The Global Tobin Tax is a Tax on ALL Financial Transactions globally and is being proposed by Adair Turner of the Financial Service Authority in the UK. I called his office yesterday and sent an email. This tax is designed to redistribute wealth to poor 3rd world countries. Here is a link to the Bloomberg Article. http://www.bloomberg.com/apps/news?pid=20601102&sid=aJqRedRZpa5c The US Tobin Tax is Proposed by Congressman DeFazio and is being supported by the Union.
There is not a snowball's chance in hell that Turner's proposal is going to pass any time soon. Right now every country is looking out for itself. Can you imagine the political fallout when people in America are told that their financial markets will be taxed so the money can be sent overseas? In this economic and political climate, any politician that voted for a tax like that would be kicked out in the next election for 100% certain. Turner is dreaming.
The media hyoed it more then it says, Turner then backed off as did the high government of UK as well. The hippies for the tax are holding onto anything they can get, they have been doing this for the last decade and more
Folks, we can not rest on our laurels just because it is unlikely to pass. If the advocates for destroying our freedoms do not face outcry and stiff resistance each time they poke their turtle heads out, they will only be emboldened next time. They never tire and they always come back because there are alway those who profit by robbing others of their freedom.
Couldn't agree more. My credo is: fight them vigorously, but don't spend too much time worrying about it yet.
great post cstfx, well said, earlier... and agree if we can get cramer/other media figures to speak out against it that would be a *big* help... since this is a media-driven administration elected by poor people who want to tax us hard working traders. curious would this affect forex trades too? also I hope I don't have to move to another country, would Japan/Uk/Canada citizens be subject to this, if they traded NASDAQ/NYSE stocks? hopefully this'll just die like it should. having socialist politicians and unions behind it is not a good thing. someone who did Not vote for the current administration, -k p.s. I wish voting in the US could be somehow gated by productivity, work ethic and IQ, versus everyone gets the same voting right regardless of their contributions
It's funny that you say that, I've always wondering why idiots are allowed to vote, but it would be impossible to stop people with low IQ's from voting so I came up with a more politically correct solution. If order to vote you must pass a test quizzing you on the topics of the election and some points each candidate stands for. I'd say 70% of Obama supporters didn't know a single policy of his, other than HOPE. Back to the topic at hand. Just like many have said here, even though this probably won't pass we still must fight this HARD.
if this happens and wall street empties out, i wonder how much NYC tax would have to go up and who would pay it, to keep the housing subsidies for the "most productive" in place.
I agree with you guys, fight hard. Be proactive, but need not worry becuase its only the ultra libs and tree huggers who want this ,for different reason, ultra libs want to spend money, hippies want it for the poor. I do not think they will pass this, so no panic until this comes from a real source in government. But still fight the good fight and keep making your voices heard.