Yes UK has a stamp tax, but there are legal ways around it thru reglauted spread accounts on stock, futures and FX it trades the same but avoids the tax . I trade with a friend out in the UK and thats what he does. Its regulated by the gov. Also the CFD'S offer to trade are exempt from the tax so they are able to trade the same things, yet avoid the tax, so its unfair to say the UK is taxed and it works, it works cause plenty of people avoid it thru other legal and regulated means. Unfortunately now here in the US CFD'S are not allowed.
no way gs gets the only exemption it would have to be worded exchange status members etc and all the other firms would follow suit get exchange status through nyse nasdaq amex cboe etc. just like they do know over in the uk. mark my words the only group paying this tax would be retail not professional. now if nobody is exempt then it complicates things alot more for everyone who makes a living trading.
http://www.rallycongress.com/no2tradertax/ I emailed every rep from TX I've got, added my own msg about this mortally wounding the US Mkts,, and emailed all my trader friends to get them on board. Lets stop this mangling of our freedoms.
France has had a law on the books for a while for a true tobin tax the currency transaction tax, as does Belgium I beleive. They are on the books but not in affect until the entire EU agrees to it. It was to help the poor at the expense of the people who have the money, wealth distribution. They UK has one already and Lord Turner wants more, but already backed off the comment as did the government higher ups when they were pressed about it. If you look in the blogs that are pro tax they leave out that bit of info about the higher ups in the government, just find some real articles in the paper or something you will see.
There will be NO Tobin tax proposal coming out of London and the government doesn't support the idea of one. Government officials, e.g. Alistair Darling, chancellor, said no such taxes were under consideration. Mr Darling insists that the banking industry in London should continue to play a leading role in global finance. Angela Knight, chief executive of the British Bankersâ Association, also defended the financial industryâs role in the economy saying the sector was a main provider of jobs and tax revenues and could be undermined by the wrong kind of taxes or regulation. However, Lord Turnerâs idea of imposing new global taxes on a financial sector struggling out of its deepest crisis in the postwar period was not well received. âThis isnât on the table,â said one government official at the end of August. âIf Adair Turner has views on tax policy, perhaps he should go and work in the Treasury.â http://www.baltic-course.com/eng/editors_note/?doc=3747&underline=turner
Thanks for the source Billy Thunder, thats what I was alluding too. Was to lazy to get the source, but read it a ton this past week or so. They do not have it on the table, and Turner was just being an idiot and talking when he shouldnt have for the Government. Thanks again Billy for the link.
The Adam Smith Institute has a write up of Lord Turner and the Tobin tax. http://www.adamsmith.org/images/stories/Saltiel-Briefing.pdf
No problem rsikit, this points to the fact that a unilaterally self imposed tax on financial transactions by the US is almost zero. Governments are very wary of killing the golden goose. The Financial Services Roundtable also opposes financial transaction taxes. US bankers also opposed the idea of a global transaction tax. "We vigorously oppose a tax on the industry," said Scott Talbott, head of government affairs at the Financial Services Roundtable, which represents the top 97 US institutions. http://edition.cnn.com/2009/BUSINESS/08/28/london.regulator.react.ft/index.html
Both excellent articles Billy, we see that true common sense prevails in upper government , not having the views of the radical lower level players and the hippies wanting to re- distribute the wealth.