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

Quote from bjw:

my personal opinion: if anything this proposal, which went even further than the original, is good for us. no compromise whatsoever, no deals under the table, semeta is attacking this head-on and is giving the non-ftt part of the world the finger. now the real fight can begin, especially since the us finally seems to wake up on this issue.
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Agreed. I can't imagine there wouldn't be a constitutional challenge in this country.
 
And have you seen that the accounting , calculations of taxes owed will have to be done by the institutions themselves monthly... Not only euro finance would be screwed, it will have to keep their own compliant book of the screwing...LOL
 
And one last time, I don't understand how the residence principle would be beneficial and why member states would accept it...Let's say Deutsche Bank has a killer desk in Hong Kong, they would be out of HK business overnight with a 0.01% tax, you can't compete with someone paying 10$ less even in your wildest dreams...What is the profit for Germany closing this super profitable desk?:confused:
 
Quote from TraDaToR:

And have you seen that the accounting , calculations of taxes owed will have to be done by the institutions themselves monthly... Not only euro finance would be screwed, it will have to keep their own compliant book of the screwing...LOL
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In the old days we had leper colonies.

These clowns will be financial lepers.
 
Seriously, they are even optimist when they say it will apply coming 2016. There are years of trials, debates, tweakage of the proposal ahead, hundreds of millions in taxpayer's money and time wasted.

I think Germany( the only one that matter in EC11 ) will ask for changes soon...
 
don't know if this has been posted...

http://www.quantifiedstrategies.com/implications-of-a-transactions-tax/

the FTT will cost 4 times more than the income. Sweden implemented a FTT in the 80’s with catastrophic qonsequences: close to 85% of trading moved abroad and capital gains taxes plummeted drastically. In the end they found out this was a very expensive tax. Sweden expected to collect 1,5 billion SEK, but instead only fetched 50 million SEK a year. Sweden’s finance minister, Anders Borg, has said that “we have substantial evidence…And from the swedish perspective, we cannot foresee that we would introduce such a tax system again”.
 
Quote from Xspurt:

don't know if this has been posted...

http://www.quantifiedstrategies.com/implications-of-a-transactions-tax/

the FTT will cost 4 times more than the income. Sweden implemented a FTT in the 80’s with catastrophic qonsequences: close to 85% of trading moved abroad and capital gains taxes plummeted drastically. In the end they found out this was a very expensive tax. Sweden expected to collect 1,5 billion SEK, but instead only fetched 50 million SEK a year. Sweden’s finance minister, Anders Borg, has said that “we have substantial evidence…And from the swedish perspective, we cannot foresee that we would introduce such a tax system again”.
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I wish the author's grasp of the plural was a bit more...robust. Grammatical issues notwithstanding, it's an excellent piece. Thanks for posting.
 
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