Luxembourg will support UK challenge to bank tax - finance minister http://uk.reuters.com/article/2013/04/22/uk-banking-tax-luxembourg-fin-min-idUKBRE93L0D120130422
Sounds like this European FTT is blowing up before it ever gets off the ground It sounds like even the 11 countries that have signed on are having second thoughts. Very good news indeed -Guru
This German article claims that the EU Council's 6-page internal report (reported by EUObserver.com earlier today) also includes doubts about the legality of the FTT. The author believes the european FTT is dead now. (in german) http://deutsche-wirtschafts-nachrichten.de/2013/04/22/geheimes-eu-papier-boersensteuer-kommt-nicht/
http://www.telegraph.co.uk/finance/...l-challenge-to-Financial-Transaction-Tax.html [...]Thomas Donohue, the chief executive of the US Chamber of Commerce, was even more forceful. âI have news for you: we will not allow the FTT to happen,â he said at the same conference.[...]
WTH? From Politico: FIRST LOOK: WALL STREET WORRIED ABOUT SALES TAX BILL - A vote is expected this week on the Marketplace Fairness Act, which would allow states to compel retailers to collect sales taxes on online transactions even if the retailer does not have a physical presence in the state. EBay is fighting the measure. The securities industry is concerned the bill could have implications beyond retail. SIFMA in a statement going out later this morning from acting President and CEO Kenneth E. Bentsen Jr.: "We believe the impact of this legislation on trade in services has not been adequately explored by Congress. The bill could lead to unexpected costs being passed on to consumers of financial services, including sales taxes on services or state-level stock transaction taxes. "We continue to oppose any kind of financial transaction tax as they are, essentially, a sales tax on investors. Such levies are simply passed onto ordinary retail investors and retirees, reducing the incentive to save, and distorting capital markets. We urge Congress to hold hearings on the impact of this legislation on the national market for trade in services, including financial services, before moving forward." BACK-DOOR FINANCIAL TRANSACTIONS TAX? - Per Financial Services Roundtable memo: "Enactment of the bill also carries the possibility that a state or locality could impose a transaction tax on financial products. We are working with senators and other trades to express our concerns. Please let me know if you have concerns with the bill."
Back to the old the one state that does not gets all the business? I havent seen mention of this before now, however... ( plus its an online sales tax...just phone your broker instead :lol: )
This could turn into a cluster f***. Suppose the state I live in passes a FTT. Wouldn't the state where the actual exchange is located also want to tax me?
(Reuters) - Top exchange officials opposed to a European financial transactions tax intensified their lobbying on Tuesday, warning it would push trading to other parts of the world and make it harder for companies to raise funds.[...] http://www.reuters.com/article/2013/04/23/eu-transactiontax-exchanges-idUSL6N0DA3HE20130423
nutmeg Registered: Jan 2007 Posts: 18015 New Post 04-23-13 12:10 PM I don't have the link but relevant. A different slant. ---------------------------------- Hedge funds are finding that Washington can be a gold mine of market-moving information, easily gathered by the politically connected. The funds are hiring lobbyists -- not to influence government, but to tell them what it's going to do. Several lobbying firms are ramping up their "political-intelligence" units and charging hedge funds between $5,000 and $20,000 a month for tips and predictions. The Securities and Exchange Commission is looking into whether laws are being broken somewhere in the transfer of information between Congress and Wall Street. It's not illegal for lawmakers to disclose information that is not publicly known about the workings of Congress, even if it could affect stock prices. It breaks congressional ethics rules only if they or their aides profit directly. <http://www.elitetrader.com/vb/showthread.php?s=&postid=3786443#post3786443> listed guru - maybe you can come up with solid info instead of expressing hope.
Can you believe this guy? : (google translate) [Austrian] Chancellor Werner Faymann at the press conference after the Council of Ministers, the action of Great Britain against the FTT judged as "wrong signal". "Britain is trying to protect its financial sector at the expense of other countries", said Faymann. "The financial transaction tax is to generate revenue on the one hand, but also has a control function. The approach David Cameron is therefore incomprehensible, "Faymann said. The eleven EU countries have decided to introduce the financial transaction tax, but would still consistently working to implement this year. "The financial transaction tax is a key point of our policy in a time when we need revenue to invest about youth employment", said Faymann. http://www.spoe.at/faymann-zu-grossbritanniens-finanztransaktionssteuer-klage.html