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    Forums ›› Main ›› Wall St. News ›› 1/4% Tax on all stock trades pushed in NY Times today  


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southall
 

Registered: Mar 2010
Posts: 403

 

06-22-12 09:34 PM


Quote from tomdavis:

Does anyone know if there have been other "enhanced cooperation" agreements in the past or would the FTT EC agreement be the first?

If there were any previous enhanced cooperation agreements, do we know any details such as: How long did they take to put into place? Were they challenged by other affected countries? Were there difficulties enforcing the agreements? Etc., etc., etc.




I read there was only one previous which was about Patents and signed by 25 countries iirc.

The Irish fin min said there was another EC agreement about a Divorce law but that might be incorrect.

They said this is the first time it will be economic/finance related.

The lawyer at the meeting today said it was a 5 step process, seemed to be quite bureaucratic, I doubt it could be done in less than 6 months.

There is also the actual proposal the 10 countries have to draw up and agree upon first, it is unlikely to be the current FTT proposal unmodified. That in itself could take many months.

The lawyer actually made the point they cant just start off with a general proposal and sort out the details later. The formal process needs to start with something concrete.

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southall
 

Registered: Mar 2010
Posts: 403

 

06-22-12 09:54 PM

Wolfgang actually said last week, they unlikely to see the FTT enacted before the fall of 2013. That would seem to about right based all the bureaucracy they mentioned today.

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JamesL
 

Registered: Sep 2008
Posts: 2111

 

06-23-12 12:55 PM

UN has FTT on their agenda at the current Rio climate summit calling for a .2 to .7% tax to go directly to UN coffers.

www.nationalreview.com/planet-gore/...-david-rothbard

"Such an idea is not unheard of. In fact, one of the items on the negotiating table here at Rio+20
is a tax — ranging from 0.2 to 0.7 percent — on international financial transactions, which
would generate billions of dollars per year, and would be sent directly to the United Nations. "

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Pasternak
 

Registered: Jun 2001
Posts: 209

 

06-23-12 01:01 PM


Quote from JamesL:

UN has FTT on their agenda at the current Rio climate summit calling for a .2 to .7% tax to go directly to UN coffers.

www.nationalreview.com/planet-gore/...-david-rothbard

"Such an idea is not unheard of. In fact, one of the items on the negotiating table here at Rio+20
is a tax — ranging from 0.2 to 0.7 percent — on international financial transactions, which
would generate billions of dollars per year, and would be sent directly to the United Nations. "



No way this is gonna happen.

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syswizard
 

Registered: Jun 2004
Posts: 3640

 

06-23-12 03:43 PM

Governments need to shrink to reduce their spending.
Looking for additional Taxing sources is NOT THE SOLUTION....it just prolongs the existing problem.

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vicirek
 

Registered: Dec 2011
Posts: 386

 

06-23-12 04:40 PM

Tax is coming because there is more interest in it from major political and economic players. Recent letter to UK government from 50 financiers including Wall Street firms calls for the tax to stem short term speculation and enhance market stability.

The underlying lie is that this money will go to poor and infrastructure or environment but the goal is to stem free markets from being able to check manipulation in bond and stock markets by large institutions and governments.

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