Finland steers clear of financial transaction tax Finland has decided that it will not join a group of eleven other European Union states that have signed up to be at the forefront of preparing a financial transaction tax[...] http://yle.fi/uutiset/finland_steers_clear_of_financial_transaction_tax/6398239
"It's important that we respond RIGHT NOW while the tax increase conversations are taking place in Congress and the White house. " ET community:make sure that you can show the numbers, in a way simpletons can understand and accept , how the ftt will put you out of business.
Isn't it better to focus on the pensions? Most people give a damn whether you have to stop trading. If they levy an FTT this will most likely reduce your pension 5-15% per year. As far as I can see, this is a much better argument (?).
TradeStation sent this information to its clients regarding ADRs. Apparently ADRs of French stocks will be taxed finally( only on overnight positions ): "The French Government has approved a Financial Transaction Tax (âFTTâ) on transactions involving French entities including certain American Depositary Receipts (âADRâ) issued by French companies. A list of the ADRs that are subject to the FTT is posted below. The tax is .02% of the daily net purchase price. If your net buying position resulting from intra-day trading is zero, there will be no tax. Conversely, if you end a trading session with a long position in one or more of the listed stocks, you will be subject to the FTT. Effective immediately, TradeStation plans to pass this tax on to those affected customers. Please consider the impact of this tax when making your trading decisions. We also encourage you to consult with your tax advisor regarding the FTT as TradeStation cannot give you legal or tax advice. List of ADR\'s Subject to the FTT: ACRFY AFLYY AIQUY ALU ALSMY ARVCY ARKAY AEXAY SEAUY AXAHY BNPZY BNPQY BICEY BOUYY CNPAY CGEMY CRRFY CGUSY CHDRY CODYY CGV CRARY DANOY DASTY EFGSY ECIFY ERMAY ESLOY EUTLY FTE GDFZY HESAY IMYSY INGIY IPSEY JCDXY LRLCY LVMUY LFRGY MTPVY MGDDY NTXFY NPACY PPRUY PDRDY PEUGY PUBGY RALEY REMYY SAFRY SNY SBGSY SCRYY SCGLY SDXAY SZEVY TKPPY THLEY TOT UNRDY VLEEY VLOWY VE VCISY VIVHY ZODFY "
Good letter, thanks Tom. Please consider posting it on www.RallyCongress.com, so it's easier for people to send it to their Congressmen. Sending it to FTT sponsors won't change their mind. If you prefer, I can set it up on my RallyCongress.com account and promote it to our bulk email list. Let me know. Rep. Keith Ellison (D-Minn) is pushing FTT and he is Co-Chair of the Congressional Progressive Caucus. Progressives include DeFazio, too. They don't want any entitlement reform and prefer FTT instead.
The SEC needs to clarify this on behalf of US brokers. ADRs are american not french? I thought they are issued by American banks and not French companies??? Also is it 0.02% on ADRs or 0.2%???
Look. This is all B.S.. These politicians are looking for an easy fix to the mess they created. Their first order of business is to find "scapegoats" like HFT firms they can blame for the problems they created. Just more lawyers conning their way thru the "system". What a load of B.S.
Thank you for this. Good to see the planned legislation. Sneaky extra-territorial taxation should be nipped in the bud DECISIVELY.