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

Quote from Arnie:

This could turn into a cluster f***. Suppose the state I live in passes a FTT. Wouldn't the state where the actual exchange is located also want to tax me?
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Very well could be. Let's hope that there is work being done behind the scenes so that this internet tax bill doesn't turn into a state by state ftt. The bill is all but certain to pass the Senate later this week. Hopefully someone will attach an amendment to the bill with some language so that states can't use this to tax stock trades.

Here's some more info on it:

Finance Lobby See Transaction Tax Risk In Web Sales Bill:

http://www.bloomberg.com/news/2013-...s-online-sales-bill-could-yield-new-taxt.html

“The bill could lead to unexpected costs being passed on to consumers of financial services, including sales taxes on services or state-level stock transaction taxes,” Bentsen said.
 
EXCLUSIVE: Internal documents reveal countries' concerns with FTT proposal (or when ideology meets economic reality)[...]

[...]We have got our hands on the memo from the eleven countries that under "enhanced cooperation" have signed up to the tax - reported in yesterday's press summary - which raises a series of concerns about the Commission's draft. Exclusively, we today publish the full six-page memo here. [...]

http://openeuropeblog.blogspot.co.uk/2013/04/exclusive-internal-documents-reveal.html
 
Quote from Explorer:

EXCLUSIVE: Internal documents reveal countries' concerns with FTT proposal (or when ideology meets economic reality)[...]

[...]We have got our hands on the memo from the eleven countries that under "enhanced cooperation" have signed up to the tax - reported in yesterday's press summary - which raises a series of concerns about the Commission's draft. Exclusively, we today publish the full six-page memo here. [...]

http://openeuropeblog.blogspot.co.uk/2013/04/exclusive-internal-documents-reveal.html
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Rather sad read, the original memo is insightful on how civil parasites discuss ways to steal profitably.
 
Quote from Explorer:

The world’s largest banks have warned European finance ministers that plans to impose a Financial Transactions Tax (FTT) could deepen the Continent’s sovereign debt crisis[...]
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It was predictable that FTT will be implemented affecting only retail investor. Banks, market makers, government bond trading and any major derivative class that is used by big institutions will be exempt. The only hope is that final version will be so convoluted that it will be practically toothless.

FTT is not about punishing banks but about closing all venues of free economy to achieve total control by bureaucratic apparatus.
 
Quote from vicirek:

It was predictable that FTT will be implemented affecting only retail investor. Banks, market makers, government bond trading and any major derivative class that is used by big institutions will be exempt. The only hope is that final version will be so convoluted that it will be practically toothless.

FTT is not about punishing banks but about closing all venues of free economy to achieve total control by bureaucratic apparatus.
More...

Cant see that flying as a "tax on the banks to recoup bailout expenses" I cant visualize what exactly would stop it either, if it has no residency or out of borders reach its workable for any market player.
 
they were talking about it on just plain old tv today. I think it was CNBCW. The analysis was pretty calm. Trading will just gradually move from Europe to Asia. They gave it about three years.

Like the lady said, "If you want to raise taxes, just raise taxes, but don't pretend that this isn't a tax hike on everybody."

Nobody expects that over time it will raise revenue. The only debate is about how much over time it will cost.

Until we live in a one world government, it's just like they teach you your first day at plumbing school, "Money, like water, will always seek it's lowest level."

but you know, you can trap a little of it before it gets there

but in the long term, not a very sustainable survival plan
 
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