This is good. We need to hear from opposing countries such as Canada again. How about Geithner coming out against the ftt again before he departs? That would be nice. These opposition countries need to speak out against the ftt strongly before the EU QMV vote in December. Go Poland -Guru
The bureaucrats do not care and are fixated on economically damaging idea because it is "right". Again hard numbers, facts and logic does not apply here. Do not count on those to help fighting FTT.
If the EU can send a letter to US broker or exchange to collect tax for them then the same can be done by the Republic of Chad or anybody for that matter (maybe even myself). Well this particular technicality can be challenged in courts or simply such letter would end up in garbage bin with no recourse. Another issue is that electronic trading is anonymous and what is going to happen if they notify me three days later on my settlement date that tax is due? How it is going to work? One day I trade stock with US guy and there is no tax and the other day there is EU fellow taking the other side of the trade on the same stock and tax is due? Practically your broker would have to advise you up front that tax is due on this transaction and the order book would be frozen until somebody decides to take bid/offer and pay the tax in the process. I do not know how this can be technically done with multiple classes of market participants in fast paced electronic markets.
Agree, this French article is helpful. It demonstrates with facts what we said would happen and FTT proponents said wouldn't happen. The intended target speculators are easily avoiding the tax and the FTT is falling on ordinary investors, who should not be targeted. Volumes are down, the markets are bad, the FTT is scaring away the retail investor, hurting investments and FTT collections are way under peforming. Next, we need to partially pin the recesssion and job losses on EU austerity and socialist-leaning governments threatening markets and business with high taxes, versus the U.S. Really glad the industry rolled out the CFD like in the UK to avoid FTT like they avoid stamp duty. Best of all, this reporting of bad facts after passage may give EC-11 FTT members and the QMV voters good reason to vote no.
With forex, would it be possible to just move to a broker outside of the FTT area? (If FTT becomes true)
http://www.thetradenews.com/news/As...es/FTT_details_to_emerge_early_next_year.aspx Based on EC proposal and mirroring french tax, this makes no sense...
Currencies are not included in the proposal (although currency derivatives are). According to http://www.forbes.com/sites/timwors...ncial-transactions-tax-an-interesting-detail/ ,this is because it would contravene the free movement of capital - a cornerstone of the single market:
I can't speak on the EU but if the US tried to tax a foreign company, all hell would come loose. The EU tried to tax US airlines, and congress voted unanimously to stop it. If the EU thinks it can try to stop it's citizens from doing business overseas without intervention, they are no better than East Germany. One of the big problems East Germans had was their inability to do business over in other countries.