"Progressive" is a misnomer because there is nothing progressive about what they do. Less economic and political freedom, less freedom of speech and less democracy. It is amazing but not surprising that the people do not see who they are empowering. FTT is part of the strategy not to leave any free economy flourishing because anything free and not totally controlled by "progressives" is perceived as a threat to absolute power.
Jared Bernstein on FTT âNot only does the FTT exist in many countriesâthe London exchange has long had one, though its base is limitedâbut France recently added one and Germany has recently shown strong interest. The more places that have the tax, the less compelling is a central argument of opponents: trades will just go offshore to avoid the tax. âThe tax is likely to reduce trade volatilityâsome say thatâs a good thing but others disagree. I give both sides of the argument in the video (pro: volatility is the enemy of patient capital and productive allocation; con: anything that diminishes trade volumes blunts liquidity, transparency, and price discoveryâ¦but listen to Wallace Turbeville on this point). http://jaredbernsteinblog.com/you-down-with-ftt-yeah-you-know-me/
The petition to block FTT has stalled. We need thousands of more traders to sign it and also spread the word on social media, in communities and with key players who can help influence others to join our cause. I softened the language so more traders should feel good emailing it to their Congressmen. Now is the time to get our message in front of legislators. Thanks. New proposed FTT bills need to be stopped, including the French tax assault on America http://greentradertax-traders-assoc...s-need-to-be-stopped-including-french-tax-as/ Any ideas how to improve the petition and get the word out better?
http://traderspodcast.com/ BONUS: Is a Financial Transactions Tax Coming to the U.S.? by PRODUCER on DECEMBER 7, 2012 Podcast: Play in new window | Download http://traffic.libsyn.com/traderspodcast/RBbonus2.mp3 In this special BONUS episode of The Traders Podcast, your host Rob Booker catches up with Robert A. Green CPA, a tax expert who has prepared the returns of thousands of traders from all over the world. Bob is also the founder of Green Trader Tax.com. Our friend, Bob, visited The Traders Podcast to discuss a financial transactions tax that was passed in France and is in the process of being passed in 11 countries in Europe. He discusses the possibility of this financial transactions tax coming to the United States. So, Mr. Green encourages U.S. traders to call their representatives and raise their voices about this financial transactions tax. Bob has provided a petition, which he encourages everyone to sign, in order to block the financial transactions tax in the U.S. Bob asks the listeners to sign this petition, and send it to Congress. Links for this episode: Sign the petition: Click here. http://greentradertax-traders-assoc...s-need-to-be-stopped-including-french-tax-as/
Eleven EU countries planning to introduce a financial transaction tax (FTT) won a resounding go-ahead from MEPs on Wednesday. Together, they account for 90% of Eurozone GDP. MEPs have long advocated an FTT to make financial market players take more responsibility for resolving the crisis that they caused and to discourage excessive risk-taking in future. "It is not a solution to spare the financial sector from a tax, the very same sector which is now even benefitting from the crisis. Delay in implementing this tax is costing money which is being footed by normal people" said rapporteur Anni Podimata (S&D, EL) in the debate on Tuesday. Her resolution was adopted by 533 votes to 91, with 32 abstentions. The text stresses that the ultimate goal should still be a worldwide FTT, and urges the EU to continue campaigning for it. To this end, the pioneer eleven should set an example of what a geographically wider tax could achieve, it adds The 11 participating countries are Austria, Belgium, Estonia, France, Germany, Greece, Italy, Portugal, Slovakia, Slovenia and Spain. They account for about 90% of Eurozone GDP. Having obtained Parliament's consent, the Council now needs to muster a qualified majority vote to allow the Commission to initiate enhanced cooperation in order to turn the FTT plans into reality.
Bloomberg Businessweek in newest issue on French taxation: http://www.businessweek.com/articles/2012-12-06/frances-financial-crackdown-is-falling-flat "Consider the 0.2 percent tax on share purchases that France started collecting this month. The first in Europe, the transaction tax was supposed to rein in hedge funds and other market speculators. Yet brokers can escape the tax by selling so-called contracts for difference, which let clients bet on a stockâs gain or loss without actually owning it. That leaves less sophisticated individual shareholders more likely to pay, says Jacques Porta, who helps manage $627 million at Ofi Patrimoine in Paris. âThe target was supposed to be finance with a capital F,â Porta says. âInstead, we are punishing small investors who arenât to blame and already are frightened off by losses in the market.â The bottom line: Franceâs new financial reforms have had the unintended consequence of hurting small investors and discouraging entrepreneurs." (That last line was Bloomberg's conclusion, not my editorializing. )
(Google translation) Tax on financial transactions: Italy postpones introduction The Italian government on Thursday revised terms of a future tax on financial transactions, raising its rate for stock trading but postponing its decision for the tax rate derivative transactions. Following an amendment inserted in the Finance Act 2013, Rome also repels few months the introduction of the new tax that was originally planned in January 2013. Exchange transactions will be subject to a tax of 0.12% from March 2013, which will be reduced to 0.1% from 2014, according to the amendment. Market makers and companies whose market capitalization is less than ⬠500 million will be exempted. Derivative transactions will be taxed from July 2013, according to a fixed rate to be determined. http://www.20minutes.fr/ledirect/1063723/taxe-transactions-financieres-italie-reporte-introduction
The FTT in France was introduced just a few months ago and the problems, which the opponents of this tax are constantly pointing to, can already be seen: 1) Small private investors bear the main burden of the tax 2) Revenue will fall short of expections, by a large amount Still, the proponents prefer to keep their eyes closed. There is one thing which seems to be abundant in this world: ignorance.