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

No, my point is that corporations like GS will always pass the tax onto their customers. In the end, pension fund investors, people with retirement accounts and retail investors will foot this bill, which is simply about wealth transfer in order to keep the government spending going with transfer payments to those that have no savings or investments.

 

goldman is still better off if they don't have to collect the tax in 1st place. volume shrinks as execution costs go up.

 

I don't disagree, my point is politicians think that they can somehow magically pass taxes that only hurt "Wall Street" or "big corporations", but all of those taxes get passed on to the mainstream public.

 

(google translation)

A source within the Irish Presidency of the EU was confident in the fact that to obtain a qualified majority.

http://www.lequotidien.lu/l-economie/41427.html

 

Treasury to snub EU financial transaction tax on share deals

Treasury Minister Greg Clark will tell fellow finance ministers in Brussels this week that he wants Britain to be spared any fallout from a planned EU tax on financial transactions.
The tax – backed by France, Germany and nine other countries – would bolster the public finances of those taking part and ‘make financial markets more efficient, by steering them away from casino-type trading’, according to the European Commission.
But Britain will not participate, and will use Tuesday’s meeting of the European finance ministers’ council Ecofin to insist that the City’s position must be protected.
A Treasury source said: ‘Our position is that we are not going to be involved, but we do not mind if countries want to take part, provided the new tax does not undermine the single market and is not used to discriminate against countries that do not take part.’
It is still unclear whether the financial transaction tax will cover just shares and bonds or if it will also affect derivatives and other financial products.

http://www.thisismoney.co.uk/money/...action-tax-share-deals.html?ito=feeds-newsxml

 

Seems from these reports that the QMV is going to pass if the 11 involved promise to limit the scope of the tax so it has limited impact on everyone else.

 

as a follow-up: if there's a vote tomorrow about the qualified majority on the ftt netherlands will vote in favour. they will not decide to either join or not join until they know what the actual proposal entails.

 

QMV is sure thing but there is interesting pattern emerging.

France, Italy and Spain I believe are introducing their version with their own exemptions, loopholes and tax rates. Other will follow and GB will probably be spared any interference with their capital markets not to anger major EU partner. In the end after years of negotiating and hard work wasting taxpayers money toothless and convoluted law encouraging more speculation than even before will emerge ending in 5-10 years with total failure. Good job! Unfortunately it will take 10 years for those dumkopfen to figure it out.

 

Are you sure they can choose NOT to join after the QMV vote?

 

Yeah it seems crazy to vote yes for something without knowing what the final proposal entails and how it may affect your country.

-Guru