I recently read somewhere the french government didn't understand what the problem was, so I guess they will try to effectively tax it next year. There will perhaps be some trials, and big US ADRs holders have threatened France to drop all their assets. Please note that it's much more defendable as it's a portfolio of french assets.I hope US banks will battle and France won't even get that.
 
Quote from Explorer:

French Transaction Tax Misses Mark as Speculators Find Loopholes

http://www.businessweek.com/news/20...tax-misses-mark-as-speculators-find-loopholes
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“The idea isn’t bad,” he said. “Governments have been raising taxes in general so why should the financial community be sheltered?

If corporate taxes have been raised, then why single out the financial sector for additional taxes?

On the other hand if corporate taxes have not been raised, then the financial sector is being singled out anyway.

This from a fund manager?
 
"The French finance ministry official charged with crafting the transaction-tax bill said it was impossible to impose a levy on CFDs, or on any derivative not related to a territory".

This is great. They probably searched a lot and didn't find...
 
Quote from justrading:

“The idea isn’t bad,” he said. “Governments have been raising taxes in general so why should the financial community be sheltered?

If corporate taxes have been raised, then why single out the financial sector for additional taxes?

On the other hand if corporate taxes have not been raised, then the financial sector is being singled out anyway.

This from a fund manager?
More...

I don't understand this either. These fund managers they quoted for the piece sounded like they are for the tax? Must be a French thing (LOL).

-Guru
 
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